Early in my career, I called on a client who was a friend outside of work. No one frustrated me more in the business arena. I would present to her on a Friday afternoon; she’d give me feedback that my proposal looked great and she would work on putting her plan together over the weekend and get back to me Monday. I would come in Monday morning to a voicemail that she was sorry she wasn’t able to buy my proposal … maybe next time.
WHAT? How could everything look great Friday when I was the last to present, and now I’m out? You can be honest with me; give me the straight feedback as to what I could have improved with my proposal so I know for next time. I never got it, so I operated blindly for future presentations.
I had an interesting discussion with a relatively new franchise owner recently. (He’d been in about 18 months.)
His business, a commercial locksmithing/security franchise, is doing very well — which really vindicated his search approach. The primary thing he was looking for in a franchise was an industry that was “un-glamorous” — not sexy or flashy … the kind of work that people don’t particularly get excited about. His reasoning for that — which has paid off — is that there tends to be a lot more margin in work that has to be done but not a lot of people want to do it. (more…)
It’s rare for an entrepreneur to start a business with the goal of selling it. Most believe they can build a better widget or deliver a better service and plunge in without thinking about their eventual exit.(more…)
When developing a succession plan for your business, you must make many decisions. Should you sell your business or give it away? Should you structure your plan to go into effect during your lifetime or at your death? Should you transfer your ownership interest to family members, co-owners, employees, or an outside party? The key is to pick the best plan for your circumstances and objectives, and to seek help from financial and legal advisors to carry out this plan.(more…)
There are many important aspects of a successful business transition. One of those is how to finance it. As a seller, the last thing you may be thinking about is the need for financing; however, without a good financing option, your buyer may not be able to complete their end of the deal.(more…)
If you’re a business owner looking to sell now or in the future, you may be discouraged to hear that many sales fall apart during the due diligence phase. You have the ability to minimize the risk of this happening by being a diligent business owner before putting your business on the market.(more…)
Let’s keep it real: Pro Athlete has a LOT of employee perks. And we’re talking about more than the usual—extra days off, afternoon at the K, Friday happy hours—that many businesses offer. At Pro Athlete, they take employee perks seriously.(more…)