A Brief Guide to North Carolina Business Classifications

As you look at expanding the boundaries of your professional life, you could be looking at merging enterprises or outright purchasing another company. Before making any moves, it is advisable to have a solid understanding of the types of business entities at your disposal. This blog lays out some common classifications you may encounter in North Carolina.  Sole Proprietorship If you plan on owning and operating Read More

A Brief Guide to Business Succession Plans

Due to the nature and structure of many small businesses, a properly crafted succession plan is vital for a small business’s continued success. Succession planning is more important for an average small business than it is for an average corporation. So, why do more than half of all businesses not have a formal succession plan in place? One major reason is the same reason many people never get around to crafting a Read More

Understanding Discretionary Cash Flow

Known by different names (discretionary income, discretionary earnings), the seller’s discretionary cash flow is a particular marker of profitability that lets you and others know more about the valuation of your company. Many buyers will ask about this metric when buying a company to learn about the typical amount of profit available to be used at the discretion of the owner. Essentially, the discretionary income Read More

The 3 Documents You Need to Protect Your Business

You’ve built a businessful business, but your job isn’t over yet. One of the most important parts of creating a profitable enterprise is ensuring that it continues to do well (even when you’re no longer at the helm) and, ideally, increases in value. Below is an overview of the three documents that you need to protect your business and its future. Buy-Sell Agreement Buy-sell agreements have been called Read More

Moving On: How to Pass Your Business on to Family Members

You’ve worked hard to make your business the success that it is today, and you’re nearing the point where you’re ready to pass it on to your children. Like all business decisions that you’ve made up to this point, transitioning the company to the next generation requires a lot of careful consideration and preparation. Before you start planning, however, ask yourself a hard question: are any of your children Read More

Time for a Change? Ask Yourself These 4 Questions Before You Decide to Sell Your Business

It seems like only yesterday that your business was a tiny but promising startup. Now you’ve received an offer that reflects how much the company has grown, along with its value. The prospective buyer is offering enough money to fund the next stage in your life, whether that be retirement or funding another business, but is now the time? Is this the right move for you and the company? Below is a list of four Read More

7 Signs a Business Is a Good One to Buy

Buying an existing business can be an excellent investment. Turnkey operations don’t involve the often-challenging startup phase, but they do have an existing product line and customer base. Everything is already in place, from incorporation to inventory, so you’re ready to start making money once the sale is finalized. It sounds great, but here’s a caveat: businesses are a lot like used cars. You can buy one that Read More

How to Build a Management Team to Take Your Business to the Next Level

When a customer asks you the price of something you sell, your reply will be confident and immediate. But what if someone wants to know how much your business is worth? What would you tell them? If you don’t know for sure, you’re not alone. Few business owners know for sure what their company is worth. They may venture an estimate based on the sales prices of similar businesses, but the figure is usually way off Read More

6 Things Innovative Leaders Do to Build Success

Companies need to innovate to grow and stay ahead of the competition. If you take a closer look at organizations like Amazon and Airbnb, it becomes clear that they are always anticipating the next trend, listening to what their customers want, and willing to shatter the status quo, even if doing so makes them into a different company. Leaders at these and similar companies build success because they embrace goals Read More

Three Ways to Discover the Innovation That Will Meet Customer’s Needs

Marketplaces everywhere are becoming significantly more competitive, thanks to the new technologies and greater trading and information-sharing opportunities made available by the Internet. Innovation and the successful execution of new ideas are essential to a company being able to bring new and improved offerings to the market, become more profitable, and, most importantly, meet customer needs. Innovation can Read More