Most small business owners launch with purpose — to serve their community, create opportunity, and build something that matters. When it’s time to step back, by choice or circumstance, the market value of the company reflects decisions made years earlier, not last minute fixes. The enterprises that command attention (and fair offers) show stability, clarity, and continuity…
If you’re in the process of selling your small business, you’ve probably come across the term “disclosure schedules” in your acquisition agreement. These schedules are crucial, and understanding them can make a big difference in your transaction. Let’s break it down in plain English. What Are Disclosure Schedules? Disclosure schedules are detailed documents that accompany…
As we start a New Year, the world is abuzz with talk of New Year’s resolutions and new goals for 2024. What are your business goals for this year? If you need some ideas, we have some suggestions: Employee Handbook Review. Every year, your employee handbook should be reviewed because the law changes every year.…
Though often used interchangeably, “exit planning” and “succession planning” have different goals, strategies, and tools. It is beneficial for a company to have both types of planning in place to address a range of wealth, leadership, and business continuity goals. Exit Planning Exit planning refers to the process of developing a strategy for business owners…
The founders of every startup dream about a grand, lucrative exit as the payout for years of hard work, creativity, and sheer grit. In reality, cashing out is a long-term strategy intrinsic to the lifecycle of a company. It’s never too early to demystify how exiting can really work for the founder. Myth: Founders of…
We’ve discussed before some important considerations when closing a business sale. Sometimes, a lender is involved in the business sale and the closing process may be slightly more complex. Here are some additional things to expect: Lender approval: If the business has a loan or a line of credit which is to be transferred to…
The closing of a business sale is the final step in the process of selling a business – all the final matters are wrapped up and money changes hands. While the closing is typically attended by the buyer, seller, and their respective legal counsel, it has become more common since the pandemic for simple closings…
Buy-sell agreements are a top planning tool for closely-held businesses. A well-crafted agreement helps avoid conflict and plans for both expected and unexpected transfers of the ownership interests in the event that an owner dies, becomes disabled, divorces, or simply wants out. Buy-sell agreements can be stand-alone contracts, but they are more commonly part of…
Deadlock occurs when the owners of a business cannot agree and, as a result, the business and affairs of the company cannot be conducted to the advantage of the owners generally. The discord can be over major decisions or a broader breakdown of the relationship. Either way, there is an extreme risk of business grinding…
All too common are stories of successful business owners forgetting to plan for an important part of the business plan – the Exit. Do you want to sell your business? Transfer it to a key employee or family member? Step back from the day-to-day operations but still have a sustaining income? Discussing your personal and…
Buying an established small business can be an attractive proposition. Often times, the seller is a seasoned and successful owner who has personal reasons to cash out. Rather than taking a risk on an unproven concept, the buyer can quantify the track record of earnings and the pipeline of sales which will bring near-term revenue. Could…