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There is no underestimating the importance of negotiation when you are buying or selling a business. Let’s take a look at some of the most often used strategies and our recommendations.  The Direct Approach One approach in negotiations is what we often refer to as the “take it or leave it” strategy. In this scenario, the buyer makes an offer, and the seller then counters that offer. There is little negotiation work necessary, as both parties are...

15 April, 2023

Every business has to be concerned about maintaining confidentiality.  In fact, it is common for business owners to become somewhat obsessed with confidentiality when they are getting ready to sell their business. It goes without saying that owners don’t want the word that they are selling to spread to the public, employees or most certainly their competitors.  Yet, there is something of a tug of war between the natural desire for confidentiality and the desire...

08 April, 2023

If you’re planning to buy or sell a business that involves a lease, this can lead to an extra level of complication. Oftentimes, such as in the case of a restaurant or retail establishment, the location is essential to the success of the business itself. That means that if you’re buying a business, you’ll have to make sure any lease issues you might encounter are straightened out before you sign on the bottom line. But...

01 April, 2023

On Wednesday, the Fed raised interest rates a quarter point, making it the eight time that they’ve adjusted the bank rate in the last 12 months, and putting interest rates at their highest level since 2007. The banking industry anticipates more increases totaling an additional three-quarters hike by the end of 2023. The Fed’s main if imperfect tool to combat inflation, higher interest rates come when many business owners are ready to exit their business and...

23 March, 2023

No one wants to waste their time and energy trying to sell their business to someone who isn’t actually planning to buy. That’s why it’s so important for you and your business broker or M&A advisor to focus on the most qualified and serious buyers. But how can you really make these kinds of assessments about a buyer’s viability until they sign on the dotted line? Let’s take a look at some signs that will...

21 March, 2023

The business world is abuzz about ChatGPT, an AI-based conversational agent that is innovating how large and small businesses interact with customers. Other AI-based technologies are streamlining content development for marketing and outreach. While this technology is still new, small business owners in both the service and retail sectors are moving beyond the experimentation phase and integrating it into their operations. The South Bend, Indiana hair salon Hair Crafters uses a ChatGPT bot to automate appointment...

16 March, 2023

The Training and Transition phase can be vital for helping a business buyer get off on the right foot once they have closed on the purchase of a business. It’s one of the most immediate and important steps for setting them up for success, but it often comes as an afterthought for both the buyer and seller. Why? A business buyer doesn’t know what they don’t know, and a seller can be challenged to come...

13 March, 2023

There are clearly qualities that make a person an ideal candidate to be a business owner. On the other side of the coin, however, it’s clear that owning a business isn’t for everyone. Let’s take a look at some of the unique personality aspects that help motivated individuals identify owning a business as a good fit for them.  You Seek to Guide Your Destiny A common reason people become business owners is that they want to have...

11 March, 2023

If you’ve ever gotten any type of substantial loan, chances are that you’re already familiar with the concept of collateral. This is when something of value is pledged as security. As a result, the lender has something of value that they could potentially take if the loan is not repaid. Collateral is designed to protect the lender. Of course, the most common example of collateral is your house when you have a mortgage.  Oftentimes, those looking...

03 March, 2023

A partnership agreement is a legal document that provides an outline of how a business will be run. This agreement will often be used by small for-profit businesses when two or more people are involved. It’s an essential document to have, especially in the case when a dispute arises between partners. Even if you have gone into business with a friend or relative, you should have this document in place to make sure everyone is...

25 February, 2023

Simply put, there is no one-size-fits-all answer. A confluence of factors affects when your business might sell, and it’s best to go in this process with realistic expectations. There are things outside of your control, but there are also actions that you can take before you list that will help you better the odds. What Are the Market Conditions? The market is dynamic and variable as demonstrated by the past few years. When the global pandemic shut...

24 February, 2023

As a business owner, your natural inclination is likely to be considering the strengths of your business and how to perform even better in the future. However, the truth is that sitting back and thinking about your flaws can actually benefit you in the long run. When you have a full understanding of where you are lacking, it will empower you to make the best strategic decisions for the future. These changes, in turn, will...

18 February, 2023

Santa Fe Restaurant Week kicks off on February 20th and lasts through March 3rd.  After a two-year hiatus, this popular annual event resumes with 31 restaurants participating. Anchoring Santa Fe's winter schedule, it's an opportunity for local chefs to showcase their talents with prix fixe dinners and lunches. Featuring a range of price points, Santa Fe foodies as well as those just looking to socialize with friends get to partake in a range of cuisines...

13 February, 2023

BizBuySell has issued their latest insight report, which summarizes market growth and trends from last year. In this report, they have several interesting areas to report including a summary of how lower sales prices and rate hikes impacted the value of businesses in recent months. The report can be found at https://www.bizbuysell.com/insight-report/#reportArchive. Overall Trends in 2022 Buyers currently appear to have some leverage when it comes to the prices of businesses on the market. When comparing 2022...

11 February, 2023

BizBuySell just released its latest insight report, which tracked sales and growth in 2022 and compared it to the prior year. Overall, we are seeing a high demand for service-based businesses as well as an increase in restaurant business sales. The insight report also reveals what business brokers across the country are expecting for 2023 and beyond.  Data on Service Business Sales In 2022, 39% of the acquisitions tracked by BizBuySell were service businesses, and their transactions...

04 February, 2023