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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,...

04 December, 2019

"Even if you build a business with zero intention of selling it for a big payday, and even if you never do actually sell, you should still build your business as if you are going to sell it someday. Building a business with this mindset will make the entire operation run more efficiently—you’ll be able to see how your business is trending overall, maintain a cleaner financial picture, and implement better standard operating procedures," writes Gregory Elfrink...

22 November, 2019

A recent article at First Round discusses the importance of a good story. Narrative is one of the most relatable ways to communicate your identity and value—as a business, as a leader, as a person—to customers, employees, or investors. That communication establishes connection and builds genuine trust and excitement. The article goes into lots of juicy detail. Here is quick summary, with some reflections, of key takeaways and actionable tips. Pass the “Bar Test” Would someone get your...

04 November, 2019

Some clichés endure for good reasons. Cat posters exhorting us to "hang" in there adorably/annoyingly acknowledge a universal truth: you're going to mess up. Own it. Learn from it. Use it to grow and teach others. A recent First Round article highlights the importance of stories. What is a compelling example of a time you failed, persevered, and prevailed? As a leader, how can you share that experience with your team in a way that encourages courage? Communicating...

31 October, 2019

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...

18 October, 2019

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,...

09 October, 2019

Millennial Retirement Plans (Hashtag!) Last week, the trending hashtag #MillennialRetirementPlans shone a darkly funny light on the despair many millennials feel regarding their financial futures. This generation (born from around 1981 to 1996 depending on the definition) has faced its share of economic challenges. The 2008 crash hit many millennials with the triple whammy of skyrocketed healthcare, student loan debt, and a dearth of paying jobs and wage stagnation. Their average net worth is less than...

30 September, 2019

Albuquerque was recently ranked America’s ninth most affordable city by Move.org. The comparison of 75 major U.S. cities considered the following factors: Rent for a 1-bedroom apartment Utilities (electricity, water, etc.) Internet Gasoline Food (groceries plus occasional restaurant meals Rounding out the top ten were El Paso, TX; Lincoln, NE; Toldeo, OH; Wichita, KS; Louisville, KY; Tulsa, OK; Memphis, TN;  Lexington, KY; Albuquerque, NM; and Mesa, AZ. The top five most expensive cities were San Francisco, CA; New...

30 August, 2019

In more #AlbuquerqueAscending news, economic development and media company Livability lists 11 reasons why ABQ is the perfect place to do business. "The Southwestern city is witnessing an entrepreneurial renaissance with the help of startup-friendly culture, excellent universities and a great cultural scene for that ever elusive work-life balance. Albuquerque’s tech scene is so vibrant that even Facebook is setting up an outpost in the area, and the city has seen a nearly 10% increase in...

23 August, 2019

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...

19 August, 2019

Albuquerque ranks in the top ten large-size metro areas in the country for economic development potential, according to site selector publication Business Facilities. It’s a great time to buy a business in Albuquerque—or sell a business and move on to the next Big Thing! Albuquerque was ranked ninth. Topping the list were Atlanta, GA and San Antonio, TX. In a recent Albuquerque Business First article, reporter Collin Krabbe writes: "'Albuquerque has a foothold in very high-tech industries,’...

14 August, 2019

If you are preparing your business for sale, you need to start to think like a buyer. Customer concentration is a red flag to potential buyers. A company with more than 15 percent of its revenue dependent on one client is vulnerable. That client might leave shortly after you sell your business. A buyer will recognize this risk.  Follow these tips to minimize risk for the potential buyer and better position your business to sell...

08 August, 2019

Leadership Santa Fe helps up-and-coming leaders develop high-level management skills and connects them to key players in Santa Fe’s business and policy spheres. Participants delve into challenges facing the city and actively engage in the process of creating solutions. The program takes place every year between September and May and consists of 12 sessions, about two per month. Alumni include Santa Fe City Manager Erik Litzenberg, Police Chief Andrew Padilla, and multiple City Council members...

01 August, 2019

Do You Need a Business Valuation? Whether you’re buying or selling a business, a business valuation is a necessary step in the process. You might be more familiar with the term "business appraisal." These two interchangeable terms describe a complicated process used to determine what a business is worth. There is no "cookie cutter" way to do this. There are different types of business valuations for different circumstances. There are some circumstances where a formal valuation is needed. In other...

23 July, 2019

A lot of people know the symptoms: feeling overwhelmed, unworthy, overly lucky, terror at being “found out.” If you’ve wrestled with Impostor Syndrome, you know the struggle is real—even when your lack of qualifications isn’t! Impostor Syndrome is a pervasive sense of self-doubt, a belief that one’s successes have not been earned. While this insecurity can strike at any level of professional experience, research indicates that it is more common when starting a new endeavor, such...

18 July, 2019