Around the Web: A Month in Summary
A recent article posted on Forbes.com entitled “Small Business Owners Are Retiring, And Millennials May Not Fill The Gap On America’s Main Street” uses the closing of a 235-year-old hardware store to prove a startling fact: the Millennial generation may not be suited to take over small business ownership like the generations before them. In the case of Elwood Adams Hardware, which has seen a multitude of owners over the last... Continue Reading →
It’s Time To Embrace CSR (Corporate Social Responsibility)
If you are unfamiliar with CSR or corporate social responsibility, you are certainly not alone. In the coming years, you’ll be hearing a lot about CSR. In this article, we’ll look at CSR and how, when implemented with sincerity, it can positively impact your company and its operation.
Building Your CSR Locally
One of the key ways that you can build your CSR is to think about ways to help your community. ... Continue Reading →
You Know the Old Saying About Loose Lips? How Does It Impact You?
The saying “loose lips sink ships,” doesn’t have ancient origins. While it sounds like one of those sayings that has been around forever, the saying was actually invented during World War II. It was taken quite literally. The idea was that a lack of secrecy could lead to the loses of actual ships or other wartime deaths. So in other words, this saying was serious business. It should come as no surprise that this... Continue Reading →
Top Four Statistics You Need to Know About Ownership Transition
If you own a business, then ownership transition should definitely be a central topic in your planning. A few years ago, MassMutual Life Insurance Company conducted a very interesting and thought-provoking survey of family-owned businesses. Obviously, family-owned businesses have their own unique needs and challenges. The MassMutual Life Insurance Company survey certainly underscored this fact. While the survey was... Continue Reading →
Determining if the Deal is Right for Your Company
Mergers may seem like a step forward. But like any deal, mergers come with a degree of risk. The odds are good that you’ve heard of the massive merger between the German auto manufacturer Daimler and the American car company, Chrysler. In this deal, we see a prime example of cultural friction and how that friction can lead to serious merger problems. In the beginning, the merger was promoted as a merging of equals. ... Continue Reading →
Reasons for Sale
The reasons for selling a business can be divided into two main categories. The first is a sale that is planned almost from the beginning or by an owner who knows that selling is or should be a planned event. The second is exactly the opposite – unplanned; the sale is motivated by a specific event such as health, divorce, business crises, etc. However, in between the two major reasons, are a host of unpredictable ones.
A seller may... Continue Reading →
You’re Experiencing Burnout, Now What?
A large percentage of business owners are not just owners, but also operators. Owning a business can be exciting and rewarding, but it is also a tremendous amount of unending work. In the end, the “buck” stops with you. With that realization comes a significant amount of stress. It goes without saying that stress can lead to burnout.
A business with a burnt-out owner can spell doom. Even if you are... Continue Reading →
Invest in Creating Happy Employees & You’ll Be Rewarded
The time, effort and money you invest in keeping your employees happy is well worth it for your bottom line. Oftentimes business owners fail to consider the fact that unhappy employees can, and do, negatively impact every aspect of their operation.
Your employees are your front line in dealing with your customers. If your employees are not pleased, don’t kid yourself, it shows. Unhappy employees not only negatively... Continue Reading →
Keys to Improving the Value of Your Company
The first key is to have your accountant take a look at your accounting procedures and make recommendations on how to improve them. He or she may also help in preparing financial projections for the coming year(s). Getting your company’s financial house in order is very important in establishing the value of your firm.
The second key is to review the reputation, image, and marketing materials of your company. Certainly, the quality of your... Continue Reading →
The Key Ingredient to Selling Your Company
Business Appraisers, before beginning an assignment, like to know the purpose of the appraisal. Usually the assignment demands “bullet proof” documentation: comparables, EBITDA multiples, projections, discount rates, etc. Unfortunately, in situations where the purpose of the valuation is to establish a selling price, the business appraiser really doesn’t understand the business elements – or, since these business elements don’t figure... Continue Reading →