I spoke with a business owner the other day, and he asked how much time he should allow selling his business. He had recently gone through the process of hiring a broker and felt like it needed to be shorter. I told him it depends on a few factors, but it typically takes 8-12 months to sell a business if … Read More
It’s Not What You Sell Your Business For, It’s What You Keep
There are many discussions these days about how much businesses are actually worth. You hear about companies being sold for tens or hundreds of millions of dollars, and it can be tempting to think your business is worth just as much. But many people don’t realize that the sale price isn’t nearly as important as how much you keep for … Read More
5 Less Than Obvious Signs That You’re Heading for a Depressive Episode
I remember the first time I experienced a depressive episode. It was October 2008; we had just experienced the financial meltdown of the stock markets, the Canadian dollar started to plummet versus the US dollar, banks slashed our Line of Credit, and I felt utterly helpless. My business partner and I were forced to make a series of rapid-fire decisions, … Read More
Immediate Financing Arrangement: The Ultimate Don’t Pay Until Later Solution
We’ve all heard the enticing advertisements, the “Don’t Pay a cent for 24 months” event. When I hear these ads, I think of a Bad Boy or The Brick commercial. There is an incredible opportunity for business owners to do the same thing with financing their life insurance policies. Consider the Immediate Financing Arrangement (IFA); the ultimate don’t pay a … Read More
Is it Time for Business Owners to Take Off Their Invincibility Cloak?
Something about the phrase, “Don’t worry about it,” automatically has the opposite impact on me. Whether it comes from one of my kids or someone trying to convince me of something I’m unconvinced about, that phrase always makes me suspicious. Here is a story where a business owner was told by his business partner, “don’t worry about it,” when asked … Read More
Top 5 Things To Do if You’re Feeling Stuck in Life
Are you feeling stuck in life? Do you feel like you don’t know what to do next? If so, don’t worry. You are not alone. I’ve been there, and it’s not a great spot to be in. Whether you’re questioning your career, marriage, financial future, purpose or just wanting to wake up happy more days than you’re not happy, it’s … Read More
Think Paying Capital Gains Tax When Selling Your Business is Inevitable? Think Again!
When you’re ready to sell your business, one of the many things you’ll need to think about is capital gains tax. Remember, it’s not the price you get for the sale of your business; it’s what you keep in your pocket at the end of the day. It’s understandable if you feel that this is something you can’t avoid – … Read More
Six Unique and Creative Financial Incentives to Attract and Retain Great Talent
I’ve had several conversations with clients lately about how difficult it is to recruit and retain top talent. They tell me they’re paying more than twenty percent over what they were paying two years ago for the same position. The work demand has been there, so it has been the cost of doing business. The more significant issue is when … Read More
What Role Should Charity Have in the Sale of Your Business?
How are a charity and the sale of your business even related? One represents the ultimate capitalist success story, and the other is an organization set up to provide help and raise money for those in need. Here’s the link. For many business owners selling your business represents the most significant tax event in your lifetime. Charity represents an excellent … Read More
7 Reasons Why Keyperson Insurance is Strongly Recommended for Your Business
Last week, I wrote about buy-sell insurance because several business owners I talked to didn’t know what it was, let alone have it to protect their business. This week, I’m talking about keyperson insurance. Whereas Buy-Sell insurance uses insurance proceeds to buy out an existing partner’s shares of the company, keyperson insurance is an infusion of cash to help the … Read More