Business Sales

Business New Year’s Resolutions-Top Ten List

December 31, 2013

It’s that time of year again where we get to rethink, reload, and re-energize for the New Year.    While you make resolutions for your personal life, now is the time to do the same for your professional life! Dress sharper… Start with accessories like ties, shoes, and jewelry.   Nothing says it has to be expensive; you will raise your game and have others take you more seriously. Think and plan big! Write down your goals and share them with a mentor.    Create your top three goals of the year on a document, email it to 5 mentors, and print it out and hang it nearby. Upgrade and leverage your technology.    Dump three apps on your phone and research 3 new ones. Get in shape physically & mentally!   Make sure it fits you.   You might not be marathon ready, but yoga could be a great way to focus on getting in…

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Business Sales

When to Plan to Sell Your Business? Now and Always!

December 15, 2013

Most people have a will.    Your business needs one too, in the form of an exit plan.   Most business owners will not sell voluntarily.  Why?   Selling a business is not the best way to make money from it. Most small businesses sell for 1-3 times adjusted earnings (larger ones can sell for more).  So, if you are planning to stay working in your business for a longer than a few years, it pays to keep it.  However, there are  factors  that can get in the way of your business “status quo” , and you need to have a plan to sell it.    What do we typically see happen? The business owner can no longer physically work.    Death or disability will force a sale.   If this happens, time is of the essence!  The businesses’ value can evaporate daily! The owner hates working in the business.   Burn out is real and life…

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Business Sales

12 Fatal Mistakes When Selling Your Business (Pt 2)

December 1, 2013

Selling a business is not easy. Each deal has its challenges and nuances. That is why I love what I do, and know how valuable our service is at Transworld. Do you think you place an advertisement somewhere and the perfect buyer will call? I wish it was that simple. While many entrepreneurs build a successful business through vision, excellent management skills and sheer hard work, most do not have a thorough understanding of the complexities and factors that are present in the deal structuring and business selling process. Plainly said, “It’s a jungle out there, and you need a professional tour guide”! Here are more of the most common pitfalls when trying to sell your own business continued………….. 7) FAILURE TO PROPERLY STRUCTURE THE DEAL When the seller has limited knowledge about the available alternatives for structuring the deal, he is at a definite disadvantage and probably a costly one. Items such as leverage buy-outs, leases, royalties, earn-outs, consulting agreements, non-compete contracts can add immeasurable value and security to both buyer and seller alike. At the same time,…

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Business Sales

12 Fatal Mistakes When Selling Your Business (Pt 1)

November 18, 2013

Selling a business is not easy. Each deal has its challenges and nuances. That is why I love what I do, and know how valuable our service is at Transworld. Do you think you place an advertisement somewhere and the perfect buyer will call? I wish it was that simple. While many entrepreneurs build a successful business through vision, excellent management skills and sheer hard work, most do not have a thorough understanding of the complexities and factors that are present in the deal structuring and business selling process. Plainly said, “It’s a jungle out  here, and you need a professional tour guide”! Here are some of the most common pitfalls when trying to sell your own business: 1. FAILURE TO MAINTAIN CONFIDENTIALITY If you let the “cat out of the bag” too early it can be dangerous! If employees know that you are selling and changes are coming, they may quit or become less productive. Competitors may use this information as a selling tool against you. Vendors may not continue to extend you favorable terms. Make sure…

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Uncategorized

What are the Successful Traits of Serial Entrepreneurs

November 17, 2013

Ever wonder why some people seem to always do well in businesses while others fail? I have met many serial entrepreneurs that are perennial winners when buying or starting businesses. We often ask are there worse businesses or worse business owners? Most reply the latter, there are worse business owners. Here are ten of the traits that each of these serial successful entrepreneurs has: 1. They work hard. Sometimes they are the hardest working person in their company. Many times I have seen people outwork others that are smarter. 2. They know how to treat their employees and customers. I have not seen many mean people last in business. At award ceremonies you always see the winner thank their people and clients. You cannot build a big business alone; believe me it helps to be nice first. 3. They personally deal with issues. And they are often not very nice…

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Business Sales

What is my Business Worth?

November 9, 2013

I am often asked by business owners, “What is my business worth?”  There are many reasons to value your business, and different values for any business.    Do you want to know what a business is worth for legal reasons, such as divorce or partnership disputes?    Are you looking for worth for IRS purposes, such as gifting or estate issues?  You could be looking at a value dictated by valuation principles, the laws of your state or IRS code.   The answer here, would be to call a valuation expert, with a lot of letters next to their name, and is not relevant to the following discussion about market value. If you are looking for a price that you think your business will sell for in the marketplace, that price can vary greatly, depending on who the buyer is.   If the buyer is an independent person looking for a new career, they…

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Nonprofit Work

Nonprofit work – My Appeal Letter for The Clery Center – Security on Campus

November 5, 2013

September 6, 2013 Our kids grow up so fast, don’t they? One minute, they’re learning to tie shoelaces, and the next they’re young adults, ready to take on the world. My wife, Allison, and I sent our oldest daughter to college a few weeks ago. Amid all of the packing, planning, and last-minute shopping trips, my daughter heard more than one person tell her that college will be “the best four years of your life”. The first year of college is an exciting (and often nerve-wracking) time – for both students and families. It’s a year of new independence, new experiences, and new challenges. It’s my hope – every parent’s hope – that she has the best experience of her life.  Unfortunately that is not always the case, and for Jeanne Clery, her family, and friends, we lived a nightmare that we all have now committed ourselves to see never…

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Uncategorized

A Countdown for a Successful Merger

November 3, 2013

Getting two companies together is often like trying to arrange a marriage. There are often post merger issues that undermine the original intent and goals. Those issues can be fatal to the merger, but when mergers work, they can work brilliantly. I don’t have to go far to outline a great merger. Three years ago,  Transworld Business Brokers and United Franchise Group merged Franchisemart/Biz One Brokers and Transworld into Transworld Business Advisors. Since that time, Transworld Business Advisors has grown to over 80 units across the United States, and has set up franchised offices in Canada, Central America and the Middle East. We are ranked us as one of America’s Top Franchise Opportunities for the last three years, and as one of the Top Fastest-Growing Franchises in the world for the last two years by Entrepreneur Magazine. Transworld Business Advisors is now a company that is a leader in: Business Brokerage – selling existing companies Franchise Consulting – helping people choose and buy a franchise (we have over 200 available) Franchise Development – helping successful…

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