4 Characteristics of a Good Succession Candidate

Thinking about succession plans is something many business owners just never get around to doing -- until it’s too late. Some entrepreneurs are too uncomfortable facing the prospect of their own mortality, while others probably genuinely think that they will always be leading the company while they're alive because they simply can’t imagine doing anything else.  The truth is that no matter how long you’ve been Read More

Key Employee Retention Plan

The COVID-19 pandemic has decimated the income and profit streams of small businesses across the country, many of which were already on less-than-solid financial ground. Various state and federal measures have been enacted to provide individuals and businesses alike with some amount of financial relief during the severe economic downturn. In late March, Congress passed and the president signed the $2.2 trillion CARES Read More

3 Ways to Maximize Your Management Team

There are plenty of good leaders in small business who conduct themselves honorably and work long hours to make their passion project a successful business enterprise. One of the marks of a truly great leader, though, is being able to create more great leaders. While some entrepreneurs want to keep being as hands-on as possible throughout their career, many others would prefer to eventually take a step back and enjoy Read More

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