New Year’s Resolutions for Entrepreneurs
As we head into the Holiday Season, human psychology kicks in and we start making resolutions for the new year, 2021. On a personal basis, that may include vacations, home projects, or something more life changing like changing jobs, or moving to another city. If you are an entrepreneur, you might be planning to expand your business or perhaps you are considering selling your business. This month’s article is going to address some resolutions for the business owner considering a sale, although some of the suggestions certainly apply to those entrepreneurs looking to improve the operations and value of a
Use Good Timing to Improve the Probability of a Faster Sale
Many business owners do not take into account the role that timing plays in completing a transaction when selling a company. There are two components of timing: When the business is exposed to the market and being able to react in a timely manner. When the business is exposed to the market – I have previously indicated, that if I were advising a client relative to the best time to put a business on the market, I would indicate that I would want to put the business on the market at the end of November or the beginning of December.
Tis the Season: To Visit Your Tax Advisor
In my opinion, September and early October is the best time of year to be in Colorado. The weather is dry (although this year, too dry) and the evenings cool down to provide crisp, clear morning air, unless we are dealing with smoke from wildfires, like this year. The weather is also a reminder that we will be going into the holiday season in November with Thanksgiving, followed by Christmas, Chanukah, and a new year, 2021. Assuming that December 31 is the end of your year for tax purposes, It is also the time, if you have not already done
Maximizing the Value of Your Business with Concentration
One of the keys to success is to surround yourself with smart people. Although I am not saying that I am successful, our firm has been in existence for over thirty-eight years and I have been blessed to have many great and talented team members. I mention this because one of my current team members, Scott Densmore, authored this month’s feature article and I encourage you to play the accompanying video. Concentration Concentration is not always about mental focus. Here, we are referring to Customer Concentration, Product Concentration, and Supplier Concentration. The higher the concentration, the higher the risk there
Tips for Buying a Business During a Pandemic
If you would have asked me to write an article about this topic six months ago, I would have suggested that perhaps you had consumed too many adult beverages. But now that we have lived, albeit reluctantly, with COVID-19 for several months, we have some experiences that we can share. First and foremost, good, profitable, and growing businesses are still in demand. And because there are fewer of them, they command significant attention, and in several cases multiple offers. Below are some suggestions for completing a transaction in the current environment. Several of them also apply under normal business conditions.
Buying Or Selling A Business With The COVID “Shakeup”
Rob Amerine covers what he terms a business “shakeup” in the times of COVID and making sure your business processes are in order before a sale.
CARES Act Incentives for Buyers of Businesses
In an attempt to stimulate the small business economy, the Federal Government initiated a number of programs under the CARES Act. Most notable are the Payroll Protection Program (PPP) and Economic Injury Disaster Loan (EIDL). There are also numerous other provisions relating to direct payments, retirement account loans and distributions, and payroll tax deferrals. One benefit that has not received as much publicity, probably because it applies to fewer parties, is the forgiveness of six months of SBA loan payments (covering both principle and interest) for buyers of businesses that close on a transaction and get their loan fully-funded prior
State of Downtown Report
Downtown Colorado Springs is positioned for a successful future. View the report.
Maximizing the Value of your Business During the COVID Environment
Even during these financially uncertain times, businesses are being bought and sold. As you would expect, the better managed and performing businesses are attracting more attention and commanding higher prices. Below are several suggestions that you, as a business owner, can implement in order to make your business more marketable and valuable, either now or when you decide to go to market. Team of Employees Start with your team. Do you have the right people in the right positions to navigate the current environment? If not, you may find that the high unemployment rate has created a pool of talent
Back to the Future
Now that we have been living with COVID-19 and its social and economic ramifications for approximately two months, it appears that we, as an economy, are starting to adjust and get back to business, albeit, somewhat differently. For those of you who lost a loved one or friend, we extend our condolences and understand that the health danger is not over and there will be more casualties from the virus. There will also be businesses that have been mandated to close that will not have the capital to reopen and businesses that reopen that will not have the capital to