Perception Is Everything We were called in one day to look at a company that was in the specialized trucking business. Milt had forty trucks and substantial customers. He was thirty-seven or thirty-eight years old and looked like he was fifty. And as I got to know him, I found out that he worked roughly…
The following is a great example of the complexity of family-run businesses. It’s often just one thing that needs fixing. Out of the Shadows Approximately eighteen years ago I was approached by Graham, who wanted to know if I could put a value on his business. Of course I said yes. While our Comprehensive Business…
In spite of all the clichés that we hear about banks lending money as an umbrella and wanting the umbrella back when it rains, there are many great success stories about how bankers can help a businessperson. For example, they can help owners make a quick solution. The following is an excerpt from Doug’s book “There’s…
When it comes to digging businesses out of self-made trenches, there is nothing quite like an advisory board. Here’s a tale from Doug’s book of how a team of experts helped a company. The Value of Full Disclosure Donny and Erica, a husband and wife team, approached us a number of years ago to sell…
An old Chinese proverb says, “He who speaks first, loses.” Consequently, I always advise my clients to simply answer any questions put to them by the purchaser during negotiations, without offering any additional information or overtures. I tell them that when the purchaser is allowed to speak first, we can assess the proposals as they…
A professional practice is a business, just like any other, and partnerships are prone to fail. The cost of setting up the correct structure for operating and ultimately terminating the partnership is relatively inexpensive compared with the cost of unraveling a relationship that no longer meets the original needs, not to mention the emotional cost.…
It was time for Ned to retire from the family business. But Ned didn’t have an exit strategy, so he came to us. He and his wife, Joanne, had three children – two sons and a daughter. All three siblings were married. All three worked in the business with Mom and Dad. It was a profitable business.…
Most small to medium-sized businesses are privately owned and operated by an entrepreneur who is busy keeping track of the day-to-day affairs of the business. Usually overworked, sometimes careless or lazy, such entrepreneurs rarely have a long-term plan for the future of their company. As a result, they may fail to recognize opportunities that are…