20,000 days...give or take...... that's all we have.......

Live with purpose.......................

Click here for a guide.

Top 8 Things Business Owners Do To Crush the Value of their Business

Business Value Can be Managed if the Business Owner Can Manage Themself 

If you read too many business magazines you might find yourself believing that creating a valuable business is more luck than skill. Business value can be managed and if you manage the value you will become more profitable.

Small business owners often confuse business earnings or profit with the actual value of a business. All profits are not created (or valued) equally. A fundamental method of measuring the value of a business is applying a multiple to earnings. Take two businesses that have the exact same earnings of $100,000. Will they have the exact same value to a business buyer? No.

Caring for a Cause can be Good for your Business

Many business owners I encounter say they want to "give back" and will start doing so after they ...hit it big. I'm sure many of them mean what they say and I'm equally sure that many, many of them will never get to the point where what they've achieved is enough to start "giving back".

Should You make A Charitable Cause Part of Your Business Model Instead of Just a Part of Your Hopes?

There are many benefits to a business if they make a serious and genuine effort to support a charitable cause on a consistent and ongoing basis. A few well known businesses do this and many other lesser known companies do as well. Business charity is not only good for your communities..it's good for your business. Never underestimate the power of a good business plan.

Anatomy of a Successful Small Business Purchase

Although the names, location, types of businesses and other details have been changed for confidentiality purchases this Hub reflects real transactions in the world of buying and selling a business.

The Buyer

Susan, 45, had been employed in the corporate world for 15 years and had done well, worked hard and gotten good performance ratings. She felt like she would be with her company for a long, long time. She thought that right up until the moment when, on a Friday afternoon, she opened an email from the company CEO stating that the company had just agreed to be acquired and more details about what that means to individual employees would be forthcoming in the next few weeks and months.

50 Things I Wish Someone had told me!

Go into business with your eyes wide open!

The 2% Solution for Disputes among Business Partners and Partnerships

Preparation Avoids Business Partnership Problems that could Kill a Business     

Many people start a business with friends, neighbors, relatives or spouses and it's often a partnership 50/50 arrangement. Rarely is there a written business partnership agreement and this can be a big mistake. These arrangements often work well until there is a problem but then...the problem could be a big problem and the dispute can spin out of control quickly.

Small business partnerships should come with a warning label "Caution: Partnerships work best when the partners document the problem resolution methods before entering the partnership."

How to Use an SBA Loan in Acquisition of a Business

When looking at businesses you might want to buy you should always keep in mind how you are going to finance the purchase of the business. Most small businesses are purchased using bank lender financing in the form of a small business SBA loan. This post discusses the Small Business Administration (SBA) loans that are available and what are the general requirements to qualify for an SBA loan. Keep in mind that specific banks may have slightly different requirements but the main issues will be the same across all banks. The SBA supports small business development centers throughout the U.S. which can provide information about the SBA Loan process.

What is an SBA Loan? What are the SBA guidelines for small business acquisition loans?

Commercial banks and the SBA agree to certain ground rules whereby if the bank adheres to the SBA loan rules, guidelines and regulations and makes a loan to a borrower under those rules, then the SBA will guarantee a significant portion of the loan (up to 90% in some cases). This SBA loan guarantee makes the loans very low risk for the banks and therefore the banks have an incentive to make these loans to small business borrowers. Not all banks participate in this program and it involves a lot of paperwork!

What do I need and what can I borrow?

Business Partnerships - The good, the bad and the ugly...

In my line of work we run into business partnerships every day and we are often the ones trying to figure out how to resolve the myriad issues, problems and crisis that revolve around the small business partnership dynamics. A wise person once said famously,

"Choose your business partner twice as carefully as you choose a spouse..because your spouse can only take half of what you have."

Business partnerships can be a wonderful thing, especially in the early stages in the life of a small business start-up. The sense of mission and teamwork can be addictive. But what we often see is that the business partners didn't really agree to anything before they become partners.

Often the partnership conversation goes like this:

Mary, "Bill, I have a great idea. I'm going to make ice skates that have training wheels."

Bill, "Cool, I have some free time, I can help. Want to be partners?"

Mary, "Sure 50/50"

Bill, "Awesome, let's go to Starbucks and noodle out a plan."

There you have it, you now have your business partner and, as long as the business doesn't succeed or fail things will likely be o.k. However, every business, over time, does exactly one or the other. It either succeeds of it fails.

Good Business Partnership Agreements are All About the "What ifs?"