Retirement can be an exciting milestone but it’s also a major change in lifestyle. Transitioning into retirement for some is an easy process, but for many, their business is their passion. They put all their time and energy into the business that they dedicated their life to for many years. Now, exiting the business and… Continue reading What is Your Purpose in Retirement?
When business consultants talk about preparing for unforeseen problems, they frequently commingle the terms contingency and continuity. These terms are not synonymous. There are important differences between them. Contingency Planning Contingency planning is generally accepted to mean preparing for an event that can result in financial and/or emotional upheaval. This could be death, disability, divorce,… Continue reading Contingency Planning versus Continuity Planning
The value of key people has been coming up more and more in Business Valuations and deal structure this year. How do you know what your team is worth? That's a good question. Employment Agreements are becoming very important to buyers when the language addresses non-recruitment and protection of company assets, including confidentiality. Due to the fact that workforce shortages… Continue reading The Value of Key People
Several years ago, my family did a cross country trip. I laid out a rough plan of what we wanted to see, places to eat and place to stay. When we hit the road, I looked ahead and tweaked the plan. I did not look in the rearview mirror. Unfortunately, business owners often run their… Continue reading A Hazy Crystal Ball is Better than a Rearview Mirror
Selling a business is a roller coaster of emotions. If you are considering the sale of your business, prepare yourself for the many phases of emotion. Few will encounter all of them, but all will encounter some of them. The Astonishment Phase This phase starts when you realize you have a saleable business, and someone… Continue reading Selling a Business – Phases of Emotion