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  • Home
  • About Us
    • Buyers
  • Sellers
    • You Need to Know >
      • Exit Strategy
  • Sales & Marketing Plan
    • You Are Not Alone
  • Buy A Business
  • Our Blog
  • Contact Us
  • Newsletter Sign Up
  • Resources
    • Eric Gilboord Books for Sale
    • DIY Proxy Valuation
    • 75 Things To Do When You Exit Your Business
  • 'Sell Your Business 4 Millions'
  • Coaching

for Business owners
growing or selling

Get the answers to these questions and much more here.

11/28/2025

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Get the answers to these questions and much more here. https://sites.libsyn.com/598625

How do I know if my business is ready to sell?

How can a coach help me sell my business?

How do I increase the value before selling?

What’s the best exit plan for a small business?

What mistakes should I avoid when selling?

Why do so many small businesses fail to sell?

What’s the first thing I should do before listing my business?
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Are you attracting Takers or Buyers?

11/4/2025

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Are you attracting Takers or Buyers?

Free samples has several meanings and offering stuff for free can often result in different outcomes.
 
You can get a free sample at the deli counter before you buy. Usually you're there to buy so it makes sense to offer free samples. Sure someone might take advantage but typically the ratio of buying vs taking is low.
 
Free on the other hand, as in download this stuff free, take this free pen at the trade show, come to this free event or take an hour of my time for free has less attraction to real Buyers and usually appeals to Takers. 

Takers go for anything free or close to free and place little value on what they're receiving. It's appropriate to lower your expectations and anticipate a lesser quality of response.

Rarely do they buy as the free stuff satisfies the need for acquisition. If I have all these free downloads to read I don't have to buy books. If I go to free events I don't have to attend paid ones. I've done my duty.
 
On the other hand if I'm considering purchasing a tool or buying a ticket for a paid event I'll gather information, evaulate the purchase and determine if it is the best choice for me. Will it fulfill my requirements, how does it compare with other similar offers and is it a good value? I expect to pay for value and free is not a choice.
 
So next time you're pricing and promoting a product or service or even considering doing someone a favour, you have to decide if this is a free offer or a paid one. We've all done favours where you know there was little real appreciation for your efforts. Kind of an empty feeling.

Ask yourself, what message are you sending about who you are and how you value yourself or your product. Is this a charge situation or a free sample?

Eric Gilboord, A2E
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Revisit the Back Burner

10/7/2025

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As a business Owner, we have all accumulated new or crazy ideas that have not been implemented. Some came from customer requests, an offhand conversation with an employee or supplier, middle of the night brainstorms and strategic planning sessions you only partially executed.

We all have them, just never could find the time to do anything about them. Tried once, had some success but you weren't comfortable with the amount of work required to fully exploit the idea. So you just left it on the back burner to simmer or worse, get cold.

I guarantee if there was an idea generated and not acted upon, it wouldn't take long to quickly determine if it could have a life. You want to know if there is an ember of possibility or not. Blow on the ember and massive flames can grow out of it. If the idea proves to not be viable then use it as a starting point. One idea typically begets another and another etc.

Are you sitting on other unexploited sales, money left on the table? An opportunity to take your tired business in a different direction.  You could be sitting on a pot of gold. And if you aren't prepared to take the idea to the next step, then pretty it up and use it to sweeten the deal for a prospective Buyer.

Once you dust them off, be careful as you may now want to move forward on some of the ideas and put the sale of your company or the launch of something else on the back burner. My suggestion is to run on parallel paths. Continue preparing for the sale as you never know when the right Buyer will come along or you no longer have the choice about selling. 

Prepare the list, do the best you can and consider handing over the list to the new Buyer. No one will pay you for opportunity they have to execute on. However sweetening the deal is always nice. Or tie the new idea into an opportunity you could run with at a later time. Post transition.

This is a team sport so get your staff, vendors and customers involved. Remember confidentiality is key. So be careful and selective who you let in on the process and don't tell anyone everything. Until the time is right.

Have questions, let's talk.

Exercise - Task Create An Opportunity List

1. New Product Ideas

2. New Service Ideas

3. Existing Product Improvements

4. Existing Service Improvements

5. Customer Relationship New Ideas

6. Potential Joint Venture Opportunities

7. New Equipment Purchases

8. Existing Equipment Modifications

9. Brainstorm new ideas with select staff, vendors and customers.

Lesson from my  'Sell Your Business 4 More' system.
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EBITDA Explained To A 12 Year Old

10/6/2025

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​I asked an AI to explain EBITDA to me as if I were 12 years old. Here is what I got.

EBITDA stands for Earnings Before Interest, Taxes, Depreciation, and Amortization.

Let’s break that down in simple terms:
Imagine you run a lemonade stand. At the end of the day, you want to know how much money you really made from just selling lemonade, without worrying about other things like loans, taxes, or buying new equipment.

Earnings: This is the money you make from selling lemonade.

Before Interest: If you borrowed money to start your stand, you might have to pay back some of it. Interest is the extra money you pay for borrowing, but we don’t include that yet.

Taxes: The government might take a bit of your money as tax, but we won’t count that for now.

Depreciation: If your lemonade stand gets old and worn out, it loses value over time. We won’t think about that now either.

Amortization: If you bought something expensive for your stand, like a fancy juicer, you pay for it slowly over time. We’ll ignore that for now too.

So, EBITDA tells you how much money your lemonade stand really makes from selling lemonade before thinking about all these other expenses. It’s a way to see how the business is doing, just based on sales and day-to-day costs.

EBITDA is a way companies measure how much money they make before they have to pay certain things, like interest, taxes, and other expenses.

Imagine you run a lemonade stand. You make $100 selling lemonade, but before you can keep that $100, you have to pay for lemons, sugar, cups, and also pay a bit to the bank for borrowing money to buy supplies.

EBITDA is like saying, "Let’s first look at how much money the lemonade stand made without worrying about all those extra costs like borrowing money or paying taxes."

So, it’s a measure of how much the business is earning just from selling lemonade. It helps people see how well the business is doing, even before paying off other things.

Adjusted EBITDA is like taking the normal EBITDA (the money a business makes from just running) and then making a few extra changes to it.

Let’s go back to the lemonade stand. Imagine one summer, you have to pay for something unusual, like fixing a broken lemonade machine, or maybe you had to throw a big party to attract customers. These are costs that don’t happen all the time, so they aren’t part of the normal business.

Adjusted EBITDA is like saying, “Let’s ignore these one-time costs (like fixing the machine or the party) because they aren’t regular. This way, we can focus on how well the lemonade stand is doing during normal times.”

It helps people see how much money a business usually makes without being affected by rare or unusual expenses.

Normalized EBITDA is like making sure we see the true, normal earnings of a business by removing anything that doesn’t happen regularly.

Imagine your lemonade stand again. Some summers, you might have unusual things happen, like a huge lemonade festival where you make a ton of money, or maybe a super rainy summer where you don’t sell much. These things aren’t normal every year.

Normalized EBITDA takes your regular EBITDA and says, “Let’s adjust it so it shows what we usually make, without the big festival boost or the bad rainy season.” It smooths out those ups and downs to give a clear picture of what your lemonade stand makes in a typical summer, not counting special events or bad luck.
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10 Things Holding You Back From Selling Your Business

10/5/2025

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Several factors can stop a business owner from properly preparing their company for sale. Some of the common obstacles include:

1. Emotional Attachment
Many business owners have built their companies over years, sometimes decades, and have a deep emotional connection. The idea of selling can feel like losing part of their identity, which may cause hesitation or delay in the process of preparing the business for sale.

2. Lack of Time or Focus
Business owners are often consumed by the day-to-day operations of the company. This makes it difficult to step back and focus on long-term strategies like preparing the business for sale, as it requires dedicated time and attention.

3. Unclear Exit Strategy
Some owners don't have a clear exit strategy or don’t know when and how to begin preparing for the sale. Without a defined plan, they may procrastinate or be unsure about the steps needed to get their business in the best possible shape for selling.

4. Overestimating Business Value
Owners often overestimate the value of their business and assume it can be sold at a high price without taking the necessary steps to optimize its value. This can lead to disappointment or an unwillingness to prepare when they realize the gap between their expectations and market reality.

5. Fear of Losing Control
Preparing a business for sale often means making changes that can shift how the company operates, such as delegating responsibilities, hiring new management, or restructuring operations. Some owners fear losing control during this process, especially if they’ve been deeply involved in every aspect of the business.

6. Inadequate Financial Records
Many small businesses don’t keep up-to-date or accurate financial records, which are crucial for potential buyers. Without organized financials, the process of valuing and selling the business becomes much more difficult, and owners may avoid dealing with this issue.

7. Economic or Market Conditions
Unfavorable economic conditions or market uncertainty may discourage business owners from preparing for a sale, as they may believe they won’t get a fair price or there may be fewer interested buyers.

8. Not Knowing Where to Start
The process of preparing a business for sale can seem overwhelming. Business owners may not know the first steps to take—whether it’s financial planning, operational changes, or seeking legal advice—which leads to inaction.

9. Unresolved Legal or Operational Issues
If the business has outstanding legal issues, pending lawsuits, or operational inefficiencies, owners may hesitate to prepare for a sale until these problems are addressed, but they often delay tackling these challenges.

10. Fear of Post-Sale Future
Many business owners don’t have a clear vision of what they will do after selling the business, leading to anxiety about the future. This fear of the unknown can prevent them from taking steps toward selling.

​Have questions, let's talk. https://ctct.me/q8pql/
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5 Trends In Buying and Selling Businesses (extended ver.)

10/2/2025

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In today’s ever changing business landscape, buying and selling small and mid-sized companies has become more fluid, creatively constructed and opportunistic than ever before. As someone who regularly interacts with both business owners and prospective buyers, I’ve identified some key trends that are shaping the current market. These trends reflect shifts in both seller and buyer behavior, pointing to a more flexible and strategic approach to business transitions. Below are five key trends currently influencing the process of buying and selling businesses.

1. Owners Are Starting the Selling Process at a Younger Age
One of the most noticeable trends in the marketplace is that business owners are beginning to plan their exits earlier than in the past. Traditionally, business owners might wait until their late 50s, 60s and even 70s before seriously considering selling their company. Today, however, many are starting the selling process in their late 40s or early 50s. This shift is largely driven by a desire to ensure a smooth transition, enjoy a second or third career as well as by personal financial planning considerations.

For these owners, getting a head start allows them to build a more robust exit strategy, which often includes grooming their business for a bigger sale price, identifying key successors, and even preparing emotionally for the transition. The fact is, selling a business is a monumental task, and it’s rarely just about finding the right buyer. There are operational, legal, and financial preparations that take time, and starting earlier provides owners with the opportunity to maximize the value of their business. By taking a proactive approach, these sellers are more likely to enjoy a successful and lucrative sale that secures their financial future.

Additionally, starting the process earlier allows owners to consider personal goals that extend beyond the sale. Whether it's a lifestyle change, a new venture, or even retirement, knowing that they have the freedom to make those decisions once the sale is complete gives owners a stronger sense of control over their future.

2. Increased Focus on Boosting Business Value Before Selling
Another trend that stands out is the growing number of business owners who are actively working to increase the value of their business before putting it on the market. This trend is driven by the realization that increasing EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) can lead to significantly higher sale prices. For instance, adding $100,000 to a company’s EBITDA could potentially increase the sale price by as much as half a million dollars. This kind of value enhancement can be life-changing for owners who are looking to secure their financial future.

Younger business owners are more willing to invest in their company’s infrastructure, optimize processes, and improve their market position to attract higher offers. From streamlining operations to cutting unnecessary costs, owners are making smarter decisions that yield higher profit margins and, ultimately, better sale outcomes.

​Value-add initiatives may include expanding into new markets, enhancing customer retention programs, or upgrading technology systems to make the business more appealing to potential buyers. Additionally, many owners are focusing on reducing their company’s dependence on them personally, ensuring that the business can run smoothly without their direct involvement. This makes the company more attractive to buyers who may be looking for a turn-key operation.

Overall, there’s a growing awareness that the effort put into enhancing business value before selling can provide exponentially higher returns, making this a significant trend in today’s business sales market.

3. Owners Feeling Fatigued by Market Uncertainty and Operational Challenges
While some business owners are excited about growing their business before selling, others are becoming increasingly tired and frustrated with the challenges of running a company in today’s uncertain environment. From labor shortages to unpredictable government regulations, many business owners feel that the operational landscape has become too difficult to navigate. This fatigue is prompting more owners to sell earlier than they might have initially planned.

Finding and retaining staff, for instance, has become an ongoing struggle for many businesses, particularly in industries that rely heavily on labor. With the rise of automation and digital disruption, many traditional industries are facing new competition and an increased need for skilled workers. However, the labor pool is shrinking, and many qualified candidates are looking for more flexible working arrangements or higher wages, leaving small and mid-sized business owners scrambling to fill key roles.

In addition to staffing challenges, government regulations and policies have become more unpredictable. Changes in tax policies, healthcare regulations, and labor laws can all have a significant impact on a business’s bottom line, and many owners feel that the uncertainty is too great. Rather than waiting to see how things will play out, some owners are deciding that now is the right time to sell.
This sense of fatigue and frustration has become a key driver in the decision to sell, particularly for those who feel that the challenges of running a business no longer align with their long-term goals.

4. Buyers Are Holding for the Long Term and Expanding Aggressively
On the flip side, buyers are not just purchasing businesses for quick turnarounds; they are increasingly buying with a long-term view in mind. Many buyers today see acquisitions as part of a broader growth strategy, and they are taking an aggressive approach to expanding the businesses they acquire. Whether through geographic expansion, diversification of product offerings, or new marketing strategies, buyers are positioning themselves for sustainable growth.

Interestingly, this long-term view often includes keeping the previous owner on board in a consulting capacity. In some cases, owners are staying involved with their former companies for several years after the sale, offering guidance, sharing institutional knowledge, and ensuring a smooth transition for both the new owners and the employees. This allows the buyer to benefit from the seller’s expertise while pursuing growth opportunities, creating a win-win situation for both parties.

Moreover, buyers are looking beyond short-term profits. They’re focused on building value over time, often leveraging their own networks and resources to scale their acquisitions. As a result, many of these acquired companies see significant growth post-sale, which benefits both the buyer and, in some cases, the seller who might have an equity stake in the new venture.

5. Post-Sale, Many Sellers Are Returning to the Market to Buy Smaller Businesses
Finally, a growing trend among sellers is the desire to return to the market after a break. After the sale of their company, many business owners find themselves ready to re-enter the business world, but this time with a new perspective. Rather than building one large company, they are focusing on acquiring smaller businesses and building a portfolio of companies as part of their long-term investment strategy.

These former sellers have the advantage of experience, capital, and a clear understanding of what it takes to succeed in business. They often look for smaller, underperforming businesses with potential for growth, acquiring them at lower prices and using their expertise to turn them around.

In many cases, this strategy allows former business owners to enjoy the best of both worlds: the freedom and flexibility that come with semi-retirement, while still remaining engaged in the business world. It also offers a way to diversify their income streams and reduce the risks associated with having all of their wealth tied to one business.

Conclusion
The world of buying and selling businesses is evolving rapidly, and these five trends are a testament to that shift. Business owners are becoming more strategic about when and how they sell, while buyers are taking a long-term approach to growing their acquisitions. Meanwhile, the challenges of running a business in today’s uncertain environment are pushing some owners to exit sooner, and many of them are coming back to the market in new ways, ready to build portfolios of smaller companies. These trends will likely continue to shape the landscape of business transactions in the years to come, creating new opportunities for both buyers and sellers alike.

If you'd like to discuss these trends, talk about selling your company or buying a business please book an appointment with me here.

​Have questions, let's talk. https://ctct.me/q8pql/
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EXCLUSIVE OFFER: SELL YOUR BUSINESS 4 MORE

10/2/2025

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For many business owners, the company they run is likely their biggest investment. It's typically the one they have the most control over. And represents the single greatest opportunity for an owner to ensure a successful transition to another business or fund a very comfortable retirement. Who doesn't want an easy phase 2?

Younger Owners

In my experience, younger owners are jumping at the chance to increase the value of their business before going to the market to sell.

They get the whole 'increasing EBITDA' by X dollars can mean 4X on that bump. Grow your company value by $100,000 and add $400,000 to the selling price. To some that's life changing money.

Older Owners

On the other hand, older owners are either saying "too tired, no thanks, I missed my opportunity I just want to sell and get out".

Or they understand the opportunity and have figured out it's not impossible to achieve a higher value for their company.

In order to do this you will need a road-map and possibly a guide.

Either way, our Sell Your Business 4 More system works.

Just The SYB4M System

Imagine transforming your business into a powerhouse of value with the revolutionary "Sell Your Business 4 More" system?

Add One On One Coaching With Me - Special Offer

Now consider what you can accomplish by adding my personalized, one-on-one coaching calls. Get Sell Your Business 4 More and 4 coaching calls here.

Work With Me and Dramatically Increase Your Business Value

This unique opportunity not only equips you with the tools to significantly enhance your company's worth but also offers the ongoing guidance and support needed to navigate the often daunting preparation and selling process.

With my experience and expertise at your side, you can unlock the full potential of your business and embark on a satisfying journey towards a lucrative transition that honors your hard work and dedication.

I Don't Take On More Than a Few Clients at a Time

If you're like most of my readers, we've had a relationship that has grown over the years. You know my style and may have wondered what it would be like to have me stand shoulder to shoulder with you. Some of you have already reached out and we speak periodically.

Don’t let this limited opportunity for growth and empowerment slip away; seize the moment to elevate your business and secure a prosperous future today!

Schedule a private call with me. Let's determine if we are right for each other.

​Have questions, let's talk. https://ctct.me/q8pql/

During our conversation, I promise to give you at least 3 tips, specific to your business. To immediately improve the value of your company.

Feel free to forward this post to clients, prospects, family or friends.
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4 Trends I've noticed lately in business selling.

10/1/2025

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In my business life, I'm fortunate to be able to speak with many business Owners and Buyers on a regular basis. 

They call me to buy, sell, for advice or insights.

I've noticed 4 trends lately in the world of buying and selling small and mid-sized companies.
​
  • Owners are starting the selling process at a younger age. Typically in their late 40's and early 50's. Getting a good head start is key to their transition success.

  • More Owners are excited about increasing the value of their business before going to market to sell. Remember, add $100,000 to your EBITDA and you could sell for half a million dollars more. That can be life changing money.

  • Some Owners are getting tired of running their company and the uncertainty that surrounds them. Finding staff is a much bigger challenge. Government decisions and changes make no sense, if you want a small business to thrive or even stay alive.

  • Buyers are buying, holding for the long term and aggressively growing their acquisitions. This can often include an Owner staying around longer, if they want to, in a consulting capacity.

If you'd like to discuss these trends. Or if you've been meaning to call to discuss your sale or a purchase.

​Have questions, let's talk. https://ctct.me/q8pql/

Cheers, Eric

#entrepreneur #businessfamily #familyoffice #smallbusiness #smallbusinessowner
#businessowners #sellmybusiness #sellmycompany #sellbusinesstoronto #sellbusinessontario #sellbusinesscanada 
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Post Sale Life For a Gen X Business-Owning Couple

9/17/2025

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For a Gen X business-owning couple, a post-sale life is fundamentally different from that of their Boomer counterparts. While both face the financial and emotional complexities of a major life transition, Gen X couples are often in their 40s or 50s, with a longer runway ahead of them. This "in-between" stage presents unique challenges and opportunities.

The Financial Landscape: A Mid-Life Reset
Gen X is often called the "sandwich generation," simultaneously caring for aging parents and raising their own children, many of whom are in or approaching college. This places unique pressures on their finances, making a business sale a potential financial game-changer.
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  • Longevity and Financial Planning: With potentially decades of life left, the sale of the business is not just about funding retirement; it's about funding an entirely new chapter. The proceeds need to be managed to last for 30, 40, or even 50 years. This requires a more dynamic and growth-oriented investment strategy than a traditional retirement plan. A Gen X couple may choose a strategy that balances wealth preservation with a continued focus on growth to outpace inflation over the long term.

  • The "Unretirement" Mindset: Unlike many Boomers who may be looking to "ride into the sunset," a significant number of Gen X business owners have no intention of fully retiring. The sale of their business may be a way to create a more flexible life, but not necessarily a non-working one. They may be thinking about:
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    • Serial entrepreneurship: Using the sale proceeds as seed capital for a new, smaller, or passion-driven venture.
    • Consulting or advisory roles: Leveraging their expertise to work on their own terms, mentoring others, or sitting on corporate boards.
    • "Lifestyle" businesses: Starting a business that aligns with their personal interests and offers a better work-life balance.

  • Catch-Up on Personal Savings: Many Gen X entrepreneurs poured all their resources and energy into their business. The sale provides a critical opportunity to "catch up" on personal retirement savings, such as setting up pensions, maximizing Roth contributions, or building a diversified personal portfolio that was neglected during their business-building years.

The Non-Financial Transition: The "What Now?" Question
For a Gen X couple, the sale of their business is less about an endpoint and more about a pivot. The emotional and psychological transition is just as important as the financial one.

  • Redefining Purpose and Identity: After years of being defined by their business, a Gen X couple needs to find a new sense of purpose. The sale can be a liberating experience, but also one that leads to a loss of identity. They may need to actively explore new hobbies, interests, and community involvements to fill the void.

  • The "Middle Child" Mentality: Gen X has long been the "forgotten" generation, overshadowed by Boomers and Millennials. This independent, "latchkey" mentality can make it difficult for them to ask for help or seek guidance. However, the complexity of a business sale and the subsequent life transition makes it crucial for them to build a team of trusted advisors, including wealth managers, lawyers, and even life coaches.

  • Legacy and Family: The sale often comes at a time when Gen Xers are concerned about their legacy. They may be thinking about how to provide for their children's education, help with a down payment on a house, or establish a family foundation. A business sale is the perfect time to have these conversations and create a robust estate plan that reflects their values and goals for the next generation.

  • Rebalancing the Partnership: A business-owning couple often has their identities deeply intertwined with the business itself. The sale forces them to re-examine their roles and relationship outside of the professional context. Open communication is essential to ensure they are aligned on their post-sale vision for their lives together, whether that's travel, philanthropy, or a new business venture.

In summary, for a Gen X couple, selling a business is not about winding down; it's about a well-thought-out, strategic repositioning for the long haul. It's a chance to apply the lessons learned from their entrepreneurial journey to create a more intentional and purposeful life for the decades to come.

Have questions, let's talk. https://ctct.me/q8pql/
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Post Sale Life For a Boomer Business-Owning Couple

9/17/2025

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For a boomer business-owning couple, a successful sale is a major life event that goes far beyond the financial transaction. It's a fundamental shift in identity, purpose, and daily routine. Navigating the post-sale life requires careful planning for both the financial and non-financial aspects of their future.

The Financial Transition: From Business Assets to Personal Wealth
For many business owners, a significant portion of their net worth is tied up in the business itself. The sale turns illiquid assets into liquid wealth, which requires a new approach to financial management.

  • Defining a New Financial Plan: The first step is to work with a team of financial advisors, including a wealth manager and an accountant. This team can help the couple:
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    • Determine their cash flow needs: A thorough assessment of their post-sale lifestyle and expenses will determine if the sale proceeds are sufficient to support them for the rest of their lives.
    • Manage the windfall: A large, lump-sum payment requires a different investment strategy than what they may be used to. The focus shifts from business growth to wealth preservation, asset protection, and income generation.
    • Mitigate taxes: Selling a business can have significant tax consequences. A good financial plan will look at strategies to minimize tax liability, such as using trusts, donor-advised funds, or other philanthropic vehicles.

  • Creating a Legacy: The sale of the business can be a powerful opportunity for philanthropic giving and estate planning. Many couples use a portion of the proceeds to establish a foundation or a charitable trust, leaving a lasting impact on their community or a cause they care about. It's also a time to update estate plans to ensure their wealth is transferred efficiently to their heirs.

The Non-Financial Transition: A New Sense of Purpose. This is often the most challenging part of the transition. The business was likely more than just a source of income—it was a passion, a purpose, and a community. Stepping away can lead to a sense of loss, a lack of identity, or a feeling of being "lost."

  • Rediscovering Identity: The couple should be prepared for the emotional rollercoaster that comes with the sale. Their identity as "business owners" is gone, and they need to find new ways to define themselves.

  • Shared and individual interests: A good strategy is for the couple to explore both shared activities and individual passions. This could be travel, a new hobby, volunteering, or pursuing further education.

  • The "Unretirement" Trend: Many boomer business owners don't want to fully retire. They may choose a "phased transition," staying on for a while to mentor the new owner or consulting in a limited capacity. Others start a new, smaller venture or get involved in mentorship and advisory roles to stay engaged in the business world.

  • Filling the Void: The daily structure and demands of running a business are a huge part of an entrepreneur's life. Without them, there's a significant void to fill.

  • Creating new routines: Establishing a new daily routine is crucial. It could involve exercise, social gatherings, or a part-time project.

  • Community and Social Connection: The business was a social hub, with employees, clients, and industry peers. It's important to find new communities to replace this. This could be through a local club, volunteer organization, or joining a network of other former business owners.

  • Communication is Key: For a couple, the transition is a shared experience. They should talk openly about their feelings, expectations, and goals for this new chapter of their lives. This can help them navigate the emotional challenges together and ensure they are aligned on their post-sale vision.

​By addressing both the financial and non-financial aspects of a post-sale life, a boomer couple can ensure a smooth transition from a successful business career to a fulfilling and purposeful retirement.

Have questions, let's talk. https://ctct.me/q8pql/
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Seriously, how long are you planning to wait? Or is waiting your plan?

12/8/2024

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Seriously, how long are you planning to wait? Or is waiting your plan?

As a boomer age business owner, selling or transitioning your company is likely top of mind. The story you're telling yourself and your trusted advisors may sound like this: "I know I have to do something ... it's so much work...timing isn't right...my children will take over...l have a partner" etc.

Your future, and the well being of many other people, depends on the steps you take over the next few years. You know you need to do something now or it might be too late. Protecting what you have built and positioning for the future are the priorities. The clock is ticking, ready or not.

When it comes to selling your business. If you don't move forward, the decision will be made for you.

Case 1 - Business relies heavily on importing custom product from China. Sales are totally based on travel and tourist industry. I wonder if the recent events will impact this company and its' chances for success in a sale.

Case 2 - Owner never made it to our second meeting. Went from healthy and excited about the future of his transition the first time we met to one week later no longer able to work. Potential sale of the company is not really viable.

Case 3 - Successful small distribution company has afforded the Owner a nice lifestyle. Unfortunately it is too small for anyone to be interested in buying and revolves too much around the Owner. Owners plan is to wait until they're ready to sell and then grow it and remove themselves from a central role. Good luck!

Case 4 - While contemplating the eventual sale of the business over the past several years the Owner is now faced with a government expropriation of his building and business. Unfortunately the government works in mysterious ways and will move ahead when they feel like it and at their convenience. Oh and the government will pay what they think is reasonable for the business. So living and running a business in limbo and no definitive idea of how much the Owner will be compensated or how long it will take.

Health, the economy, competition or industry changes will dictate what happens next. At that point all bets are off. You've lost control and you didn't get into your own business just so you could give up control.

Don't fall into the unrealistic timing trap. It will likely take 3-5 years from start to finish to be fully out of the business. You need to find a buyer, do the deal and then transition. 
Sometimes it can be done in less time if the circumstances require but typically it is a longer term proposition. At this point you don't know and it would be wise to prepare for the worst.

Right now you may not know exactly what you'll do after the business is sold. It's ok, that's part of the journey. You didn't have all the answers when you started or took over the company either.

Likely 80% of your wealth is tied up in your single largest asset - the business. Most owners tend to have inflated opinions on the value of their company. Wouldn't it be more prudent to find out the real story.

Take your first step today and see what your business might be worth. And more importantly find out what you have to do to get it.

Schedule a Call or Meeting
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Asset Sale Vs Share Sale

12/7/2024

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Sellers tend to prefer Share sales while Buyers lean toward Asset sales. Here are five things to consider when making this quite important decision. Outside Professional services will be required for legal, tax and possibly other questions. Make sure your trusted Advisors have specific business selling experience.

1. Avoiding Liability Issues
In a Share sale, all of the assets and liabilities of the Sellers' business remain with the company. Subject to agreed price adjustments or indemnifications the Seller gets to leave responsibility behind them from any liabilities and the Buyer agrees to take on the responsibilities.

An Asset sale allows the Buyer to carefully select which assets they want to purchase and which liabilities will be assumed. In addition, and by law, the Buyer becomes liable for environmental contamination issues and any union employees.

2. Union and Non-Union Employees 
In an Asset sale, non-union employees do not need to be taken on by the Buyer. To avoid wrongful dismissal claims from the employees, the Seller usually will require a Buyer to offer new contracts to most if not all employees on terms that are similar or identical to their existing contracts including a recognition of prior service.

In a Share sale, the Sellers' employees remain employed by the company, unless a change of ownership triggers rights under the employment agreements of specific employees such as senior executives. Therefore, unless the Seller terminates certain employees and pays severance pay before closing, the Seller retains all of the employees, even those the Buyer doesn't wish to employ.

3. Reduced Level of Complexity
Share sales are usually less complex than Asset sales. An Asset sale will require transfer documentation for all of the assets being transferred including real property, permits, licences, leases, contracts, equipment and vehicles, intellectual property, etc.

By contrast, under a Share sale, all of the assets of the Sellers' business remain with the company. The only required transfer is of the shares of the company itself and possibly an assignment of shareholder loans.

Be aware, an Asset sale may possibly trigger the need to obtain more third party consents to the transfer of the assets. A more time consuming and expensive process than a Share sale, where identifying and dealing with any change of control provisions in contracts, leases, licences and permits would be less of a burden. In addition, certain assets, such as government licences and permits, may not be assignable.

4. Tax Considerations – Share Sale (Please check with your trusted Advisors for tax and other appropriate laws within your own province/state/country.)
The proceeds of a Share sale (above the Seller’s adjusted cost base) are taxed as capital gains, meaning only 50% is included as income.

If certain conditions are met, a $883,384 lifetime capital gains exemption indexed to inflation is available to Canadian residents who sell shares of a qualified small business corporation. This applies to a sale in the year 2020 and could change in the future.

A corporate Seller may be able to reduce its taxable gain by causing their company to pay a non-taxable inter-company dividend from “safe income” (that portion of retained earnings attributable to earnings reported for income tax purposes) before the sale. The purchase price will be reduced accordingly.

A Buyer might prefer a Share transaction in order to take advantage of the Sellers company’s non-capital tax-loss carry forwards (i.e. business losses) that can be applied against future income.

A Share purchase allows a Buyer to avoid paying sales and property transfer taxes on purchased assets. These taxes can be significant – property transfer tax is 1% on the first $200,000 in value of the real estate and 2% thereafter. Sales tax is 7%, although an exemption may be available in respect of certain assets such as production machinery and equipment. (Please check your local and national laws with a professional.)

5. Tax Considerations – Asset Sale (Please check with your trusted Advisors for tax and other appropriate laws within your own province/state/country.)
A Seller will usually desire the purchase price to be allocated to minimize the recapture of capital cost allowance previously deducted on depreciable property.

A Buyer will typically want to allocate as much of the purchase price as possible to depreciable property so that it can ‘step up’ the value of assets to their fair value resulting in higher tax deductions for depreciation expenses in the future.

Lastly, a Buyer will be required to pay property transfer tax on real property and buildings (including permanently affixed equipment) and sales tax on equipment and inventory subject to all available exemptions.

​You need to determine (with appropriate counsel) advantages and disadvantages of Asset vs Share sale for you.

Exercise - Tasks And Questions

Outside Professional services will be required for legal, tax and possibly other questions. Make sure your trusted Advisors have specific business selling experience. Start interviewing current and potential professional services Advisors. Make a list of candidates.

Legal Advisors

Tax Advisors

Other Advisors

Asset Sale Advantages To Me

Asset Sale Disadvantages To Me

Share sale Advantages To Me

Share Sale Disadvantages To Me

Disclaimer: We are not legal or financial advisors and make no claims about the accuracy of our opinions. Please make sure you work with your trusted Advisors to determine tax and legal implications of an Asset vs Share sale in your country.
Have more business selling questions? Click Here 
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Change Yourself, Change the Business

12/2/2024

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Change Yourself, Change the Business

It can be frightening, debilitating or enriching and energizing. One thing we've learned from working with many business founders and owners is that change impacts their lives and the lives of their employees, as much as the company.

Kaizen (改善), Chinese and Japanese for "'continuous improvement". When used in the business sense and applied to the workplace, kaizen refers to activities that continually improve all functions and involve all employees from the CEO to the assembly line workers.

Want to talk about change? Want to make it a positive experience? We're here for you.

Eric Gilboord
[email protected]
416-270-2466

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Reap The Benefits Of The Best Of Both Generations

12/1/2024

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Reap The Benefits Of The Best Of Both Generations
by Eric Gilboord from his book 'Just Tell Me More'.

You may be fortunate enough to enjoy the opportunities that come out of a family business but some of the same benefits (experience, familiarity, and loyalty) can be garnered from employees and business associates who have expertise and experiences that are different from yours. 

Lately, there have been many discussions in the media, around the boardroom table and even the dining room table about succession management. This situation occurs when the younger generation begins to take over the reins of a business and the older generation moves toward a less-involved, coaching type of role. 

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Ever Thought About Buying Your Competitors?

11/26/2024

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Forward thinking business Owners (future Sellers) are doing something called a 'roll-up', otherwise known as buying up the local competition or complementary companies in order to grow. 

Smart Owners know some of these potentially selling owners are looking to get out. Wouldn't it be great to finally have that super salesperson work with you now instead of your competition? Gain competitors customers, exclusive or proprietary products, technical expertise and relationships. The list goes on. 

Whole new exciting worlds of possibilities are now open to you and your business.

Sharp Owners also know the trend is for serious Buyers to acquire profitable, larger, more substantial companies. So it makes sense to give them what they're looking for.

If you do the roll-up and integration into your company for them, the Buyer can come along a little later and buy the whole package. No muss no fuss. You get to offer Buyers a much larger and more desirable company to acquire. They get to avoid the whole messy, time consuming exercise of finding acquisitions, doing the due diligence, buying them and integrating the new company into yours. 

Oh and you get to sell a larger company for more money than you ever thought you would see in this lifetime. That is, if you do it right.

In order to do this right, you might need a little help with the whole acquisition, integration and growing part of the plan. That's where we come in.

If you're interested in learning more about how we can assist you with our Acquisition Strategies and Execution capabilities, let's talk. 

To get started or at least to find out what's involved let's have a brief introduction call. If you feel you're getting value and want to continue the conversation we can meet in person. 

Schedule a call here. Calendly.com/ericgilboord
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Business Selling for First Timers

11/18/2024

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To celebrate the upcoming new year and my enthusiasm for the dawning of a new age of entrepreneurship.

Please enjoy this complementary copy of Module 1 from my 'Sell Your Business 4 More' system. CLICK HERE

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8 Keys to Growing Your Business Now and in the Future

9/11/2024

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Whether you're a start-up or an established business. Sales and Marketing goes well beyond sales calls, social media, advertising, websites and brochures. Owners need to understand the short and long term benefits of the intangibles required to grow their business.

8 Keys to Growing Your Business Now and in the Future 

1. Customers' Needs. A clear understanding of your customers' needs and a strong commitment to satisfy them should be at the heart of your marketing program. You do not have a business without customers. The survival and growth of your business will come from providing great customer service. Happy customers will be loyal and bring you new customers.

2. Competition. Many businesses are aware of their competitors but do not possess intimate knowledge of them. If you know what things they are doing right and what things they may be doing wrong, you can learn from their experiences and apply the good to your organization and avoid the bad. Understanding your competitors will often give you the opportunity to anticipate how they may respond to your tactics. You can then anticipate their marketing activities and be prepared.

3. True Value Of An Opportunity. Look under the surface. Not every opportunity is as it may seem. You need a strategy to assess new opportunities and to allow yourself the choice to walk away from what could be a damaging experience to your company. If it looks too good to be true, it probably is.

4. Times Are Changing. This is a time of rapid and constant change. Traditional ways of thinking will either produce traditional results or prove to be fatal in this non-traditional business climate.

5. Get Progressive. Think about your marketing in an aggressive manner. Break away from the old reliable ways and begin new traditions. If you apply new thinking to new problems and new opportunities, you will see new results. New traditions will have much shorter life spans and will be quickly replaced by more new ideas. Thinking about your business is much like hitting a moving target.

6. Know What You Don't Know. The awareness that there are many things you do not know is also important to the constant updating of information on customers, competitors, and the industry you are in. A wise business owner knows what he or she doesn't know, employs a strategy, and finds the answers.

7. Develop New Business. Business owners would like to believe that customers will just come to them, but this is not the reality. New business development is just as important to a marketing program as satisfying existing customers. If you wish to grow your business or even to keep it at a certain level (customers can leave for various reasons and you often do not have control over their decisions), you will need new customers. You will require a formal, well-thought-out new business development strategy.

8. Customer Contact. In order to meet the sometimes enormous challenge of monitoring and interacting with large numbers of customers and new prospects, you will need a contact management strategy. How you keep in touch with customers and the ease with which you or your staff are able to reach them will dramatically affect the level of customer service you can offer.

"Demonstrate, you know your business and a clear understanding of their needs." A2E

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Want to be on the same page as your ... spouse?

9/3/2024

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We're so busy running our business, often we don't make the time to find out if we're still on the same page as those closest to us.

​Decisions we make today will absolutely impact our future and the lives of those nearest to us. Spouse, partner, family, and work family are all affected by the choices we make. 

Let's start with our spouse or significant other. Usually when I ask a business owner if they know how their spouse would like to spend the next 5, 10 or 15 years they look at me like I'm nuts. Then there is that moment of realization and the answer becomes 'not really'.

So here is what I suggest. Tonight, crack open a bottle of wine. Then ask your spouse how they want to spend the next 15 years. This is not about you, so do not offer up your plans. The first part of the conversation is only about your spouse. Listen, listen and listen some more.

Once they're finished, then begin clarifying their ideas so you are clear. Now add your own plans into the conversation and have a true two-way conversation.

You did it when you first became serious about each other. I'll bet it worked out better than you ever imagined. Yes of course you had/have challenges. But what a ride it is.

When the subject of the business comes up and it will, you'll both have many questions. The first question will likely be what is the value of the company? 

You can guess or you could click here.

We're here to help you exit this ride, take a breather and get on the next one.

If you're contemplating the future of your business, we need to talk. 

Book a call with me click here.

Eric Gilboord and
The WarrenBDC Team

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It's not ok to wait any longer.

9/2/2024

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It's not ok to wait any longer. 

I've been speaking with dozens of boomer age business owners about selling or transitioning their company and the same story is told to me over and over again. 

" I can't do anything just yet. The time isn't right. I know I have to do something."

The family members, and the many trusted advisors, owners tend to surround themselves with tell me this story. 

"I don't know what to tell my Dad/Mom or Client. We talk about selling or transitioning the business but he/she/they keep putting it off. I wish I knew what to say or do." 

Yes we all know you have a deep emotional attachment to the company you built. And yes 2008 was an unexpected blow. You've had 6 years to recover or not. It is unlikely the world will suddenly drop a 'selling gift' into your lap. So you have to reconcile dealing with the company and its' future now. 

If you don't, the decision will be made for you. Health, the economy, competition or industry changes will dictate what happens next. At that point all bets are off. You've lost control and you didn't get into business just so you could give up control.

The first thing you need to know is, business owners have inflated opinions on the value of their company. Sorry, but that's the cold hard truth. 

In addition, 80% of your wealth is likely tied up in your single largest asset - the business. The biggest sale you will ever make will be the business itself. Tell the truth, are you really prepared?

Your future, and the well being of many other people, depends on the steps you take over the next few years. You know you need to do something now or it might be too late. After all, it will likely take 5 years from start to finish to be fully out of the business.

Right now you may not know exactly what you'll do after the business is sold. That's part of the journey. How about we agree that time with family, good health and a little holiday is a great place to start.

When you started or took over the company did you really have all the answers? I didn't think so.

The clock is ticking, whether you're ready or not. Take the first step into your future now, click here.

Cheers, Eric

PS I feel strongly about this because I know if our Owners wait too long, Canada may end up with more closed businesses than our economy can absorb.
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11 Tips For Continued Marketing Success

8/27/2024

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11 Tips For Continued Marketing Success
by Eric Gilboord A2E

1. Know Your Target Audience.  Understand members of your target group thoroughly, including their attitudes toward the services you offer (e.g., is the purchase of your product or service important, fun, or a necessary evil?). What motivates them, excites them, and makes them want to come back? Be honest and clear about your target group. It is not all adults or all females or all females with blue eyes. Get as close as possible to the core of your target audience and know who is really buying your product or service. Create a mental picture of your customers. See them clearly and make sure that anyone involved with your business has the same picture.

2. Be Up-To-Date On Your Competition.  Be completely up-to-date on your competition. How are your competitors marketing? Are they spending more on marketing than you are? Are they spending less? What kind of results are they getting? Know what your competition is going to do before they do it and prepare yourself. Learn from their mistakes and their successes. 

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Available To Speak With Your Group

8/2/2024

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Do You Host Events for Trusted Advisors of SMB Owners?

My talks are filled with stories, insights and the challenges SMB Owners face around transitioning themselves and their businesses.

Who Should Attend?
1. Trusted Advisors currently serving small and medium-sized Business Owner clients. 
2. Those who work directly for an SMB Owner.
3. Anyone who works for or advises medium or large companies trying to acquire SMB businesses.

What Topics Will Be Covered?
1. Understanding the mindset of Owners. How they think and feel about selling their company.
2. Helping Advisors to get the transition conversation started with Owners.
3. How Owners could and should increase the value of a business before selling. What is standing in the way.
4. Crucial steps necessary for a successful transition.
5. Selling a company for 2x or 3x the current value.

What Will Advisors Learn?
 I'll take you inside the head of 'Family Business' Owners.

Advisors can be challenged to help Owners who are stuck on how to start transitioning their company and themselves. You can't help someone, in this kind of situation, until you really understand what is going on at their core. 

Many Owners have good reason for delaying the inevitable. Advisors need to understand them and know what to do to overcome the many obstacles to a successful transition.

Make yourself even more valuable to your clients and make sure you have a seat at the table during and ideally after the transition process. 

Transitions are rarely easy and usually a time consuming, frustrating experience for Sellers. An informed Advisor can help smooth out the process for both the Seller and their selling team.

In many cases, an Owner will come into way more money than they have pre-sale. A smart advisor wants to manage the current investments and the windfall to come.

Make your Advisors indispensable to their Clients.

For a taste of my presentation content and style watch the video below.
​
https://youtu.be/vKeONpVPKdo?si=8EdBLM2Yp3SyGqlr

To schedule a call click here calendly.com/ericgilboord
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Eight Main Types Of Business Buyers

8/1/2024

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You need to understand who you're selling to and how they differ from one another. They all have their own agendas as do you. Selling successfully has always been dependent on knowing your target audience.

Not every Buyer is right for you and your company. In fact way more are wrong than right.

Work with M&A consulting firms, specialists who provide coaching for business owners, family business coaching, a financial advisor business coach, sale advisor or a professional in business value consulting to determine the most appropriate buyers for your business.

A good provider of family business coaching and consulting, a trusted business advisor will be integral in helping you work thru the variety of potential Buyers you will come across in your steps to selling a business. 

1. Strategic Buyers
These tend to be companies growing via acquisition. They search for purchase targets aligned with their own offerings or providing complementary products and services.

Compatible culture and cost savings derived from being able to eliminate business function overlaps are viewed as bonuses. Sometimes this comes at a cost to you as redundant staff are at high risk of being let go. On the other hand superior staff could find themselves with better positions in the new merged company.

Your entire corporate identity can end up disappearing as the new owners absorb you completely into their world.

These buyers are typically other companies within your industry or related sectors. They seek to acquire businesses that align with their long-term strategic goals, such as expanding their market reach, diversifying their product/service offerings, or gaining a competitive advantage.

So if you're looking for an exit, where the future of your company, its' identity, as you created it, and your staff is a key concern you may want to avoid the Strategic Buyer. 

2. Private Equity
Typically an investment vehicle for institutional investors or high net-worth individuals. Limited Partners invest their money into funds that General Partners of the firm use to buy companies. Usually targeting businesses within a specific industry.

The firms' executives ideally maximize the growth of the companies, in their portfolio, over a five to seven year period. Then they move to your side of the desk selling the business(s), earning a return for the investors and themselves.

Private Equity executives contribute financial resources and corporate experience to help take your company to the next level. Sometimes this includes retaining you the owner /operator over an extended period of time beyond a traditional 18-36 month transition. Assuming you all get along, the new owners will benefit greatly from your years of experience, expertise, employee, vendor, and customer relationships.

This is a two way street if you’d prefer to retain a piece of your equity stake. Selling to a PE firm could prove to be the way you drive your business to its full potential and share financially in the success. They will more than likely make changes you don't agree with as they are usually looking to maximize the profits over the short term.

Additional owners equal more decision makers. Quite different from running your own business the way you want to. Board members can get in the way of innovative ideas. They can also help to avoid bad ones and bring good ones. They will likely be fixated on the bottom line.

3. Family Offices
While resembling private equity groups in some ways, they differ in other characteristics. Family offices invest the wealth of a single family. Often, but not always, focused on the industry where they made their fortune. The top priority is to make sure the wealth continues to grow over many future generations. They also understand the dynamic of a family run business, with all its' added challenges. In some cases they can bring solutions.

It's often the case where, over the years, less and less family members actually participate in the businesses they own. Compared with private equity firms, family offices usually hold less risky portfolios, investing over longer periods of time.

As with most high net worth people, family offices can operate well below the radar and be difficult to identify or reach. Introductions by mutual friends and business associates tend to be the communication method of the day. Mostly investing with cash not debt, they offer sale prices usually lower than other Buyers.

If you're fortunate you could sell to a family from within your own industry. The bonus of their connections, experience, industry guidance and financial assistance might help propel your business to incredible new heights. Beyond what you ever imagined. Or you simply cash out.

4. Competitors
Competitors seeking to expand their market share or eliminate competition often consider acquiring other businesses as a strategic move. Selling your business to a competitor can result in various advantages and opportunities. Firstly, such a transaction can create synergies by combining complementary resources, expertise, and customer bases. By joining forces, the merged entity can benefit from increased market penetration and a wider product/service portfolio. Additionally, cost savings may be realized through the elimination of duplicate operations, streamlining of processes, and shared resources.

Selling to a competitor also grants them access to your valuable assets, such as technology, intellectual property, or proprietary systems. This access can enhance their competitive position and enable them to offer a broader range of products or services to their customers. Furthermore, the acquiring competitor may gain valuable insights into your business operations, customer relationships, or market strategies, which can inform their own decision-making and drive growth.

However, it is crucial to approach negotiations with competitors carefully. While the potential benefits are enticing, it's essential to ensure that the transaction is fair, mutually beneficial, and aligned with your goals and values. Engaging professional advisors, such as business brokers or M&A specialists, can help navigate the complexities of such deals, ensuring that your interests are protected throughout the process.

Selling your business to a competitor can be a strategic move that not only offers financial gains but also opens doors to new opportunities and growth potential. Careful consideration, thorough due diligence, and expert guidance are key to maximizing the benefits and successfully closing a deal that is favorable for all parties involved.

5. Holding Company, Buy and Hold
Sometimes called shell companies, exist to buy and own other companies. They don't operate, produce or sell any products or services. Instead, they generate revenue from the profits of the businesses they have an investment in or own outright. While everyone points to Warren Buffet as the classic example, there are many holding companies operating with interests in specific industries. Berkshire Hathaway has interests in a myriad of often disassociated companies.

Holding companies typically prefer a controlling interest in the companies they invest in or they simply own outright. They often have a hands off relationship. If you continue to be successful, that is. If you fit their criteria and pass the strict financial and management success standards it can be a good way to cash out.

As with PE firms, additional owners could mean extra decision makers. Could be a benefit or a hindrance.

6. Search Fund
Search funds consist typically of an individual operator or two. They're backed by a group of investors, looking to buy a business and take over running it. Investors don't always have the time to get involved in multiple companies other than on an advisory basis. They do however, have a need to make their money work for them.

So the fund identifies an operator with a desire to run a company, a proven ability and the level of experience to successfully do it. The operators first task is to find an appropriate company to buy. The group then buys your company for the operator, confident they will generate a return. The operator earns shares of the company over time and after reaching agreed upon milestones usually tied into profit.

Typically the operator is committed to a long term relationship with the investors and the acquired company. The company gets an often younger, full time leader and a recharge of energy and ideas. A great way to take your business to the next level. You may get to see some of those ideas you put on the back burner actually realized.

7. Your Employees
You can sell to an outside party or look inside to your employees. Some Owners dream about a Buyer who comes in doesn't change anything and the company continues on as if you were still in charge. If that's your goal you might think an Employee-Stock Ownership Plan (ESOP) is the answer. Just remember there are no guarantees. New folks in charge will always have their own ideas of how things should run.

This methodology can be complicated and not every business has staff that want to accept the responsibility or have the skills necessary to be successful.

You need to bring in a specialist with ESOPs and discuss it openly and honestly with your staff. Just because you think it's a great idea doesn't mean they will.

There are government programs to assist with the process. Rules change by country, state or province. Might be good idea to find a champion within your own organization to do some of the initial leg work. If you can't find anyone to put in the work upfront, perhaps an ESOP is not a viable route for you.

8. Newbie Buyers
Lately I've been receiving calls from new Buyers. That is, a business person looking to buy a company. Traditional retirement isn't how they see their future and buying and running a company is one of the options on their list.

They may never have purchased or run a company before. Their previous experience includes senior management roles, running a department or even running the whole company. However they may not have, in recent years, run an entrepreneurial venture on their own.

In some cases they are looking to buy a job. Franchises used to fill the need. Now these folks are also considering the purchase of a company on the smaller side, often with under $3 million dollars in annual sales. Sometimes the appetite for an acquisition is far grander and they could be hunting for a $ 5-10 million company.

So they begin the long process of fact finding, networking and talking with lots of people about buying a business. The process can take years and be very frustrating. Particularly when they try buying a business directly from the Owner. As we have discussed earlier.

Each newbie Buyer I speak with immediately tells me about the business they tried to buy. How the Seller was difficult to deal with, unreasonable about price and in the end often left the Buyer at the altar. Recurring theme.

Conclusion
Understanding the different types of business buyers is essential when considering the sale of your business. Recognizing their motivations, goals, and potential impact on your company is crucial for a successful transaction. While competitors can bring synergies and cost savings, it's important to approach negotiations carefully and ensure mutual benefits.

Private equity firms offer financial resources and expertise, but they may prioritize short-term profitability. Family offices provide long-term investment potential and understand the dynamics of family-run businesses. Holding companies offer investment opportunities but may have additional decision-makers.

Search funds bring fresh ideas and energy, while selling to employees requires careful consideration and specialist guidance.

Newbie buyers bring enthusiasm but may face challenges in finding the right opportunity. Consulting with professionals in business value consulting and family business coaching can help you navigate the complexities and maximize the benefits of selling your business.

Are you asking yourself how long does it take to sell a business? Or should I sell my business? What are the steps to selling a business and how much do I sell my business for? Do I need a business value consulting professional to calculate value of a company?  If you’re looking for tips for selling a business from someone who specializes in family business coaching and consulting, you’ve come to the right blog.
​
As a trusted business advisor and sale advisor I appreciate the opportunity to share my years of experience working with Owners just like you. In fact you may want to consider our online program Sell Your Business 4 More. 
    
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​4.23 Review Tips For Creating Options and Making Sure You Sell Well

7/30/2024

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Excerpt from our online program Sell Your Business 4 More

4.23 Review Tips For Creating Options and Making Sure You Sell Well

1. Not sure where to start, get a qualified team. Engage experts in operations, finance, sales & marketing, human resources, legal and wealth management. Make sure they understand what is needed to exit a business successfully.

2. You need to be irrelevant. Stop working in the business and start working on the business. Pull away from the day to day responsibilities and spend quality time looking at the present and future of your industry and your business.

3. Only do what you love to do. Get back in touch with why you loved building your company. Re-energize yourself and enjoy the journey. You won't feel as pressured and wind up making the wrong deal.

4. Fix the broken stuff. People, systems, finance etc. Often it is the unwillingness of you the Owner to make the tough decisions that will be your downfall. If it walks like a duck and talks like a duck it won't fix itself, or it would have already.

5. Get your sales and marketing updated and aligned. Make sure they're working in an integrated effort. Good sales and marketing are key to your success.

6. It's not just about great sales numbers. Great operations and strong financial controls deliver profitability and desirability as well.

7. Add at least 3-5 years on to your exit strategy. After you make the company desirable you need to find a Buyer. Count on another year to do the deal and 3 more to ease your way out. The new Owners will likely require your participation to provide experience, industry introductions, continuity with staff, vendors, and customers.

8. Not sure when you want to exit? Run improvement efforts parallel to the process, as you don't know how long it will take and you just may change your mind.

9. Create options. It's not always black or white, selling or closing. Sometimes you just need to develop options. There are many ways to structure a deal. Talk to the experts on your transition team. Create optional scenarios for structuring a great deal for you. Take into account both business and personal requirements with regards to timing and money.

A Final Thought

Selling or transitioning your business is a big step, both personally and professionally. Surround yourself with good people. Make a plan and anticipate there will be changes all the way through the process.

You will experience many highs and lows, much like you have for the last few decades while running your company. So nothing new. Look at it this way. You've been training for this next step in your life for years.

At the core of this process you should remember to focus on the positive, increasing the value of your company. Not the negative of leaving your comfort zone. If you do it right you'll have options. If you change your mind you'll have a better business. Either way it's a win win for you..

Exercise - Quick Checklist Before You Go To Market

1. Not sure where to start, get a qualified team.

Team Members Name, Contribution, Inside/Outside Resource

1.1

1.2

1.3

1.4

1.5

2. You need to be irrelevant.

2.1 Are you completely out of the day to day and yearly planning?

2.2 What else do you need to do to be out?

3. Only do what you love to do. Are you doing what you love to do everyday? Work or play.

3.1 List the tasks you love to do.

3.2 List the tasks you dislike.

3.3 Identify resources inside and outside the company to take on the disliked tasks.

4. Fix the broken stuff. Are the broken pieces fixed and running properly?

4.1 What is still to be done? Who will do it?

5. Get your sales and marketing updated and aligned. Is this done?

5.1 What more needs to be done for sales? Who will do it?

5.2 What more needs to be done for marketing? Who will do it?

6. It's not just about great sales numbers.

6.1 Are Operations running optimally? If not what needs to be done and who will do it?

6.2 Is Finance running optimally? If not what needs to be done and who will do it?

7. Add at least 3-5 years to your exit strategy.

7.1 Talk to your Intermediary and arrive at an ideal exit timetable.

8. Not sure when you want to exit?

8.1 List the improvements you could make to the company while you are in the selling process.

9. Create optional scenarios for structuring a great deal for you. Take into account both business and personal requirements with regards to timing and money.

9.1 Business timing and money high level 'at 30,000 feet' requirements.

9.2 Personal timing and money high level 'at 30,000 feet' requirements.
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The Emotional Rollercoaster Of Selling Your Business

7/11/2024

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If you're thinking seriously about selling your company, then you've already grabbed your seat and buckled in.

If not, then either you're standing in line or you haven't even bought a ticket yet. It looks scary, you're starting to get a little anxious and maybe a little concerned about what to expect. Most likely you are a first time seller.

Selling a business is often portrayed as a purely financial transaction—a strategic move to secure a substantial payout. But behind the scenes, there lies a tumultuous emotional journey that business owners embark upon when parting ways with their life’s work.

The process of selling a business is not just about numbers and negotiations; it’s a rollercoaster ride of triumphs and tears that can leave even the most seasoned entrepreneurs emotionally drained.

Here is a bit of a head start to help anticipate what will likely be your business selling experience.

Want to know what the emotional rollercoaster looks like in real life. Read this email from our recent Seller.

Subject Line - CLOSSSSSSSSSSSSSSSSSSSED

Imagine a worn out looking husband and wife with bags and dark circles for eyes (not unlike every other seller). Well, more than normal lol.

What a ride.

While finding a buyer and coaching us through the process was valuable, so too was the emotional support of it all, Colin sharing his personal experiences, Eric sharing other sellers' experiences. '

Your preparing us for what was to come - that the process would be long, exhausting while running a business, ripe with emotional ups and downs, was an invaluable part of your services. Being forewarned helped us feel "normal" during it all, and less alone. The law firm referral - perfection.

Your talking us off the ledge when we wanted to bail during a very dark time, brought us to this momentous day. Thank you.

Joe and Sandra

Notes like this from happy Sellers make it all worthwhile for us. Maybe one day we'll get a note from you.
Cheers Eric

For more insights to this emotional rollercoaster they call selling a
​business click here.
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11 (Marketing) Tips For Reviving Your Business

6/20/2024

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11 (Marketing) Tips For Reviving Your Business
by Eric Gilboord A2E

1. Seek Outside Help.  Seek objective, outside professional help. If you do the marketing yourself, you will likely take your eye off the day-to-day running of the business, cause unnecessary anxiety, and either keep your business where it is or hurt it further.

2. Rethink Your Business.  Think again about current customers, competition, industry changes, and technology. Even rethink the type of business you are in. Many successful businesses have      managed to stay successful by moving with the times. They saw that the needs of their customers were changing and acted accordingly.
3. Assess Your Company’s Current Status.  Put everything on the table, both the good and the bad. Include areas of the business you are proud of and problems you wish would just go away. Address issues relating to staff, products and services, location, profitability, and new business development.

4. Keep Some, Change Some.  Determine what your customers like about you and what they would like to see changed. Be honest with yourself.

5. Maintain Objectivity.  Emotion has no place in this process. To achieve a successful marketing turnaround, you must do what is best for your company. This may mean letting long-term employees go or finding new suppliers.

6. Review The Past.  Look carefully at your past marketing efforts, successes, and failures. If you are running a marketing program but cannot justify its expense with increased sales, consider cancelling it or placing it on hold. Successful marketing turnarounds stop the bleeding quickly.

7. Review Competitive Activity.  Often, a new entry in a market will use new marketing techniques and follow new thinking to achieve sales that you didn’t know were possible.

8. Look At The Staff.  Take time to review existing staff in light of the plans you are preparing and the growth you are seeking. Many companies that have set out on a path for success have been thwarted by staff members who didn’t agree with the new ways or were actually afraid that the company would succeed. The last person you expect to come forward will be the first to say goodbye. People can be resistant to change. They like things to stay the way they are. If you need new people, clearly identify the skills required and begin the hiring process immediately.

9. Be Flexible.  Be flexible and prepared to adjust your marketing plan as new opportunities and challenges arise.

10. Persevere.  Perseverance is an absolute must. If you give up too early, you may fall short of the great success your business was destined for.

11. Be Quick.  Speed is essential in turning a company around. While you were planning and executing the marketing efforts, your competitors may have been taking advantage of the opportunity to move in on your customers.

To increase the VALUE of your business click here. 

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