When planning to sell your business, it’s essential to understand that you will inevitably face certain expenses once the sale process gets under way. And it’s only by factoring in these additional costs that you can arrive at a true estimate of what your net profit from the exercise is likely to be. So, here’s […]
Exit Strategy
Franchise Succession Planning: What’s Your Exit Strategy?
Planning to exit a franchise system is just as important as choosing to be part of one. While passing down your business to a loved one can strengthen your relationship, it can also be a pretty complicated process. To make the process even more complex, most franchisors must approve your successor. William Slater Vincent, a […]
Strategic Planning for Business Owners
What Is Included In Business Succession Planning? A business owner needs to consider various strategies in order to prepare for the expected and unexpected legal challenges. To do so, the business owner should generally form a separate entity, such as a corporation. Next, whether the business is owned by one person or multiple partners, every […]
Are You Thinking of the End Game When Managing Your Business?
Ever think about growing your business with the plan to sell it someday, cashing in on your hard-earned work over the years? Or if you’re an employee with stock options, are you aware of the increases in value you can make with your efforts? Then again, you may be an architect or doctor or other […]
Breaking Up in Business: How to Do It Painlessly
As the founder of an online resource specializing in all things marriage (including divorce), I’ve come to learn that business relationships have many parallels to marriage and intimate relationships. They start with enthusiasm and passion, they grow through balance and communication, and they endure the peaks and valleys of life. But sometimes, they also end. Divorce for […]
Selling Your Business Doesn’t Have to Be Doom and Gloom
You’re selling your most prized possession – your business. Whether it’s on a high note or not, it can be a daunting prospect, especially if you’re worried that it reflects badly on your abilities. But it doesn’t have to be that way. There are plenty of reasons to sell, and none of them have anything […]
Franchisees: Understanding Your Exit Strategy
You need an exit strategy. It’s as plain as day, yet most new franchisees never address the idea of leaving their business one day. All the excitement centers on opening and growing. It’s a different, but mandatory, approach to open their franchise unit with the end in mind. Bar none, the best exit strategy is […]
Will You Be Happy at Your Finish Line?
Have you figured out what you want to have, or to be, when you reach the end of your personal run in this business life? It is a fair question. Most of us work in our businesses, either as managers or owners, and rarely step outside to think about how this will end in a […]
Having a System in Place for Your Business
Recently, the soccer coach of my son’s soccer team passed away. On top of being the coach of my son, he was the owner of a sportswear manufacturing and distributing business for 15 years. From meeting with his family members, he and the business were synonymous. There were other no systems in place. With no […]
What is Your Business Really Worth?
For many owners, the answer to one question determines their ability to leave their companies: “How much money will I get when I sell?” This question is indeed critical. Realistically, you can’t exit your business unless you achieve financial independence, and the primary source of that independence is likely to be the funds you receive […]
