For every reason that a pending sale of a business collapses, there is a positive reason why the sale closed successfully. What does it take for the sale of a business to close successfully? Certainly there are reasons that a sale might not close that are beyond anyone’s control. A fire, for example, the death of a principal, or a natural disaster such as a hurricane or tornado. There might be an environmental problem that...
It is safe to state that Howard Brownstein, President of The Brownstein Corporation, is a true expert in providing turnaround management and advisory services to companies, as well as their stakeholders. Brownstein serves as an independent corporate board member for both publicly held as well as privately-owned companies and nonprofits. During his career, he has been named a Board Leadership Fellow by the National Association of Corporate Directors (NACD) and served as Board Chair and...
Each franchise has its own process for qualifying and onboarding a prospective franchisee. Sometimes it's rigorous with multiple interviews, steps, forms to be filled out, and documents to be provided. Other times, it's comparatively relaxed. The degree of scrutiny a candidate undergoes largely depends on the type of business. Nonetheless, many will follow a format similar to the steps presented below. STEP #1: Initial CallDuring the first call with the franchise’s corporate representative, the buyer candidate...
Franchises are popular choice among budding entrepreneurs for a variety of reasons. Established franchises even more so. The reasons behind their appeal are numerous. Name RecognitionTopping the list is the ability to take advantage of the name recognition of brand that is already out there, known and trusted in the community. Take home healthcare, for instance. How comfortable would a prospective customer feel entrusting the care of their mother to a start-up agency without much...
Congratulations to Albuquerque small businesses! According to a recent study conducted by e-commerce company Square, Albuquerque's Main Street businesses ranked Number 1 in increased rate of e-commerce adoption following the COVID-19 outbreak. The ranking signals Albuquerque businesses' agility and grit. "We’re inspired every day by the ingenuity of small businesses in the face of a rapidly evolving environment," writes Square. "They’re pivoting business models, building online operations in days, and even selling completely new products to...
Can you make money and follow your dreams? Yes! A recent article at Entrepreneur posits a framework for deciding if you might be able to turn your hobby into a business. The piece (very reasonably) revolves around the potential for monetization. "Even if you’re pursuing this mostly because of your passion," writes SEO.co CRO Timothy Carter, "you’ll still need a stream of income to offset your costs and keep the business running." Uncontroversial! Carter suggests the following...
When you are buying or selling a business, you might very well end up making a deal with someone from another generation. Therefore, it only makes sense to take the time to understand that individual’s background and how that might cause behavioral differences. It is important to understand and reflect upon where many of them are coming from and the collective experiences and trends that shaped their identities and perspectives. At the same time, you...
Do you like dogs? Do you like happiness? Then, boy oh good boi, do we have a business opportunity for you! This state-of-the-art Doggie Daycare has a delightful mission: to increase the amount of joy in the world by helping dogs stay healthy and happy—and better able to support us. For many animal-lovers, the idea of spending their days interacting with dogs and the people who love them can seem like the stuff of fantasy. This business...
The buyer-seller meeting is quite often a “make or break” meeting. Your business broker or M&A Advisor will do everything possible to ensure that this meeting goes as well as possible. It is vitally important to realize that rarely is there an offer before buyers and sellers actually meet. The all-important offer usually comes directly after this all-important meeting. As a result, you want to ensure that meetings are as positive and productive as possible. Buyers need...
Sellers generally desire all-cash transactions; however, oftentimes partial seller financing is necessary in typical middle market company transactions. Furthermore, sellers who demand all-cash deals typically receive a lower purchase price than they would have if the deal were structured differently. Although buyers may be able to pay all-cash at closing, they often want to structure a deal where the seller has left some portion of the price on the table, either in the form of a...
Before leaping into a new business opportunity, most entrepreneurs face the challenge of securing working capital. Although it’s not an easy task, it is essential to getting your idea off the ground. It’s also not a decision to take lightly, as the choice you make will stick with you for years to come, even after your business starts making a profit. You can set yourself up for a win by researching the different avenues available and...
There can be no way around it, Inc. contributor Brian Hamilton’s April 2020 COVID-19 centered article, “6 Actions to Take in the Next 90 Days to Save Your Business,” isn’t pulling any punches. Hamilton, Founder of the Brian Hamilton Foundation, believes that the next 90-days could be make or break days for business owners looking to navigate the choppy waters of the COVID-19 pandemic. His latest Inc. article provides readers with 6 actions they should...
Tumbleweeds, an early and mid-childhood development magazine loved by parents and educators, is now on the market. Long-time owner Claudette Sutton is ready to move onto her next projects after decades of growing the publication into a staple resource for northern New Mexico families. Listed at $95,000 with a cash flow of $50,000, this home-based business allows for a flexible, part time schedule and engagement with a passionate, grateful community. The publication enjoys an established advertising...
Finding the money to start your own small business can be a challenge. Over the decades, countless people have turned to the Small Business Administration (SBA) for help. A recent Inc. Magazine article, “Kickstart Your Business Dreams with SBA Lending,” by BizBuySell President, Bob House, explored how SBA lending can be used to the buyer’s advantage. The article covers the basics of an SBA loan and who should try to get one. House notes that the...
In a recent Harvard Business Review article, Harvard Business School professors Richard S. Ruback and Royce Yudkoff advocate for more aspiring entrepreneurs to pursue their goals by buying a business. They site concern over risk as the most common explanation for shying away from acquisition. They further argue that these concerns are short sighted and unfounded. Comparing Risk “We think that these concerns about ‘risk’ are misplaced and that searching for a business is less risky than...
