Dirty Secrets of Small Business
If you’ve owned your business for several years, chances are someone at some point has talked to you about a business valuation. Either someone has asked you directly what your company is worth or the idea of your company’s value has come up in conversation. The question we address in today’s show is just how valuable is a business valuation?
It’s rare that a small business owner wakes up one morning and decides it’s time to transition their business to the next generation. It’s something they usually think about for a while, likely many years before they are finally ready. But once they decide they often want it to happen yesterday. But before the current owner leaves they want to make sure the next generation knows everything they need to know about the business. So how do you figure out where to start?
If you’ve ever been involved with the buying or selling of a business, chances are you’ve heard of a term called seller’s remorse. Even if you haven’t been involved in a deal it’s likely you’ve heard about it or seen it. And it doesn’t matter how large or small a deal is, it can happen to anyone…even a billionaire.
We were recently involved with some mock interviews with local high school students. The goal is to give these 15 and 16 year olds some practice at interviewing for a job. They are asked to complete an application, dress in nicer clothes, and then sit down for a 10-minute interview with some volunteer adults to “interview” for a job in a retail store.
So is now the time? Is this the offer you can’t refuse? Has every day become a grind? Is running your business no longer fun? Depending on how you answer these and several other questions will determine whether it’s time to sell or not.
Is your business ready? If the opportunity presents itself, is your business ready to be sold? Now, that doesn’t mean YOU are ready to sell. It’s a wonderful thing when those two things do align and both you and your business are ready to sell. Unfortunately we often find that too many business owners are ready to sell but their businesses aren’t quite ready yet.
In This Episode So are you ready? How do you know? One of the biggest life decisions for any business […]
In This Episode Several of our clients have recently been approached by folks who are expressing an interest in perhaps […]
In This Episode If you’re a business owner and you haven’t thought about when you want to sell your business, […]
In This Episode If you’ve been in business for a while, chances are you’ve gotten some unsolicited phone calls, emails, […]