4 Questions to Answer

Developing a marketing strategy for your business can be tough, especially if you don’t know where to start or what to focus on. Referring to the four questions below to help guide you. Continue reading

$9 Million Business Sells for $55 Million

Stephanie Breedlove started a payroll company in 1992 to solve the problem that families had in paying for their nannies.  She began small and self-funded the business growth which averaged 20% per year.

In 2012 annual sales were at $9 million when she received a call from a company that wanted to buy her business and offered almost $40 million – more than 4 times annual revenue.  Breedlove turned down the offer.  She wanted more and settled on a price of $55 million.

Breedlove’s story illustrates the importance of having a unique point of differentiation, called the Monopoly Control by John Warrilow, author of Built to Sell.  She had created a special niche in paying caregivers.  The company that bought the business could not easily replicate what Breedlove had developed, which is why they paid such a high premium for Breedlove’s company.

To find out how you’re doing on The Monopoly Control business value driver, complete the Value Builder questionnaire now.

What did your score look like?  Call for an appointment to go over your score and discuss ways to improve it.  931-456-4910

Not Good with Numbers? Are You Good with That?

How many times have you heard someone say, “I’m just not a numbers person”? Have you ever been that person? It’s a common expression and an easy escape hatch to fall through when you’re staring at spreadsheets full of numbers and formulas. But it’s a phrase, and an attitude, that’s ultimately unproductive and stopping you from taking your business to the next level. Continue reading

Make 2017 Your Best Year Yet with an Annual Plan – PART 2

Many businesses have been in business 3, 8, 12, or more years, yet each year is a repeat of any other prior year.  Why?  Because everyone is so caught up in the day to day work of the business (working IN the business) that they don’t take the time to step back and take an assessment of where the business is  and intentionally do things differently to move forward toward the vision for their business (working ON the business).  Continue reading

Retirement Options

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As the April 15 personal tax deadline looms, you’re likely overwhelmed with short-term concerns about your business budget and your personal finances. You should also be considering two crucial longer-term questions: What are you saving for retirement, and where are you saving it? Continue reading

A Cash Mob?

money

What are Cash Mobs?

Cash Mobs are flash mobs, but instead of singing and dancing, people spend money as a group!  They target the small, local businesses that make each community special in order to give the business owners an economic stimulus.  They help businesses grow, they make people happy, buyers find something to buy, people have a great time and get together to celebrate afterward! Continue reading

It’s Beginning to Look a Lot Like Numbers…

kooky-numbers

The season where we all start to look at our numbers will quickly be upon us. The end of the year. The context that those numbers are in matters, so take a deeper look this year until you understand what your numbers are really telling you.

Let’s say you brought in $200,000 of revenue this month. Is that good or bad? It depends. If you brought in $100,000 last month, it’s good. If your expenses were $400,000 this month, it’s bad. Everything in context. Continue reading

Personal Guaranties & Business Loans

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Business loans – particularly those for new startup businesses – often require the borrower to provide a personal guaranty for the bank to proceed with the loan.  A number of the clients that we speak with aren’t clear that if the business is unable to make the loan payments that they are personally liable to pay the business loan back even if the business closes.  In short, you promise to pay the loan back even if the business no longer exists – from your personal assets.

The following article, written by an attorney, helps explain the personal guaranty…     

Personal Guaranties: What Small Business Owners Need To Know

BY JOSEPH F. KOLB

Why do small business owners need to know about personal guaranties? Because personal assets – homes, cars, checking accounts – are on the line, not just business assets.

As a small business owner, it’s likely you’ve been asked to sign a personal guaranty agreement.  If not yet, you will be. Personal guaranties are staples of small business financing.  Consequently, it’s to your benefit to know a few things about them. Continue reading

A New Twist for Gift Cards

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Gift cards are big business. Each year $400 billion worth enter the market. About 30% of gift-card values go unspent annually, in part because it’s so easy to forget about that piece of plastic you’ve tucked away somewhere. At 23 George Bousis started his Chicago-based company, Raise, offering gift-card holders the chance to sell the cards they don’t want and buy others they do want at a discount. With the new mobile app, Raise lets consumers grab discounted cards as they wait in line to make a purchase. Continue reading

Business Taxes for the Self-Employed: The Basics

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Posted by the Internal Revenue Service

FS-2015-22, August 2015

For anyone starting a small business, especially those who are self-employed, the Internal Revenue Service offers some basic information on filing, reporting and paying taxes.

Generally, one is self-employed if they:

  • Carry on a trade or business as a sole proprietor or independent contractor, or are otherwise in business as an individual, including a part-time business
  • Own an unincorporated business

Continue reading