Blog written by Michelle Bomberger, Equinox Business Law Group The terms “succession planning” and “exit planning” are often used interchangeably among business owners and their advisors because in closely held businesses they are innately connected — owners are often also the leaders and executives. However, they should be addressed by the business as separate plans... View Article
Blog written by Robert Champoux, RC Advisory Services It is important that you form a team to assist you in the sale of your company. This will ensure that you not only get the greatest value but will also free you up to continue to operate the company during the sale process (Buyers will capitalize on... View Article
Blog written by Robert Champoux, RC Advisory Services When you own a company, and you are taking home a comfortable salary, it is easy to procrastinate making some of the hard decisions that you know that you ought to do. Hire a strong general manager if you don’t already have one. With his/her help, lean out... View Article
Blog written by Robert Champoux, RC Advisory Services If you are considering the sale of your company it will often require that you change the mindset about your company. Frequently company ownership has been a a many year involvement with employees that have grown to become like family. As you approach the sale of your... View Article
There are two sides to every story. Two parties are given the same information; however, they end up with completely different perspectives. When working with buyers and sellers on a transaction, it’s important to remember how often this happens. Each party focuses on their own side of the transaction. Because of that, they often misunderstand,... View Article
Often in our practice we hear business owners talk about the “fair market value” of their business, or speak of obtaining a valuation of their business as a definitive answer. Business owners often have the perception that a valuation is absolute, objective, and definitive. It’s the final word, right? Far from it. We learned... View Article
Our guest blog post this week comes from Bob King, C.O.O Services, LLC What is your business worth? How much do you need to retire? Is there a gap between these two numbers? If so, how big is the gap? How do you close the gap? 1. VALUATION – a dose of Reality: For most... View Article
In our discussions with business owners around exit planning and succession planning, one key area seems to consistently trip them up. That is “valuation.” We all generally understand that a company has some value, but how to determine that value can be tough to comprehend. A lot of the confusion comes from the emotional value... View Article
Our guest blog post this week comes from Dave Shapiro, CEO of Excell Puget Sound. Yesterday, I sat down with a business owner who is working way too hard (his experience) and who saw no way out. His own conclusion, after a number of questions from me, was that he needed about five more of... View Article