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As a business owner, you know what it’s like to lie awake at 2 a.m. Maybe it has happened when you are excited and full of new ideas for your business. More often, it’s because you are worried about issues you will face the next day. Sometimes, it’s because you just woke up with the solution to a problem. I’ve experienced all those emotions about my businesses over the years. Awake at 2 o’clock? is where I share them with you, and hopefully help with answers that will let you sleep.
John F. Dini, CExP, CEPA
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Small business owners are the Hunters of the 21st century. We are 3% of the US population, and yet we create over half of all American jobs. As Hunters, we may not be inclined to manage by the numbers or stick to systems. Are you a Hunter or a Farmer?
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How prepared are you to exit your company?
The Assessment breaks down the four major categories of exit readiness; Finance, Planning, Operations and Revenue/Profit.
Tag Archives: business brokerage
Is Your Business Built on Individual Heroics?
Great employees are a wonderful gift, but individual heroics aren’t healthy for your business. Someday, you will start thinking about leaving the business. Perhaps you already do. When you begin planning for your transition, what will your company systems sound like … Continue reading
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2 Responses to The Immortal Business Goes on Forever
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Selling to Employees: Is Your Exit Strategy Right in Front of You?
When I interview a prospective client for exit planning assistance, we usually explore selling to employees. The first reaction is always “That won’t work. They don’t have any money.” If you have a company with reasonable cash flow, a talented … Continue reading
One Response to Selling to Employees: Is Your Exit Strategy Right in Front of You?
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Great article, thanks for sharing. We\’ve also written a blog post on why 2017 is the perfect time for baby boomers to consider selling their businesses. Read it here: https://www.tkomiller.com/blog/baby-boomers-and-business-owners-2017-is-your-year
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Too Busy to Do Business
Another tax filing season has passed, and the entire US accounting profession comes up for air. Of course, thousands of businesses and individuals have filed for extensions, thereby postponing the pain of calculating their final numbers for anywhere from a … Continue reading
4 Responses to Too Busy to Do Business
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I love the title. When I was more active in my consulting practice and looking for additional clients, my best prospecting time was tax season. Business owners were unwilling to wait for advice and guidance. As a result, they left their CPA do the tax work and looked to me for the lucrative strategic planning and implementation. I love tax season.
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Excellent. Another thing to think about when I hear politicians talk about helping small business, and I know they have no concept of what small business is about.
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Hi John,
Great posts !
Very interesting article thank you for posting ! -
Great post John! I actually had a very similar conversation with a business owner only a couple of days ago on this topic. In Canada, our tax deadline is April 30th, so we have another week of our accountants being unavailable. You also hear so much about them working 80 hours a week, getting no sleep, rushing to meet deadlines, that it also begs the question as to how many mistakes are happening? Not intentionally, but only because of the time crunch and the pressure of the deadline. Realistically, as everyone talks about “added value” in our industry, you know that at tax time, this certainly isn’t happening.
I agree with you that the governments need to come up with a new system for tax filing deadlines and not make it universally the same for every person. We’ve done it for businesses and base it on their fiscal year end, so why can’t it also be done for individuals?
Thanks for a great read!
In my head the answer to the question was an immediate “No”, because no business is immortal. That, however, is a completely separate question from, “Do you want your business to continue after you are gone or out of it”? Taking action to perpetuate a business may or may not succeed, but all entrepreneurs are used to that risk.
There is no question that in most cases long term planning greatly increases the chance that a business will continue after the owner is gone. Then again, do not be afraid to jump if dump opportunistic luck comes along and someone offers a big chunk of money.
I concur with your post. I’ve been involved in corporate practice, and the M&A field, for over 4 decades. One thing that is readily observable is that few businesses last forever. The vast majority have a finite life. Competition, evolving business models and disruptive technologies tend to take a toll. Want to own a retail store today? The primary focus of a business owner should be on how to preserve accumulated wealth for future generations. That could mean planning to keep the business in the family, at least for the next generation. But often the wiser choice is to realize your investment when the business’ future looks the brightest and capitalize on what you’ve built. In other words, sell when the business asset when its at its highest value, rather than at your scheduled retirement date. A lot can happen between now and then.