There can be no doubt that selling your business stands as one of the most complex and important decisions you’ll likely ever make. It is quite often the case that a business represents decades, or even a lifetime, of dedicated work. In this article, we’ll examine some of the key steps that you should take when it comes time to sell. One of the most important steps that any seller can take is to begin the...
According to an October 16, 2020 article in Insider, 83% of respondents to Airbnb's survey entitled "How Airbnb and Travelers are Redefining Travel in 2021," are in favor of relocating as part of remote working, and a quarter believe they'll be able to "live where they want to and work remotely." Only one in five surveyed has permanently or temporarily relocated due to the pandemic. Rather, many more are using Airbnb rentals to try the...
Taos made TravelAwaits' 2020 list of 7 Magical U.S. Towns to Visit During Christmas, and recommends attending mass at The San Francisco De Asis Mission Church to get a feel for northern New Mexico's history and culture. A National Historic Monument, San Francisco de Asis was constructed of mud and straw sun-dried adobe bricks in the early 1800s and is one of Taos' few original buildings still standing. "[It} s is a living testament to...
New Mexico's capital Santa Fe ranked #14 among Your Tango's 18 picks for U.S. Cities with the most European feel. (#14 . . . . really?!) The online lifestyle guide wrote: "Spanish explorers and then Spanish colonial settlers were traveling to and establishing “La Villa Real de la Santa Fe de San Francisco de Asis” (or what is known as modern day Santa Fe, New Mexico) back in 1610. This Spanish/European influence meshed with local Native...
In September 2020, Travel+Leisure ranked New Mexico as one of the best places for star gazing. "Roswell jokes aside, New Mexico really does have a special relationship with space exploration. Blessed with high altitudes, low population density, a dry climate, and clean skies, the state is home to Gold and Silver-tier Dark Sky Parks and some of the best stargazing opportunities in the world," said the magazine....
Companies of all sizes frequently fail to handle customer complaints appropriately. In the digital era, where complaints can be seen by hundreds, thousands or go viral to millions, it is essential that customer complaints, especially serious ones or ones backed by considerable emotion, are treated seriously and dealt with in a timely manner. If you are failing to provide good customer service, this should be corrected. After all, offering decent customer service is neither costly nor...
Finalizing a deal is usually a complex process, and there is a good deal of room for error, misunderstandings, miscalculations, and good old-fashioned wild cards. That is why it is critical to carefully think through the deal process well in advance. In this article, we’re going to explore the top ten steps you can take to avoid wrecking a good deal. Confidentiality – At the top of our “how not to wreck a deal list” is...
Just as people will form judgments and ideas about you as a person based on first impressions, the same holds true for your company. It is always best to put your “best foot forward,” and this is true whether we’re talking about your personal life or business. Periodically, it is prudent for every company to step back and evaluate its initial point of communication with customers and clients. In today’s digitally interconnected world, it is critical...
When buyers are looking to make a purchase, the most important step they can take is to perform due diligence on both the business and the seller. Yet, it is important to note that a large percentage of sellers fail to do their due diligence on buyers. Deals fail all the time. Sadly, this means that all parties lose a tremendous amount of time and effort. Additionally, sellers not only waste time, but often lose money...
Dominating this week’s Albuquerque business news is The Orion Center, a proposed satellite assembling and testing plant. The major multi-million-dollar deal is currently in negotiations between the Theia Group Inc. and the city. Current plans call for the campus hosting 1,000 workers with plans to ultimately grow to 2,500. "The Orion Center has the potential to be a game-changing partnership for our city’s aerospace and tech sector,” Albuquerque Mayor Tim Keller said in a statement last...
K. Srikirishna has a worthwhile read in the Harvard Business Review. Adapted from his book The Art of a Happy Exit – How Smart Entrepreneurs Sell Their Businesses (Harper Business), Srikirishna looks beyond the mechanics of selling your business to what the emotional content of the experience can be (and often isn’t). Anecdotes from high-tech and financial services executives illustrate this piece. At first blush, such "lessons learned" don't seem all that relevant to small business...
Damon Neth is a Professional EOS Implementer of the Entrepreneurial Operating System®. He co-authored a best-selling book entitled X-Formation: Transforming Business Through Interim Executive Leadership. He also has founded five companies and acquired four other companies. Additionally, Damon Neth is an accomplished entrepreneur and a leading EOS® business coach. EOS® is a powerful set of business tools that provide a framework that empowers companies to create a clear vision throughout their entire organization, and in the process, boost the health...
What kinds of insights about selling a business might come from experts at private equity firms? This article includes advice for sellers from industry veteran Lamar Stanley. Stanley is a Director at Gen Cap America, which is a lower middle market private equity firm in Nashville, Tennessee. Since 1988, Gen Cap America (GCA) has made 60+ investments across seven committed private equity funds. Before joining GCA, Stanley was with the Nashville based private-equity strategy group, Diversified...
More than likely, selling your business is one of the biggest decisions of your life. Unless you own a business, it is impossible to understand just how all-encompassing of a process it can be. With that stated, it is important for business owners to step back and seriously reflect on whether or not they are truly ready to sell. The psychological aspects of selling are not trivial. Various aspects must be taken into consideration before...
There are many reasons why small companies are put up for sale. Some of the more common reasons can actually have little to do with the company’s general performance. For example, many small business owners discover that they need to sell for health reasons or personal concerns, such as divorce or partnership issues. While a business downturn or fear of a larger competitor looming on the horizon might prompt many business owners to sell, economic...
