26 Reasons Business Owners Seek Help
August 8th, 2010 // 7:46 pm @ John D. Laslavic
When Might You Want To Recommend Or Seek Assistance from A Licensed Professional Business Coach?
Many life events occur that impact business owners, business partners, business investors and business executives. When should you seek help from an experienced business coach or mentor? And why would you look for one?
ThistleSea Business Developments’ clients come from many different skills, educational backgrounds, careers, geographic locations and types of businesses. But are there some things they have in common? Yes, a few include:
- A strong desire to succeed!
- Knowledge that they might not know everything!
- Some degree of lacking a completely clear vision of the future!
- Experiencing some type of frustration, failure and/or pain!
- A gradual or a sudden change of circumstances in their business or personal life!
- An unending need or desire to learn more and get it right!
So what are some of the types of circumstances you might recognize in others or in your own business that could encourage you to recommend a business coach to another or seek assistance yourself?
Below are some reasons that we see at ThistleSea Business Development that might help you:
- Business is growing to fast for the owner to keep up with the changes needed,
- Owner losing control,
- Lack of business sales growth,
- Desire to sell and/or realizing the business has little value,
- Disputes within the business,
- Son (s) or Daughter (s) taking over the reins of the business,
- Family issues in the business,
- Junior partner takes over the business,
- Business begins to fail after 16, 32 or more years of a successful business,
- Owner ends up in the Emergency Room because of the business pressures,
- Not enough income to earn a profit,
- Bank loan requirements that suggest a higher success rate when owners hire a licensed professional business coach,
- Owner cannot find employees, who care,
- Owner 2 years in business and the business not working,
- A monumental mistake that puts their business at extreme risk,
- Owner failed in one business and not wanting to fail again,
- Looking for a new location to establish or re-establish the business,
- Retirement of a senior owner or partner,
- Co-owner not fulfilling their responsibilities,
- Theft of business assets by a co-owner or employee,
- Owner continues to self-sabotage,
- Competition from other businesses or individuals,
- Franchise model broken because of owner’s success,
- Added additional locations and owner (s) are out of control,
- Death of the owner or key employee,
- Lose of key customer (s) severely impacting revenue / cash flow.
If you are experiencing any of these situations in your business or others, be encouraged that there is help and these situations have answers and can be resolved for business improvement.
Our staff and allies at ThistleSea Business Development can help you identify the best way to start, resolve these issues and help you gain clarity and take action. We encourage contacting us at 724.935.1930 for a free initial consultation.
By John D. Laslavic, LPBC, President
© 2010 All Rights Reserved, ThistleSea Business Development, LLC
Selling Your Business
August 3rd, 2010 // 1:33 am @ John D. Laslavic
Exit Planning – Cost of Doing Nothing!
By: Tony McDaniel, CPA, CBI, BSN is the president of Allied Business Consultants
Most businesses simply do not sell. And for those business owners who successfully sell their company, to either an external third party buyer or internally to family members or key employees, most do so without proper exit planning. Under either exit scenario, the cost to the owner is often significant when compared to the benefits of implementing a successful exit strategy.
Without an exit strategy, the owner typically sells for too little…..by as much as 30% to 40% according to some industry statistics. Additionally, when selling the business internally to family members or key employees, the cash component to the owner at closing is substantially lower than when selling to a third party buyer.
Real costs to business owners who do not properly plan for the exit of their business include the following:
- Sale Price is often lower…..by as much as 30% to 40%
- Cash at closing to the owner is often substantially less
- Likelihood of actually selling is significantly reduced. Industry statistics show that only 10% to 30% of businesses on the market at any point in time actually sell.
- Pay more in income and estate taxes
- Owner does not control the exit process….the buyer does
- Personal and financial goals are not achieved
- Becomes a burden to the family if the owner dies
- Privacy and confidentiality can be difficult to maintain
The key to avoid or minimize the above costs is to be pro-active. Do not be a statistic. It is estimated that up to 70% of all privately held companies will transfer ownership over the next 5 – 10 years. If you are a business owner, then your business will probably fall into this statistic. If so, now is the time to take action!
Our business enhancement services are a key component to successful exit plans. Our experts are skilled in providing guidance on increasing your annual revenues and minimizing your annual expenses. The end result is an improved annual bottom line profit by as much as 100% – 200% and in turn, a substantially higher sale price for your company.
As a business owner, not only will you benefit, but your family will also benefit from your pro-active actions. You will also greatly diminish the likelihood of being a statistic of forfeiting substantial money when you exit your business. Please call us today to discuss your unique and individual objectives.
About the author: Tony McDaniel, CPA, CBI, BSN is the president of Allied Business Consultants serving Pittsburgh and surrounding areas. Tony is a Business Sales Expert focusing on assisting owners of small to medium sized privately owned companies exit their business. In addition to his 18 years of mergers and acquisitions experience, Tony previously practiced public accounting for 10 years, including prior employment with Ernst & Whinney, a Big 8 public accounting firm. Tony can be reached at 412-377-0500 or tmcdaniel@ABCbizsales.com. All discussions are kept strictly confidential.
(c) 2010 all rights reserved; ThistleSea Business Development, LLC
Category : Blog &Featured &Uncategorized