Blog

7 Important Questions to Ask Yourself When Selling a Business

By Patrick Bice | February 10, 2024

There is no denying the fact that for most people, the decision to buy or sell a business is one of the most important professional and financial decisions that they will ever make. Let’s turn our attention to some of the key questions you’ll need to ask. 1. What is really for sale? You’ll need…

Steps for a Successful Closing

By Patrick Bice | February 3, 2024

The closing is a pivotal moment in the history of a business as it marks the formal transfer of a business from one party to the next. Behind every successful closing is months of focus and hard work. Simply stated, a successful closing doesn’t just happen, but is instead the byproduct of extensive negotiations.  One…

Lack of Experience Can Be a True Deal Killer

By Patrick Bice | January 27, 2024

Most business owners are experts at running their specific businesses. They are not necessarily experts at selling businesses. This is where working with a seasoned brokerage professional can prove to be invaluable.  As it turns out, there are endless examples of people trying to save money by simply finding an MBA to handle the sale…

What to Consider Before Handing Your Business Over to the Next Generation

By Patrick Bice | January 20, 2024

No business owner will be able to stay with their business indefinitely. For this reason, you will either have to eventually sell or hand your business off to the next generation. Let’s take a closer look at the concept of handing a business over to a family member and how you can make sure that…

What Can Negatively Impact Your Chances of a Sale?

By Patrick Bice | January 13, 2024

The last thing that any business owner wants is for a sale to fall through over something that was completely preventable. The good news is that with proper preparation and planning, these mistakes can be minimized or avoided altogether. Workforce Issues One of the top mistakes that business owners can make is allowing for an…

What You Need to Know About the Confidential Business Review

By Patrick Bice | January 6, 2024

There are many different strategies that will likely be deployed during the sales process. In this article, we’ll focus on how to utilize the Confidential Business Review CBR and/or CIM. Frequently, the Confidential Business Review is also referred to as a Confidential Information Memorandum. But no matter what name is used, the CBR/CIM provides a…

Bill of Sale

What’s Included in a Bill of Sale for a Business?

By Patrick Bice | January 4, 2024

A business bill of sale is a document that legally transfers ownership of a business from the seller to the buyer. It also records specific details about what is included in the sale, the date of the sale, and the sales price. Here’s a deep dive into what every bill of sale for a business…

Making the Most Out of Your Confidentiality Agreements

By Patrick Bice | December 23, 2023

Great deals can quickly be derailed when confidentiality agreements are not properly used and observed. The number of headaches that can occur due to a failure to follow the requirements of a confidentiality agreement are rather extensive. Whether it is employees discovering the potential sale, to the loss of key customers or even alerting a…

Discovering How to Leverage SBA Lending Options

By Patrick Bice | December 9, 2023

For most entrepreneurs, finding the money to launch their first business stands as a tremendous challenge. The good news is that getting a loan through the Small Business Association (SBA) is turning out to be a viable option for many business owners. The SBA doesn’t directly provide loans itself, but instead, works to facilitate lending.…

Employees and the Long-Term Success of Your Business

By Patrick Bice | December 2, 2023

There can be no doubt that the quality of your employees will directly impact the quality of your business and its long-term value. Employee quality and the success of your business are intrinsically linked. Unfortunately, far too many entrepreneurs learn this lesson too late, and their businesses suffer as a consequence. Employees who do not…