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The ultimate value and salability for your business will be determined by the answer to: “What would an interested, qualified buyer be willing to pay for your company?” Whether you want to sell your business now, next year, a decade from now, or intend to pass the business on to your next family generation, you […]
Most entrepreneurs fail to plan how and know when is best to pass their business on to others. The result is that they often face being taken advantage of by potential successors and buyers, including, and sometimes most especially, by their own family members. The justifiable financial reward business owners seek for their long, hard […]
One of the most critical decisions for a business owner is whether to sell their business to an internal or external buyer. Either way can be a good or bad decision depending upon how you’ve planned in advance to meet your business and personal goals and objectives. Either way can make or break you financially […]
When business owners offer seller financing to internal buyer successors, there are many risks involved for getting full payment of the financing provided. Therefore, one of the essentials that should be a mandatory requirement as part of seller financing is the establishment of an advisory board to oversee and protect the seller’s “investment”. Just as bank […]
Making blunders in business can be painful emotionally and financially. I know this by first-hand experience, and in my book, The Quiet Millionaire, I explain how learning from making mistakes can make business success all the more sweeter. As a business owner, I’ve had to reach down deep inside, fight with everything I had, and […]
The third stage of the four transitional business stages, which I describe in my book, The Quiet Millionaire, is the Thunder stage, when higher levels of growth occur. This requires the business owner to focus more on higher level decision-making and intelligently leveraging and leading a growing number of managers and employees. In other words, […]
As I describe in my book, The Quiet Millionaire. there are four transitional stages that a family business owner experiences from starting and growing, to exiting a business – Wunder, Blunder, Thunder, Plunder. The Wunder stage is the initial survival stage.Most new businesses don’t survive the Wunder stage, and my book explains why. Fortunately, I […]
In my book, The Quiet Millionaire, I describe the four transitional stages of business ownership, which I term as the Wunder, Blunder, Thunder, Plunder stages. My experiences transitioning through all four stages as an entrepreneur provided me both rewarding highs and humbling lows. When I left my ego puffing, cushy career in big name […]
I’m sharing the story of my entrepreneurial journey with you starting from my earliest years because I believe that entrepreneurship must be born within someone as part of his or her genetic DNA. Only then can they be bred to achieve entrepreneurial success. Accordingly, not everyone is destined or capable of becoming a business owner. […]
Can you honestly answer these questions? As a family business owner and advisor, I’ve had to address for myself and other business owners tough emotionally charged questions. Here are five questions that every family business owner must honestly answer during the Plunder Transitional Stage and beyond. How long can I, or do I want to continue […]