Business Tips And Advice
Tips and advice from Jim
When Business Gets Personal: Dealing with Guarantees in the Sale of Your Company
PERSONAL GUARANTEES Most small business owners soon find out that it’s difficult to get credit in the name of their company without providing a personal guaranty. A personal guaranty is exactly what it sounds like: the business is allowed to buy supplies on account,...
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Noncompetition and Nonsolicitation Agreements
Buyers often want (or need) the seller to stick around after the sale is completed to transition key relationships with customers, suppliers, and lenders, or to provide training and know-how regarding business operations. Often this is documented in an employment...
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Dangers in the Transition Zone of a Business Sale
Sellers must exercise caution in several areas when negotiating the sale of a business. For example, buyers often want to prevent the seller from setting up a competing business to lure away customers or clients. Typically this means signing a noncompetition agreement...
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Pay Now, Save Later?
Today’s post is from guest blogger Eric Williams, a business broker and consultant who helps owners of small-to-midsized companies maximize the value of their business. Eric is the owner of CoDiligent, LLC. Many entrepreneurs believe they should be rewarded for...
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Business Killers Self-Assessment #6: “You Can’t Beat Uncle Sam”
The final post in our Business Killers assessment focuses on the sixth mistake that business owners make when running their company: failing to anticipate and plan for changing federal and state tax laws. Answer the following questions to see if your company is...
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Business Killers Self-Assessment #5: “My Business is my Retirement”
Today’s post focuses on a fifth critical mistake that business owners make when running their company: failing to adequately fund a retirement. Answer the following questions to see if your company is vulnerable: • Does the owner have investments other than his or her...
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Business Killers Self-Assessment #4: “There’s Plenty of Time for That”
Continuing our review of the six common mistakes that can destroy businesses, we now turn to the fourth mistake: procrastination about retirement and succession planning. Answer the following questions to see if your company is vulnerable: • Does the owner know when...
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Business Killers Self-Assessment #3: “That’ll Never Happen to Me”
The blog continues today with our ongoing discussion of the six common mistakes that can destroy businesses. The third mistake is failing to have a succession plan that spells out who takes over the company if the owner becomes temporarily or permanently unable to run...
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Business Killers Self-Assessment #2: “I’m Too Busy Running the Company”
In today’s post we’ll continue our review of the six common mistakes that can destroy businesses. The second mistake is failing to do estate planning, and specifically the failure to accurately estimate (and pay for) any tax liabilities that result from a business...
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Business Killers Self-Assessment #1: “I Know What My Business is Worth”
Last month we discussed six common mistakes that business owners make and their potentially devastating consequences for those companies. This month we’ll go a step further and let readers examine their own risk level for each of these mistakes. The first mistake...
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