If your company has successfully navigated the challenges of “startup” and “early stage development,” and if it has arrived at a place where it is relatively stable and has market recognition, you can expect would-be buyers to start sniffing around, trying to determine if you’re interested in selling. Some entrepreneurs will start and sell many
Work on your business, not in it.
According to the IRS, there are 18.1 million businesses in this country, but only 100,000 that employ 100 or more people. So of the 18.1 million businesses in this country, 18 million of them are small businesses. In addition, more than a million businesses are started here each year, but 800,000 of them will be
“Why Do Smart People Fail?”
Decision-making and leadership are two CEO skills inextricably entwined. It’s true that you can be a world class decision-maker and still be a lousy leader . . . that is, you can be a great decision-maker but still have other behavioral characteristics that disqualify you as a great leader. However, the reverse is not true.
“You’ve got to know when to hold ‘em, know when to fold ‘em . . . “
In the last few postings, we have been talking about entrepreneurs . . . what the profile of an entrepreneur looks like and how successful entrepreneurs tend to behave. But entrepreneurs, like all business owners, need an exit strategy, and it doesn’t matter if the owner is 26 or 66 . . . he or
Thinking of starting a family business? Better think twice.
In a recent edition of the Daily Herald’s Business Ledger, the focus was on family businesses. More specifically, the focus was on succession planning so that the business could remain in the family and continue to benefit family members for many generations. One of the stories discussed Klein Tools, a business that has been in
Plan Your Exit Now!
You need a business exit strategy. If you don’t have one, develop one. The closer you get to exiting your business, the more you need a plan to do it. But even if you’re just starting out in business, you still need an exit strategy. If you don’t see the need for an exit strategy or if
“Planning is bringing the future into the present so that you can do something about it now.”
For most small business owners, the business is their single largest asset and the one they are counting upon to fund their retirement. So wouldn’t it make sense for them to plan when and how they expect to exit the business? You would think so, but many don’t . . . at least not in
