Dirty Secrets of Small Business
The good news is you’ve gotten that offer you can’t refuse and you are going to sell your company. Now the question is what do you do next? Do you stay on with your company after the acquisition? Do you ride off into the sunset? Do you start another company? So many choices and so little time.
Today we were joined on the show by business owner Ben Ihde of Wild Birds Unlimited. Ben was a coaching client of MVP for several years and is a repeat guest on Dirty Secrets of Small Business (see link below for his February 14, 2019 appearance). During the show today Ben shared with us what’s been going on since we last heard from him.
In This Episode If you think it feels lonely being a small business owner, just wait until after you sell […]
Are you ready for retirement? I can’t wait for retirement!! Can I retire now? Everywhere you look you can find someone trying to give you advice on retirement. But as a small business owner, retirement is likely something you’re not looking forward to. I mean isn’t retiring something old people do?
Is it time to sell your company? What does it even mean to be ready to sell your business? I mean people talk about it like it’s common knowledge or something. It’s to the point that you almost feel silly asking the question.
After you’ve been in business for a few years, one of the strangest things starts to happen. You’ll begin to get inquiries from folks who will say they are interested in buying your company. If you’re like most small business owners, you’ll take those inquiries and store them in a file somewhere for when the time is right. So if you’ve determined the time is right, how to you make sure you find the right buyer for your 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.