For most business owners, selling a business happens once in your lifetime. You have worked hard to build the business from the ground up, and it’s been a central part of your life for years – perhaps even part of your identity. Before you sell, you need to prepare both the business and yourself. These... View Article
In recent months, I’ve come across a number of business owners who are “not getting any younger” and are contemplating their transition out of their business. Many don’t have that one person identified as the next in line for the business. Maybe the owner has no children or the children aren’t interested in the business,... View Article
Succession planning has been a hot topic in business planning conversations for years but the focus is often on longer term retirement planning answering questions like “Who will be the next CEO?” and “How will ownership transfer?” Most businesses, though, do not spend a lot of time planning for the “emergency” succession. “What is ‘emergency’... View Article
Yeah, we’ve all heard it – you must work “on” your business not “in” it. I’m a big believer; yet I found it, as many business owners do, really tough to execute upon. The reason why? Because it’s easy to find the things that need to be done in day-to-day operations. We know how to... View Article
It may seem overly simplistic to say that a few succession planning steps can secure your business’ future, but really, they can — especially if you think about your business’ future as its success beyond your presence in the company. Needless to say, your departure from the company is inevitable – whether voluntary (as in... View Article
Blog written by Michelle Bomberger, Equinox Business Law Group I’ve found so many quotes that tout the value of change in business: “By changing nothing, nothing changes” (Tony Robbins), “When in doubt, choose change” (Lily Leung), and “The best thing you can do is the right thing; the next best thing you can do is... View Article
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 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