Whether you’ve been planning on selling your business since you started it, or you woke up one morning and said, “I’m done!”, there are some things that you need to consider before hanging a for sale sign on your shingle. It can be tough to let go of a business you’ve poured your blood, sweat, and tears into for years. … Read More
How Much Time Should you Allow for Selling Your Business?
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
8 Most Common Mistakes When Selling Your Business
When you’re ready to sell your business, it’s essential to make sure you avoid common mistakes. It’s important to note that these mistakes are as much about psychology as methodology. Most of these mistakes happen when business owners don’t have a clear plan for how they want to sell their business. I’ve seen business owners wake up one day and … 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
Would you Rather Write a Big Cheque to your Favourite Charity or the Government?
I remember reading my kids the book “Would You Rather” when they were young. The book’s premise is that if given a choice, which would you choose. It would have two fantastical scenarios, and you had to select your preference. An example might be, “Would you rather be able to slide down rainbows or jump on clouds?” As business owners, … 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