Buying a Franchise or Business

March 7, 2019

Employees are necessary for most businesses, and a good relationship with them is important for a successful business. Their attitudes and behaviors have a direct impact on the business, and good employees make business owners look good. Good communication, including listening skills, is important w

February 21, 2019

When buying a business, everything should be kept confidential until the buyer and seller have closed the sale. Many things could go wrong if information got out about the possible sale. Most businesses sold are profitable and doing well, so assumptions should not be made that the business is faili

February 7, 2019

There comes a time in every business for a change of ownership. There are many possible reasons. Perhaps it is because of retirement, bad health, stress, burnout, disputes, trading up, relocation, or financial hardship. Business owners become attached to their businesses and love them like children

January 24, 2019

Having a plan to follow helps eliminate the need to make hasty decisions, and not writing a good business plan to follow is a regret business owners often have and wish they had taken the time and effort to do before taking over the ownership of a business. It is easy to get caught up in the excite

January 10, 2019

Good management is the key to a successful business, and there are tools to help business owners become good managers. A well-written business plan, goals, pro forma financials, and a good policies and procedures manual help you be a successful business manager. They eliminate many mistakes and all

December 27, 2018

Confirming all the information you receive from the seller is accurate and that the financial records match the tax returns of the business you are purchasing is Due Diligence. A certain level of trust must be present for a seller and buyer to have a smooth sale and transition, but you must not just

November 29, 2018

A good question to ask a seller when meeting together to look at the business is to explain the strengths and weaknesses of the business. This is important as you make plans for the business and find ways to make it grow and be more successful. A strength that every business should have is integrit

November 15, 2018

When you buy a business, you are actually buying the cash flow. Any needed assets come with the cash flow. Whether you need lots of assets or few assets, the cash flow is used to determine the value of the business. It also funds the debt service, all operating expenses, and your living wage. If the

November 1, 2018

That is not a simple question to answer, as it depends on the individual. Owning a business is a dream many share and a life changing experience for many families. You want something you enjoy and is profitable with a fair asking price. There are differences and similarities in independent businesse

October 25, 2018

If you have never owned a business, you may not know what business brokers do and how they can help you. A business broker is somewhat similar to a realtor. Some states require business brokers to have real estate licenses, and most get licensed anyway so they can sell property and write leases. A l