As the Owner, you know all the wonderful things about your company. But that doesn't mean a Buyer automatically does. You will have to tell them. Making someone work for it isn't the smartest strategy. It's not just numbers Buyers need to consider purchasing your business.

​You know who your best technical staff are, the ones who are the most loyal and the small circle you can count on any time. The folks I like to describe as 'in a crunch it's always the same bunch'. The staff with huge potential who are consistently growing and assuming more responsibility. The key people you've been grooming to take over management. The loyal, hard working day to day heartbeat of your organisation. 

This is the knowledge gained over years of working together week after week. Experienced Buyers can acquire some of the information via staff interviews, but not near what you can provide. If you think you can hide the dirt, think again. Maybe you can for a while, but the truth always seems to surface. The Buyer of today is typically seasoned and short on a capacity for BS.

You know how great your relationships are with specific large key and smaller long-term customers, but the Buyer doesn't until you show them. You know the ideas and opportunities that have been on the back burner and are ready for moving forward.

You need to dig out all the great things about your business, the obvious and the not so obvious. The things you take for granted and the stuff you just do because, well you've been doing it forever. The new innovations and the upcoming industry trends you spotted years ago and have prepared for. The relationships with friendly competitors and the strategic alliances.

And don't forget the numbers. They will be requested in every configuration and scrutinised with a magnifying glass. Knowing how to present them is key. If you can't anticipate the requests and respond quickly the momentum can get lost pretty easily.

Yes, after the NDA.

It's not about bragging or blowing your own horn. More like sharing the many accomplishments you and your staff have achieved over likely, give or take, 30 years of blood, sweat and tears. Sales, well run processes, reputation, innovations and industry standing are all important. The successes you've attained need to be recognised and you need to be compensated for them.

You can't expect a potential Buyer to just uncover the information or glean it all from your conversations and retain it on their own. The data has to be packaged, wrapped in a bow and presented like it was the greatest gift they will ever receive. 

As with many large purchases the decision will be made by more than one person. The Buyer may make the final decision, but they will consult with others. 

Your company story needs to be told with as much impact and backup detail as your most important sale ever. But more so, it needs to be transportable to other offices and the many conversations that will go on while a Buyer is considering the purchase of your business. And frankly, you or your representatives will not be in all those meetings and conversations.

So remember, as you move down the path of transition, you can't keep the wonderful things about your business, both the obvious and the hidden value a secret. If you expect to sell for top dollar and on your terms you need to clearly tell the complete story in an interesting, informative and exciting way.

The trick is to dig it all out and communicate all of your company greatness in an easy to digest format. Present it so anyone can get your story quickly and easily. You don't always know who is being told about you and under what circumstances. What you do know is, they will be influencing the purchase decision. Or the potential Buyer wouldn't be talking to them in the first place. 

Subtle or heavy influencer, they can only comment on what they've been told. You can control the story more or less. Shouldn't you make it more than less.

To help tell your story or to discuss the many services we have available to increase your odds for a successful transition please contact me today. 

Call 416-270-2466 or email eric@warrenbdc.com

​Cheers, Eric

It's easy to get caught up in the day-to-day only to miss the big picture. Consequently, opportunities can disappear as quickly as they came.

As a business Owner, this can be an easy trap to fall into. We all do it. I'm not suggesting you ignore the small stuff, just don't get personally involved in every decision. Have someone else take care of it. 

Why would you hand off important and not so important decisions? Because if you and your staff continue to run the business as if you're the only one who can make the right choices or solve the problems, you will live to regret it. If you don't already.
Eventually the reality will hit you, you're not running the company, it's really running you. Instead, you should be thinking about the bigger, more important issues. Like how exactly you're going to get out. 

One of the best ways to exit is to increase the value of your business. Then you can sell or transition for the most money and on your terms. All you have to do is make it desirable to Buyers and allow it to run without you. 
Somewhere down the road the company will be sold or transitioned. It may be while you're still around to enjoy it or after you're gone.  Either way if you're like far too many Owners, who are the epicentre of the business, it will be problematic. Your people will struggle and or a new prospective Buyer will see immediately, in the very early stages of due diligence, that without you the company cannot operate optimally. 

And that my friends, is where you lose the leverage you thought you had. Value goes down and terms end up in favour of the Buyer. If you don't currently have internal resources to accept the responsibilities then grow them or hire/contract from outside.

If you run a family business and have not yet let the next generation step up completely, (you know who you are) I guarantee family dinners are about to get more heated and a lot more exciting. BTW if you are the next generation, do yourself a favour and forward this email to you know who. At the very least, you can use it to get the conversation going on a far more serious level. i.e. Look what Eric wrote this week. Sounds like our family. Pass the green beans please.

When the company is running successfully on its own you don't even have to sell. You could conceivably have the business carry-on and continue to provide income and stability to your family and employees for an indefinite period of time. It just needs to run without you. You want options.

That's right, it's your cue to move on. Not sure what you'd do with your time? Call me and we'll talk. 
For the past little while I've been taking a part of my day, no not every day but many days, where I just stop for a few hours and think about the business. I'm not involved in solving small problems or day-to-day details. I'm just quietly evaluating the company, thinking about the future and the next steps required to get where we need to be and then working back from there. I'm enjoying myself more and our company continues to grow.
So slow down, hand off and enjoy more. It could make a huge difference in your future and the lives of those around you.

As always, I am available for a telephone conversation, a coffee or to guide you out of the jungle.

​Eric

As Mike Tyson so eloquently stated "everybody has a plan until they get punched in the face".

Extended Version: Many boomer age business owners have been putting off transitioning their company for so long, it's now the accepted status. Or they promised their spouse, the team, advisers and most importantly themselves, five more years and I'm out.
 
But suddenly circumstances change and you're faced with an unsettling feeling in the pit of your stomach. You want out, but you're trapped, for at least a period of time. And it's always longer than you want it to be. 
 
Could be changes in the business environment are making it too much work.  New competition is coming out of nowhere. They're well funded, younger or seasoned owners getting back in the game, more aggressive and kicking your butt.  Higher interest rates, cross border restrictions and you get the picture.
 
Personal reasons rank equally high as business or higher. Grandchildren are at that age where you can't afford to miss a minute of the fun. A dollar store purchase of a whoopee cushion can be the greatest gift and provide kids with hours of fun. Seriously, do you want to miss that?
 
It's a family business and the patriarch and matriarch pass on. After an appropriate grieving time, everyone in the family wants their share. Active in the business and non active family members all want what's theirs and to make their own decisions. And rightly so. Now you find out who holds a grudge. Who thinks they should have been active in the business but were overlooked.
 
The original thought, (not plan), was 5 years and you would be out. The new reality is 5 years now needs to be 1 or 2 years. Regardless of how unrealistic that is, it's the cards you've been dealt. You can get out in a short time frame but not likely for real money or the amount you need and on your terms. If you had prepared the business for sale or transition you could have absorbed the fallout of a condensed timetable.
 
This is when the 'now what do I do' kicks in. You haven't planned ahead and certainly not for a much shorter time frame. Reality steps in and punches you in the face. Making decisions when you're dazed, confused, and pressured typically never ends well. 
 
Regardless of the reason for a change of heart, when it's time to sell, the clock starts ticking. You can't stop it or change it back, time continues moving forward and eventually you will run out.
 
The point is, start getting ready today. Because even if you know the punch is coming, likely you won't see it until it's too late.
 
If it does happen this way, you need a first class team in your corner  to help you through the transition. More than likely your current legal and accounting advisers for the business don't have experience selling a company. It's like asking your running buddy to help you get ready for a boxing match. No good will come of it. They may have the best of intentions, but not the experience. There will be blood or at least bruising. Remember keep your left up.

As always I am available for a telephone call or coffee.

Cheers, Eric

MEDIA RELEASE

Selling Businesses and Buying Businesses

An email I recently received. 
I am expecting an offer from my partner to possibly buy me out. If this falls through I will contact you.

​My response. 
Thanks for the update. Food for thought. I recently had a conversation with another Owner we have been talking with over the last couple of years. His plan was to buy out his partner of 30 years or have the partner buy him out. The partner chose to be the Seller.

The Buyer, our contact, chose to do the deal on his own. We offered our services but he declined as he knew his partner well and they have had a 30 year relationship. After literally a couple of years of discussion the deal was supposed to finally close on January 2, 2017. 

It has so far not ended well. They are no longer friends, the Seller continues to go back on his word and change the deal and the whole sale may never happen. The result will potentially be metaphorically like 'a divorced couple living in the same house'. You don't really know someone until you negotiate with them from opposite sides of the table.
Sadly, as of Jan. 22, 2017, it still has not closed yet. The Buyer and Seller no longer trust each other and a 30 year friendship is ruined.

In another case the Owner was planning on his key person buying the business, although he never actually asked him if he was capable or interested. When the question was finally posed the answer was no he was not interested in buying within the Owners timeline and no he did not have anywhere near the funds. Unfortunately that was the Owners only play.

Isaac (my partner) and I would like to offer our services to help you and your partner engage in a harmonious and mutually satisfying transaction. 

Not trying to be heavy handed or negative but the examples above represent only two recent attempted Sales By Owner. 

Please let me know if you would like to discuss. 

We wish you all the best in a positive and successful sale.

​Cheers, Eric
__________________________________________________________________________

Readers

In case you believe one of the examples is you, know that it's likely not. This happens far more often than you think.

The current buzz in the business transaction world is that 2017 will be an incredible year for selling a business. Are you ready?

As always, I am available for a telephone conversation or a coffee.

Cheers, Eric

​My son and I got into a conversation about Trump the other day. And of course the inevitable what do we do here in Canada about our own leadership. 

As we talked I realized that our discussion was less about the specifics and more about our own generational concerns and how the implications would affect us personally. 

So with that clarity I understood we likely would never agree on everything and we both need to work hard to appreciate the impact the upcoming changes will have on each other.

There is a parallel between this conversation and a generational or transitional discussion about a business, regardless of it being family based or not. Most, if not all companies are being run by 2 or possibly 3 generations.

The thought I offer to you is this.

Get The Best Out Of Everyone 
Excerpt from 'Moving Forward'.

​When you sell or transition you need to make sure your successor understands the value of getting the best from everyone and you need to help them. They might be a family member, a long time employee or an outside acquirer. In any case you want the new Owners to have as much success as possible. Particularly if part of your compensation is tied into the future financial achievement of the company.
 
The new management may have been groomed to run the family business, in some cases, for their entire adult lives. Or you may decide to offer a loyal employee or management team member that opportunity. The originators of the business often try for years to educate, share their experiences, impart their wisdom, and mould their successors. Some succeed others don't. Family isn't always the best choice. In fact it's more rare than you might think.
 
Share what made you successful and make sure that goes for everyone involved with the company as well. Give the new Owners complete and unfettered access to you and the senior management team. An immediate and never ending inside edge to the key goings on of the organization.
 
Some of the same benefits (experience, familiarity, and loyalty) can be gained from non-family, non-management employees and business associates who offer expertise and experiences that are different from yours. They may not be an Owner but what they offer is invaluable. Make sure you pass this insight and access on to the new management.
 
In some cases the new generation will continue to operate the business as it had been run in the past, a safe short-term measure.
 
This strategy may have worked for the previous generation, but circumstances are changing at a dramatic pace. We are living in a time of new technology, new needs, and new ways of approaching problems. E-commerce, database marketing, social media, big box and online stores, branding, and many other new terms have not only entered our small business vocabulary, they have taken business over.
 
As part of the older management you may be set in your ways, a little tired, and perhaps a little too comfortable with a particular style of conducting business that has provided you with years of triumph (usually tempered by a few bumps in the road).
 
The younger management may be full of energy and have new ideas for reinventing the business. But working together, you both need to blend the best of both generations. Preserve the successes from the past, incorporate the new opportunities, and build for the future.
 
A reminder to the older generation: not everything old is good nor is everything new bad.
 
To the younger generation remember: not everything old is bad nor is everything new good.
 
​As always, I am available for a telephone conversation or a coffee.

Cheers, Eric
​

I'd like to suggest a question to ask yourself over the holidays. Do your plans for the future of your company include selling while at a peak in value? 

​Many companies we meet with, show neither top or bottom line growth. Owners have instead, resorted to stalling growth and squeezing whatever cash they can from the business. Some Owners are tired and lack the energy or incentive to continue growing their business, let alone sell it. They think they'll have enough to live on in retirement but continue to come into work more out of habit than to make a real difference. Often working is the result of not having an alternative way to spend their time. 

Sound familiar?

A lack of hunger permeates the company and over time the business stalls or worse fails because no new ideas or re-investment are made. We ask Boomer Owners to consider this. Even if money is not the incentive, why would you let your lifetime of work just peter out and end with a failed or deflated legacy? 

It's a big question.

Some Owners step back, taking extended time off or even retiring and leave their trusted, loyal employees to run the company. Sure your employees know their jobs but does that qualify them to run the whole show? In our experience, the answer is no. 

Often it does not end well.

There's always a 'peak value time' to sell a company and Owners who miss this selling sweet spot could be letting over 50% or more of their potential enterprise value just slip away. 

What a waste.

Every day we speak with Boomer Owners who are thinking about retirement and selling their business. Some are sitting very close to the peak time and don't even realize it. A little effort and the increased value could translate into $ millions.

Too many believe they can get there themselves while continuing to run the business as usual. The truth is they can't. By the time they realize this, the opportunity to sell at a premium is lost. 

It doesn't have to be this way.

Maximizing enterprise value and negotiating a successful business sale to achieve that 'peak value' requires years of experience and many different skills. It cannot be treated just like another sale or left to your employees and trusted advisers. You have to ask yourself, what if any experience do you or do they have in selling businesses? 

The answer is likely none.

When it comes to outside help, we say to Boomer Owners, you have everything to gain and nothing to lose by bringing in a 'fresh set of experienced eyes' to help maximize corporate value? Do you want to be operating at peak levels when Buyers come knocking and sell at a premium price or not? This assumes you are a desirable company and can attract Buyers. Big assumption, not always realistic.

Some Owners get it, others do not. 

The ones who don't, politely defer the decision to bring in outside help for another day, another week and another month. Their one moment in time gone forever and all that is left is regret. It becomes too late and they run out of time. Either the doors close, no one is interested or they are offered a fraction of what the company is worth. Did you really spend decades building to just give the business away? 

Not likely.

On the other hand, some Owners light up and say you're right, when can we start? Followed by - if you can help me solve the problem we discussed in our first meeting like you did, can you also tackle this and this and ....

It's up to you. We are simply saying, allow us to help get your company back in peak condition by seizing the untapped potential and realizing a much greater selling price. Together we can help you finish on a high. Leaving a wonderful legacy of success doesn't hurt either.

Finish right.

We asked current Clients why they agreed to work with us. The answer was simple. "Once we met with you, we began to see the value WarrenBDC could bring to the table."

The holidays are always a good time to sit back and contemplate your options while peering into the future.
If you'd like to discuss how 2017 might look, please contact me directly.

Cheers, Eric

PS It's ok to forward this email to your Boomer Aged Business Owner clients, family and friends.

In reflecting on the conversations, with Owners, I've had over the past year, I'd like to suggest a question to ask yourself. Do your plans for the future of your company include 'Striking while the iron is hot'? 
In his first term, Obama, had control of both houses and could easily have passed any progressive legislation but chose not to. He wanted to 'try and engage the other side to accept his ideas', which they never did. Some saw it as a noble gesture, others just saw naivety, inexperience and an unwillingness to listen to more seasoned politicians. He had the power, the momentum and the right time, but chose not to act. 

Now it looks like this may be one of the key reasons his legacy will be lost. He should have acted when the iron was hot because, as we now know, he never found another opportunity in the following 8 years to get much done, that one moment in time was lost forever.

Many companies we meet with, show neither top or bottom line growth. Owners have instead, resorted to stalling growth and squeezing whatever cash they can from the business. Some Owners are tired and lack the energy or incentive to continue growing their business. They think they will have enough to live on in retirement but continue to come into work more out of habit than to make a real difference. Often working is the result of not having an alternative way to spend their time. Sound familiar?

Lack of hunger permeates the company and over time the business fails because no new ideas, technology or re-investment is made. We often remind Boomer Owners that even if money is not the incentive, why would you want to see your lifetime of work peter out and end with a failed or deflated legacy?

Some Owners step back, taking extended time off or even retiring and leave their trusted, loyal employees to run the company. It's one thing to have a crew sail your boat. But without a leader who knows where to catch the wind, anticipate the storms, and more importantly take action and do something about it, you can end up lost at sea or not even finishing the race. Sure your employees know the business but does that qualify them to run the whole show? In our experience, the answer is not likely.

There's always a 'peak time' to sell a company and Owners who miss this selling sweet spot could be letting over 50% or more of their potential enterprise value just slip away. What a waste.

Every day we speak with Boomer Owners who are thinking about retirement and selling their business. For some Owners they're currently sitting at the peak time and place for a premium sale opportunity and don't even realize it. Too many believe they can do it themselves while continuing to run their business as usual. The truth is they can't. By the time they realize this the opportunity to sell at a premium or 'strike while the iron is hot' is lost. It doesn't have to be this way.

Maximizing enterprise value and negotiating a successful business sale to achieve that 'peak' value requires years of experience and much skill. It cannot be treated just like another widget sale or left to your employees and trusted advisers. You have to ask yourself, what if any experience do you or do they have in selling businesses? What we typically hear is not much.

When it comes to outside help, we say to Boomer Owners, you have everything to gain and nothing to lose by bringing in a 'fresh set of experienced eyes' to help maximize corporate value? Do you want to get back to operating at peak levels again and then sell at a premium price? Some Owners get it and others do not. 

The ones who don't, politely defer the decision to bring in outside help for another day, and then another week and yet another month. Their one moment in time gone forever and all that is left is regret. I should've, I could've, if only etc. The doors just close or they get pennies on the dollar.

On the other hand, some Owners light up and say you're right, when can we start? Followed by can you help me with this and this and ....

It's up to you. We are simply saying, allow us to help get your company back in peak condition by seizing the untapped potential and realizing a much greater selling price. Together we can stoke the fire and help you to strike while the iron is hot. And finishing on a high, leaving a wonderful legacy of success doesn't hurt either.

We asked current Clients why they continue to work with us and what they would say to other Owners. The answer was simple. Once we started working together they understood the value WarrenBDC brings to the table. 

So to make this an easy, low risk decision for any Owner (with annual sales of $3 million +) we are offering a 'one on one' in depth review specifically about your company. To make this meaningful, you will need to send us your 5 year financials under a strict NDA and allow us one full day to talk to you and your top three employees. We will then share our findings with you and demonstrate how we can make a substantial difference to your company and your future.

The cost to you is $6,500 for this initial step. The value is significantly higher. 

The holidays are always a good time to sit back and contemplate your options. We hope this message and offer adds a positive option for you to consider and an opportunity to heat up the iron before you strike it.
To discuss your future, please contact me directly.

Cheers, Eric
eric@warrenbdc.com

Excerpt from Eric's new book 'Moving Forward'.

Many have tried to simultaneously run their business and sell it at the same time. It usually ends in failure or at the very least an exhausting and confusing experience.

Look at it this way. For most owners, running their business is a full time job. A job you know well, one that you pretty much do on instinct fuelled by loads of experience. Your team has worked with you and each other for a reasonably long period of time. So decisions are made quickly. They are important and key to keeping the machine running smoothly. But they tend to revolve around you.

Selling a business is filled with unknowns. A process you're unfamiliar with. Add in new team members who you may not be comfortable with yet. There will be a requirement for decisions that you either don't have the experience with or the time to learn.

The questions, requests for documentation and meetings never end. Sleepless nights and a strain on your family life will add to the frustration.

It's like taking on a new job or project for a customer. One you are currently very unqualified for. You will need to go through a learning curve that you likely have no time for.

So why add this additional and very difficult job to your usual busy schedule? It's a recipe for disaster, or at the very least failure. It will almost certainly adversely impact your company. Do you really want to do this as a second job?
​
You and your business need to be in a place where the company runs without you. This is a good thing. If you want the best shot at selling, a Buyer wants to see that the company can run smoothly without you anyway. One day you will no longer be in the picture. The Buyer needs to believe this is realistic.

Excerpt from Eric's new book 'Moving Forward'

You can deny it all you want. But if you're a Boomer Aged Business Owner, you know it's time to transition. More than likely you're already taking some of the steps needed to move on with the next exciting stage in your life. It's not ok to wait any longer.

I've been speaking with dozens of boomer 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 advisers, 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 at least 8 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 you likely have an inflated opinion on the value of your company. Sorry, but that's the cold hard truth.

In addition, at least 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 3-5 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 extended 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. I feel strongly about this because I know if you wait too long, we may end up with more closed businesses than our economy can absorb.

Whether you're a student choosing between school and working, a millennial unsure about your career track, middle aged - whatever that is nowadays - concerned about your future, retiree or one of many now falling into the category of BABO (boomer aged business owner) change is in the air and tough decisions are being wrestled with by pretty much all of us.
 
Whatever you do, looking at all your options is your next smart move. Inevitably if you don't take control of your future, or at the very least explore your options, it will be decided for you. The universe is a strange and powerful place. When decisions are not made, or worse avoided, the vacuum tends to get filled, the power is taken from you and choices are made for you.

Sometimes song lyrics can express our inner most feelings better than we can ourselves. One of the biggest issues keeping many people, of all ages, up at night is answering the question The Clash so eloquently stated. Should I stay or should I go?

If you stretch your mind just a bit and read the lyrics as if you're talking to your business, job, a relationship or ??? I think you'll see my point.

Should I Stay or Should I Go?
By 'The Clash'

Darlin' you got to let me know
Should I stay or should I go?
If you say that you are mine
I'll be here 'til the end of time
So you got to let me know
Should I stay or should I go?

It's always tease tease tease
You're happy when I'm on my knees
One day is fine and next is black
So if you want me off your back
Well come on an' let me know
Should I Stay or should I go?

Should I stay or should I go now?
Should I stay or should I go now?
If I go there will be trouble
An' if I stay it will be double
So come on and let me know

This indecision's buggin' me
If you don't want me, set me free
Exactly whom I'm supposed to be
Don't you know which clothes even fit me?
Come on and let me know
Should I cool it or should I blow?

Should I stay or should I go now?
Should I stay or should I go now?
If I go there will be trouble
And if I stay it will be double
So you gotta let me know
Should I cool it or should I blow?
Should I stay or should I go now?
If I go there will be trouble
And if I stay there will be double
So you gotta let me know
Should I stay or should I go.

For the adventurous few, click below and listen to the music. Hopefully it will inspire you to take action.

​If you'd like some help with Moving  Forward, give me a call 416-270-2466 or email me
 eric@warrenbdc.com

​Cheers, Eric

This book is for start-ups, start-downs (in the process of selling your business) and anyone who wants to take their established business to the next level.

We will cover many areas beyond marketing. Together we'll reach into sales, management, idea generation, business growth and more for the answers you need to succeed.

Just Tell Me More is not designed to be an in depth explanation of any one specific component of the long list of traditional and new media options available to you. Today there is no shortage of information available on the internet that will provide very detailed descriptions for every conceivable and sometimes inconceivable marketing tool.

I wrote this book as an overview of many of the most common traditional marketing tools you will likely utilize to grow your business. I’ve tried to provide enough direction and insight to help you look at your marketing with some level of comfort. There is nothing to fear when you focus on your objectives, communicate them clearly, consider your options, source several potential suppliers for each component of your marketing mix and hire good people. Oh yes and continue to test and update any marketing tools you choose to use.

This is not a feel good motivational or get rich quick book. There are no shortcuts or quick answers to marketing your business. It takes an investment of time, consistent effort and money. The good news is the rewards can go well beyond what you might imagine your business could ever do.
​
So power through the challenges, have fun, get excited every day, be amazed by your success and know that you are being true to yourself when you are doing what you’re passionate about.
​#PoweredByIndie

As a business owner, we all have new or crazy ideas that come from customer requests, an offhand conversation with an employee or supplier. Middle of the night brainstorms about work are common too.  But do you do anything about the ideas or just leave them 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 life. You want to know if there is an ember of possibility or not. Blow on the ember and massive flames can come.

If the idea proves to not be viable then use it as a starting point. One idea typically begets another and another etc.

You could be sitting on a pot of gold. And if you are not prepared to take the idea to the next step, then pretty it up and use it to sweeten the deal for the prospective Buyer.

I will personally explore any idea you have on your back burner by tel. 416-270-2466 or in person if you contact me right now eric@warrenbdc.com. How's that for an offer you can't refuse.

​Cheers, Eric

Have you ever needed something done and it seemed like doing it yourself was quicker, easier and cheaper?

Purging decades of collected stuff in the basement before selling your house. Took a little longer than you thought it would, but you got there. Doing your own taxes. How many possible deductions did you miss out on because you didn't know about the tax law changes? And the classic selling your home by yourself. There's a reason why real estate agents laugh when they see a FSBO sign on your lawn, and don't bother looking at your place.

The choice of DIY or find someone more qualified and or willing to DIFY (do it for you) is a daily occurrence. 

Some tasks seem ok to do on your own or utilizing internal resources. i.e. nephew who knows everything about building websites, existing supplier who said they could make a new widget for you, employee who should be able to do it.  

You're thinking, if it takes a little longer, comes out not quite 100% you can live with the results. After all you saved some money. Right? 

Usually it takes way longer, costs much more in $ or frustration and never quite works the way you thought it would. As business owners, we all have those experiences under our belt.

So why would you risk your single biggest asset to the same poor odds of success? Why would a business owner try to sell their company without the benefit of an experienced team of professionals?

You may think you have the talent in place (lawyer, accountant, management), however you need to consider this. Unless they have real world experience buying and selling companies you may be asking them to do something they are not qualified to do. Are you really willing to take that chance with the single biggest sale you're likely ever to make?

At WarrenBDC, we have the experienced professionals and many of the answers you're looking for.

You can't run a business and sell it at the same time. You need help, the experienced kind.

Cheers, Eric

Learn more about 'Moving Forward'.

As a trusted adviser, are your BABO clients stuck on when to start transitioning their company?  
​Are you an Owner thinking about selling your company?

The biggest challenge today for boomer aged business owners is in taking that first small step toward selling their company.  Realizing a successful sale or transition is key to their future. As hard as this is to believe for them, they will not live forever. Owners don't know what they don't know. They are the least prepared for the single largest sale they will ever make. It's time to shed some light and bring owners up to speed on transitioning out of their company.

Eric's new book is avialable now on Amazon. Makes a great gift for your BABO (boomer aged business owner) clients or prospects. Ask about quantity orders eric@warrenbdc.com

Partners, can't always live with them, couldn't really have done it without them. Every situation is a little different. Some business relationships are better than others.
 
But then comes the time to end this 'marriage' of sorts and move into the next phase of your lives. Unfortunately you want to sell and your partner doesn't. Or it's the other way around. Doesn't really matter. What's important is you have a somewhat difficult sea to navigate. This is unlike any other decision you and your partner have had to make before.

You want to maintain your friendship but business is business and you have your family to think about. Not to mention your responsibility to loyal employees, vendors and customers.

So do you go it alone, plan to work it out between yourselves and risk the business, your relationship and perhaps your future well being? Or do you bring in experts to help steer the ship so you both get to your respective destinations with minimal disruption to your business and your personal lives?

It's up to you. Ask a few friends who have gone through this. Read a few books on the subject. In the end it doesn't really matter how much you read or what your friends say. If you don't have a team to help, it's all just interesting reading and conversation.

At WarrenBDC, we may have some of the answers you're looking for.
If you want to speak with me right now, that's great. If you need to know more about us first, simply take a few minutes to look at our website www.warrenbdc.com. Get to know us a bit better and then call or email. Whatever works best for you.
Do it on your own schedule and if anything twigs for you ... feel free to give me a call at 416-270-2466 or email eric@warrenbdc.com.
Thank you for opening and reading my emails. I work hard at providing information and insights I believe are of value to you.

Cheers, Eric

Procrastination can come from fear of what might happen - good or bad, a gut feeling that now is not the right time, other peoples agendas, or a myriad of other places. The point is that not moving forward usually has a price. Sometimes it saves you from a big mistake other times it keeps you from achieving a goal.

So what is it this week that you're behind on? What decision are you not moving forward with? What is really holding you back? You know what they say, recognizing a problem is the first step in solving it.

If you'd like to take action today, give me a call 416-270-2466 or email meeric@warrenbdc.com I'd like to assist you.

I attended the Business Transitions Forum this week. The room was filled with Owners,
experienced M&A folks, Business Brokers, and assorted suppliers who provide many of the important skills required for a successful sale of a business.

The key takeaway was simply this. Most owners, no matter how successful, are woefully under prepared and not ready to sell.

There is so much to do and the facts are, you don't have the experience internally, you don't know what you don't know and you will not be able to run your company while getting ready or actually selling.
​
Here are a few examples of what can get in the way:

1. Someone still has to run the business day to day.
2. You're overwhelmed by the process and don't have a transition team.
3. Partner doesn't want to sell.
4. In order to take advantage of the capital gains exemption, you must be a shareholder for 2 years or more. Are your kids qualified now?
5. You partnership agreement is out of date or nonexistent.
6. You've been taking money out in various ways and that has to be normalized.
7. Sales have been stagnant for many years. Usually because you chose to. 
8. No viable candidate to transition to.
   
   

The list goes on and on. Makes you question whether selling even makes sense. Well here is one more sobering thought. Likely 80% of your wealth is wrapped up in the business. It's your move.

If any of this sounds familiar and you'd like to start taking action today, give me a call 416-270-2466 or email me eric@warrenbdc.com I'd like to assist you.

You never know when it's your time.

I received a call the other day that threw me for a loop. A reader I have known over the years suddenly passed away. He was younger than me, fit, friendly and outgoing. At the top of his game.

His sister called to inform me as she had been going over his emails and came across my most recent weekly email. Not really knowing our relationship, she thought I should know he passed. I wished her family my condolences and said he was a good man.

I didn't know GS well, only to exchange the odd email and have an occasional call. We supported each other with an electronic pat on the back and a 'we'll do something together some day' promise.

He was a good man, hard working, honest, good at his job, and absolutely someone I would have recommended. I wish I had known him better. As for doing something together, that ship has now sailed.

I deleted his name from my database as I wouldn't want to cause unnecessary grief, in the future, to his family with an unexpected email. Too little too late.

As busy as we are, you never know when it's your time. Something to think about.

Cheers, Eric

Eric Gilboord
416-270-2466
eric@warrenbdc.com

We're trying something new.
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 have not, in recent years, run an entrepreneurial venture on their own.

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 if you've tried buying a business from the owner. 
If this sounds like you or someone you know, take a look at our upcoming event.

Buyers' Million Dollar Round-Table Dinner*

• Must have $1 Million+ liquid cash to buy a company.
• Maximum 10 Buyer participants.
• A profile of your business background, industry interests to purchase in and budget will be submitted prior to event.
• Expert guests to move your fact finding forward by months or years.
• Meet other Buyers going through similar experiences as you.
• Dinners are held in a restaurant at a quiet private table. 
• Location and date to be announced.
• Event runs from 7:00pm to 9:00pm.
• Cost is $250.00 (includes dinner).

Right now I just want to see if there is an interest. So if this sounds like something you think could help with your process then send me a quick email eric@warrenbdc.com or call me at 416-270-2466.

On the other hand, if you have a budget to purchase multiple companies, let's talk one on one over lunch or dinner.

 *NOTE this is not a solicitation for investors or buyers to consider a specific company.

Cheers, Eric
Eric Gilboord
416-270-2466

​It is not uncommon for a family business to have an outstanding issue or individual that we might refer to as the elephant in the room. We all know who they are and what needs to be done. But still, year after year goes by and the company suffers. And so do the employees.

Yes sometimes it is the owner. But you can't pile every problem on their shoulders. It could be a spouse (involved or uninvolved) who interferes with the business, a partner not seeing eye to eye with you or even willing to consider your view, an employee in a key position not doing their job, a next generation family member with too much power but not enough experience, a failure to keep up with your industry, a competitor running right past you, a part timer hired to perform an important function but not delivering, the list goes on and on. 

The worst part is you know in your head what the problem is but your heart won't let you solve it. Whatever or whomever the issue is that's keeping your company from further success needs to be on the table, sooner rather than later. Because later will likely be too late.

Outside resources can usually help to resolve the issue cleaner and faster so you can move forward with more ease. And yes if you could solve it internally, why haven't you?

If you'd like to take the first step and discuss identifying an elephant in your boardroom or dealing with the one you know you have please click here or call me at 416-270-2466.

Whomever you call, do it right now! You'll thank me later.

Cheers, Eric

Eric Gilboord
416-270-2466
eric@warrenbdc.com
www.warrenbdc.com 

Ok maybe not the type of question you would expect in a post about buying and selling companies, but just as important as any other. 

I ask this question all the time just to see if the seller is thinking about priorities beyond business stuff. Taking the grandchildren to school, on trips around the world and generally getting to know them as people and influencing their lives is extremely rewarding for both of you. If you don't make the time now, it will slip away far too quickly.

Nobody is suggesting you sell the company and devote all your time to them. Just think about easing back on business activities and making room for the best time in your life.

Whether you're Buying or Selling, if you want to take the first step, talk by telephone for a few minutes, meet for coffee or over lunch please click here.

I was thinking a great topic for the blog might be to help each side understand the other a little better. The following is very top level and each buying and selling situation is very different.

As a Buyer, It's Pretty Straight Forward
You want to find the right fit, at the best price with the least amount of risk. Getting there can be more work than you are prepared to take on internally. Finding good companies to buy, can be like looking for a needle in a haystack.

So finding one outside resource who can identify an acquisition, provide the due diligence and facilitate the purchase would be great. Not so easy to do.

If an outside resource could improve the purchased company after the sale would be a bonus. What's left? Quickly and efficiently integrating it's people & processes into your business with the least amount of turmoil for either side. Now that would be ideal.

As a Seller, Not So Much
Likely you are a first time Seller or the last company you sold was years ago. The learning curve for selling your business today is steep and this may have kept you from acting in the past.  It can seem like you're working alone and in the dark. You have many questions and limited resources to find good quality answers.

You are entering a world having not thought that much about it. Now that it's here you're plain scared. The sale of your company is typically about 80% you and 20% the business.

Some of the many questions keeping you up at night are:

• What's my company worth? 
• What will I do after the sale? 
• What happens to my staff, customers and vendors? 
• When is the right time to sell? 
• How do I find the right buyer?

So nobody really has the upper hand. Each side has its' own set of challenges.

Whether you're Buying or Selling, if you want to take the first step, talk by telephone for a few minutes, meet for coffee or over lunch please click here.