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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: exit planning
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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Good Customers Can Be Bad
When can good customers be bad? What could be wrong with a customer who buys a lot, pays promptly, and never has a service problem? They might be buying too much. No matter how strong or comfortable a sales relationship is, … Continue reading
One Response to Good Customers Can Be Bad
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2 Responses to The Immortal Business Goes on Forever
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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.
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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.
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What’s in YOUR Nondisclosure Agreement?
A Nondisclosure Agreement (NDA) has become one of the basic standard documents in every company’s wallet. Between the rising swell of Baby Boomer owners entertaining exit planning, and greater caution surrounding the legal issues of strategic partnering, an NDA is … Continue reading
5 Responses to What’s in YOUR Nondisclosure Agreement?
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In some areas an NDA requirement preventing hiring any your employees have been found not legal because of is effect on freedom to find new employment for the employee. EG where there are limited opportunities for certain skill sets in the geographic area.
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In many areas, employees’ response to an open advertised employment solicitation is normally not covered by the NDA’s restrictive provisions….while direct contact is. From a client perspective, it is important to note the difference and that the risk exists, but is essentially the same as it is in “normal” times.
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One of the biggest mistakes too many searchers/buyers make entering the buy/sell playing field is not getting their own NDA signed by brokers, owners and sellers of companies. (Not to mention some of the horrible NDAs foisted on searchers.)
• What about protecting the fact that you want to buy a business . . . and you don’t want your employer to know about it?
• How about the content of your financial statement and borrowing power?
This is why the advisory teams of savvy buyers and sellers include experts with a proven record of facilitating win-win deals that should occur.
• I, for example, won’t collaborate with buyers unless they hire the right kind of attorney and tax advisor at the right time and then properly engage those specialists. It’s good for all of us.
BTW, it’s 2 a.m. right now at home in Florida and I’m awake reading John Dini’s excellent website (awakeat2oclock.com) while awaiting a call from someone I’m helping in the UK.
• “Awake at 2 o’clock” . . . I wish I had thought of that title!!!!
exactly i was thinking a day ago when i faced this problem