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The second in our series of resource roundups is dedicated to managing remote work. Tech and Security Make sure you have the technology you need. Good internet, a dedicated phone (and reception), account access and passwords, programs – all are easy to take for granted from a work computer with saved login credentials. There are a ton of apps to help with project management, workflow, productivity, and communication. Try to get your team on the same page...

Here is the first in a series of resource roundups of helpful information. COVID-19 BUSINESS AND NON-PROFIT FINANCIAL ASSISTANCE Small Business Administration- Disaster Loan Assistance The Small Business Administration (SBA) is providing up to $2 million in disaster assistance low-interest loans. This funding is now available to all New Mexico small businesses. Apply online: https://disasterloan.sba.gov, call 1-800-659-2955 (TTY: 1-800-877-8339) or email disastercustomerservice@sba.gov. State of New Mexico – Help for Businesses Negatively Impacted by COVID-19 The State of New Mexico...

It has often been said that valuing companies is an art, not a science. When a buyer considers the purchase of a company, three main things are almost always considered when arriving at an offering price. Quality of the Earnings Some accountants and intermediaries are very aggressive when adding back, for example, what might be considered one-time or non-recurring expenses. A non-recurring expense could include costs like meeting some new governmental guidelines, paying for a major lawsuit,...

Business acquisitions are red hot, and all kinds of businesses are being snapped up.  Some people are under the impression that only large businesses are being acquired, but this is far from the reality of the situation.  It would surprise many to learn that so much of the “action” is, in fact, small businesses buying other small businesses. In his Forbes article, “Take Advantage of the Golden Age of Business Acquisitions,” author Christopher Hurn explores the...

When the variable of family is added to the equation of selling a business, the situation can get rather messy.  Family usually complicates everything and businesses are, of course, no exception.  Ken McCracken’s recent article “Family business: to sell or not to sell?” 6 questions to help you make the right decision,” seeks to decode the complexities so often associated with family businesses. Consider the Market  The foundation of determining whether or not now is the right...

There are plenty of benefits to purchasing an existing business, but running a successful business can become overwhelming. If you’re considering buying a small business, but don’t know if you have enough time to commit to a significant venture, then a turnkey business model might be the right fit for you. Continue reading to discover if you’re someone who should buy a turnkey service business. 3 People Who Should Consider a Turnkey Service Business Turnkey opportunities exist...

Corporate Social Responsibility (CSR) is increasingly seen as something that companies of all sizes need to be aware of, so let’s take a closer look at a few of the finer points. There are 4 basic pillars in CSR: the community, the environment, the marketplace and the workplace.  The community pillar of CSR refers to your company’s contribution to the local community; this contribution can take a variety of forms ranging from financial support to personal...

In his recent article in Smart Business entitled, “How to get your business, and yourself, ready for sale,” author Adam Burroughs explores the key points of getting your business ready to sell.  Burroughs points to the truism that, at some point, almost every business owner must sell his or her business.  For this reason, it is critical to think about what it takes to get your business ready to sell.  Simply stated, it is best...

Heading into 2020, it feels like a good time to share this infographic tweeted by MIT’s Sloan Management Review and created by futurist Amy Webb. Is your business poised to seize the [next] day? This graphic provides an actionable step-by-step guide to forecasting changes in the social, cultural, and economic landscapes that impact your business and preparing to take advantage of them. Obviously no predictive system is perfect, but it can be a helpful exercise...

Employee engagement is a hot topic in workplace research. According to a recent Gallup survey, "The percentage of 'engaged' workers in the U.S. -- those who are involved in, enthusiastic about, and committed to their work and workplace -- is now 34%, tying its highest level since Gallup began reporting the national figure in 2000. The percentage who are 'actively disengaged' -- workers who have miserable work experiences -- is now at its lowest level (13%),...

Quite the week for Albuquerque, which made the Top 50 U.S. Cities for Starting a Business in 2020, according to a study conducted by Inc. and entrepreneurship researchers Startup Genome. These "Surge Cities" leverage local assets, human capital, and development strategy to drive success, with interesting lessons to be learned in each case. Entrepreneurship through acquisition can be a savvy path to business ownership, side-stepping some of the associated risk. Learn about about businesses for...

More accolades for Albuquerque! The Duke City ranks 11th for work-life balance in American cities. A recently published study compared cities across data representing work intensity, societal/institutional support, and city livability in order to determine where people do—and do not—enjoy well-rounded lifestyles. This is a handy compilation if you’re involved in site selection or debating where to buy a business. The introduction to the study, by security company Kisi, states, "We know first-hand how much of a...

Multiples are tricky things to figure out when you’re valuing a business for sale. Lots of opinions are floating around, most stemming from imperfect information. Uncle Bob’s golf buddy sold his widget store for a million bucks based on a multiple of five! Such “buddy wisdom” can lead you astray. Unrealistic expectations can result in a price point that the market simply won’t support. Your business languishes with little to no buyer activity. First Things First So,...

New Mexico is moving up in the ranks of states for millennials to live, according to WalletHub—all the way from last place to second to last place! The penultimate spot does not tell the whole story, though. Albuquerque is a pretty great place for millennials, in fact. The low cost of living, proximity to gorgeous outdoor scenery and recreation, and rich culture contribute to a high quality of life. The burgeoning film and tech industries are...

Santa Fe and local hospitality businesses are basking in love this week thanks to the voters in Condé Nast Traveler’s 32nd annual Readers’ Choice Awards. Based on survey responses by 600,000 people, The City Different is Number 2 on the list of Best Small Cities in the U.S. (after Charleston, S.C.). Inn of the Five Graces and La Fonda on the Plaza were Numbers 1 and 2 on the list of Best Hotels in the West,...