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If you're handing down a family business you should consider these questions: What will your role in the company be? Is your successor ready, willing and able to handle change? Does the company have the financial strength to thrive without your personal signature? Read More

“The purpose of middlemen in the marketplace is to provide time and place utility.” I remember the light bulb going on in Economics 101 when my professor said that. Suddenly, I understood the concept of added value. Someone had to get the product to the customer. Read More

What does an unsellable company look like? Some business brokers will assert that there is a buyer for any business. That may be true, but historically four out of every five small businesses listed for sale fail to sell. In this post I am specifically discussing profitable Main Street businesses. Read More

In any negotiation, you can assume either a win-win solution or a zero sum outcome. “Win-win” is when both parties come out ahead. “Zero sum” is when whatever one party achieves equals a loss for the other. Business is win-win. The assumption that everything is zero sum is not only wrong, it is stu Read More

Small businesses become bigger businesses through their owners’ leadership and creativity. Time isn’t a fungible commodity, you can’t save it or get more of it. In a zero-sum equation, any increase in one factor means a reduction in others. The more time you spend managing, the less there is left Read More

What does a new political environment mean for business owners who are planning to transition their businesses? Should you accelerate your plans, or slow them down? The biggest single factor in successfully selling a company is the current condition of the financial markets. Read More

The authority of central governance should be limited to what needs to be centralized. The way to combat branch mentality is to mandate those things that control your offering and presentation to the public. Those rules are inviolable. Flexibility in implementation is acceptable, as long as the mos Read More

Planning your exit from a business is a process of telling secrets. For many owners, it is the most terrifying part of selling. Most business owners are very cautious about with whom they share their exit plans. The logic is intuitive. The more the information is shared, the bigger the chance is th Read More

A substantial number of business owners are still resisting technology. Clearly, they can’t be doing so in the expectation that it will go away. The only possible rationale is that it could hurt their business. One laggard in adopting technology was professional sports. For decades, sports teams tr Read More

If you are planning to exit your business, what is the best asset that you have to sell? Unless you have patented product, exclusive rights, or long-term customer contracts, you answer is likely “Our people.” How can someone rationally consider paying top dollar for your successful business when it Read More