Seller Financing: It Makes Dollars and Sense
When contemplating the sale of a business, an important option to consider is seller financing. Many potential buyers don’t have the necessary capital or lender resources to pay cash. Even if they do, they are often reluctant to put such a hefty sum of cash into what, for them, is a new and untried venture. Why the hesitation? The typical buyer feels that, if the business...Read More
Buying A Small Business: Earnest Money Deposits Should Be Reasonable
By Peter Siegel MBA, BizBen Founder, ProBuy, ProSell, ProIntermediary Programs I was speaking with a prospective business buyer the other day – he had just signed up to get business purchase financing. He said he wanted the business; however, he was uncomfortable putting down a 10% deposit for a $350,000 business. He asked if he could lower the deposit requirement to $5,000. I asked a...Read More
Where Did the Cash Go? Add-Backs to Consider When Buying a Business
By C. David Chambless, president of Abraxas Business Services, and a past GABB president. Evaluating the earnings potential of a small-to-medium sized business, particularly one with a single owner, is challenging. Often, a primary objective of these entrepreneurs is to make as much money as they can, while paying as little in taxes as possible. Accountants routinely assist business...Read More
Building a Strong Brand: What Do Your Customers Say About YOU?
What do your customers/clients say about your or your company when you’re not around? What do the employees say about you or your company when you’re not around? Those things represent your external and internal brands, says brand guru Skot Waldron, and they can help or hurt you. Waldron spoke on June 30 to the Georgia Association of Business Brokers about building brand loyalty. At the end of...Read More
Negotiating the Price Gap Between Buyers and Sellers
Sellers generally desire all-cash transactions; however, oftentimes partial seller financing is necessary in typical middle market company transactions. Furthermore, sellers who demand all-cash deals typically receive a lower purchase price than they would have if the deal were structured differently. Although buyers may be able to pay all-cash at closing, they often want to structure...Read More
Getting Back to Business After the COVID-19 Pandemic
Despite our various technological advances and the complexity of our society, disease can instantly change the course of history. Not having a robust global system for dealing with disease and pandemics comes with a hefty price tag. In the case of the COVID-19 economic crisis, the price tag will no doubt be in the trillions. You can’t control what has happened, but you can focus on...Read More
COVID-19 Advice for Hospitality Businesses
Clearly, some industries are taking a bigger hit from COVID-19 than others. Any industry that requires a great deal of interaction with the public, or where people gather in large groups, are obviously having very tough times. Movie theaters and restaurants, for example, have essentially gone dark. Some restaurants are easing the bloodletting a bit by providing delivery, but...Read More
Dealing with COVID-19’s Economic Impact: Planning and Communication are Key
There are many things that you should be doing to deal with the COVID-19 pandemic. At the top of the list is to be proactive. Now is the time to be thinking about how best to position your business after the economy has returned to something near normal. Now is not the time for self-pity. In fact, not preparing for the relaunch of the economy will cost you. In David...Read More
How to Make Remote Teams Accountable
One of the many, many changes that COVID-19 has ushered in is the extreme uptick in people working remotely. Social distancing has made working from home a necessity for millions. The technology that is allowing remote working to take place has matured greatly in the last decade. Today, it is possible for team members to work from virtually any location. Of course, as with...Read More