Many entrepreneurs who have family-owned businesses say that their most difficult challenges are deciding who will succeed the current generation and how to preserve and build the company’s value by providing for a smooth transition of ownership and management. Statistics support their concerns: Only 35 percent of family businesses survive past the first generation of […]
Buying a business, no matter the size or industry, is also buying a lifestyle. Most buyers of businesses, when asked why they want to buy a business or go into business for themselves, state that they want to control their own destiny or don't want to work for anyone else. Making more money is far […]
Many factors can bog down the sale of a business. In fact, more than purchase price or structure, time is the most likely reason that a business sale may fail. Time can breed frustration and fatigue. As a potential sale drags on, the owner is left in an uncomfortable state of flux. The buyer may […]
It takes a lot to sell a business successfully, and the pros at Utah Business Consultants are here to help. If you’re looking to sell your business, or even just to have a good exit planning strategy on the books for future planning purposes, we’re here to help. Last month in this space, we went […]
Place a reasonable price on your business. Since an inflated figure either turns off or slows down potential buyers, rely on your professional service provider to help you arrive at the best "win-win" price. Remember, a transaction will consummate only when a buyer and seller come to reasonable terms. Carry on "business as usual." Don't […]
Throughout my life I’ve seen many different articles on owning your own home. The statistics show that Americans change homes once in every 7 years on average. What fascinates me is not the “how” of this change, but the “why”. It appears that for your typical American, a change of residence is made not because […]
Comparability in businesses is virtually an oxymoron. Every business is different, including franchised businesses. Having owned a franchise personally, I can tell you that although our services were the same as other franchisees, our employees, our clients and our profitability were certainly unique. As you evaluate various businesses for the purpose of acquisition, although there […]
If you’re like many business owners, chances are you’d only consider selling your business if you were coming to a specific financial or life point where you were ready to move on. But in today’s modern business world, most brokers and advisors recommend significant business exit planning from the very beginning, even if you don’t […]
If you’re new to the world of entrepreneurship, you may not be well-versed in the term customer concentration. But it’s important to learn it before you embark on a journey that may be not only unprofitable but costly. Customer concentration refers to the ratio of customers to revenue share. High customer concentration means only a […]