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King of Taxis Gets Run Over

King of Taxis Gets Run Over

Gene Friedman, better known as the “King of Taxis” in New York City, had it all just a few short years ago. He really did. He owned more than 900 taxi cab medallions, EACH worth more than $1,000,000. Life was good. Then it happened. It didn’t seem...
Exit Plan Strategy For Business Owners

Exit Plan Strategy For Business Owners

One way or another… you are going to leave your business. It is a sure thing. 100% guaranteed. Just like death and taxes! How handsomely you reward yourself on that occasion depends on the strategy (better known as an “Exit Plan”) you put into motion...
How Much Is My Business Worth?

How Much Is My Business Worth?

There comes a time in nearly every business owner’s life when it’s necessary to put a price tag on the value of your company. Maybe you’re selling. Maybe you’re buying. Maybe you’re adding a partner or investor. Or maybe you’re adding an employee stock option plan....
Are YOU Prepared For Your Moment In The Sun?

Are YOU Prepared For Your Moment In The Sun?

As a business owner, you need to be prepared when opportunity strikes. Or when the unthinkable happens. The two most common reasons owners unexpectedly sell or exit their business is getting approached with an unsolicited offer; or having a health scare (e.g., heart...
What Business Sellers Really Want To Know

What Business Sellers Really Want To Know

Business owners have lots of questions when it comes to selling their business. Here are the ones I hear most frequently and ones that you should get answers to before deciding to sell your business… * What is my business REALLY worth? * How can I find the right buyer...
The Cold Hard Facts About Selling A Business

The Cold Hard Facts About Selling A Business

While everyone THINKS they know how the process of selling (or buying) a business works… the truth is: 1. The motivation to BUY a business is seldom money. 2. The motivation to SELL a business is seldom money. 3. Different buyers pay different prices. 4. Only the...
Ethics Meets Integrity

Ethics Meets Integrity

In Harvey McKay’s great book he tells a true story about a Professor Bonk (who taught chemistry at Duke University) to illustrate an important point about ethics and integrity. First, integrity is always right. Second, dishonesty can be a very risky business....
Nine Women Can’t Make a Baby In One Month

Nine Women Can’t Make a Baby In One Month

There are some things in life that take time, no matter how much you want to rush them. As business owners, most of us have little patience for anything. That’s why we’ve been so successful! No messing around. Roll the sleeves up, let’s get right to...
Top 10 Reasons Selling A Business Is So Hard

Top 10 Reasons Selling A Business Is So Hard

Here are the top 10 reasons why selling a business is so hard in today’s “Digital Disruption” economy: 10. Business buyers don’t really know what they want to buy, but as in art, they will recognize it when they see it. 9. Buyers are overwhelmed with...
5 Things A Business Owner Worries About

5 Things A Business Owner Worries About

Sure, we’re all busy. Even 12 year-old kids talk about how busy they are (well, maybe they text how busy they are!). Business owners are no different. But it is fascinating to learn the thoughts that keep them up at night are shared by most other business...
What Makes A Business Desirable To A Buyer?

What Makes A Business Desirable To A Buyer?

For your business to be desirable to a buyer, there are 8 key questions that need answered: 1. Does the BUYER have the skills and knowledge to improve the business? 2. Does the BUYER have the financial resources to buy and run the business? 3. Does the BUYER enjoy the...