The Risks of Under-Reporting Income for Business Owners
One of the most critical questions for prospective buyers, investors, and lenders is understanding a business’s true income. However, it should come as no surprise that the party most invested in uncovering this information is the Internal Revenue Service (IRS). Why is determining a business’s real income so difficult? While financial records should provide a clear picture, business owners...Read More
Understanding the Odds of Selling a Business
When it comes to buying or selling a business, we often get asked two common questions: “How many businesses are for sale?” and “What percentage of businesses on the market actually sell?” To get a sense of the market, it’s important to break things down by business category. The industries that make up the majority of small to mid-sized business sales include: manufacturing, wholesale...Read More
The Entrepreneur: Understanding Strengths and Weaknesses
Entrepreneurs are typically dynamic and driven individuals who play a critical role in driving innovation. However, to succeed, they must leverage their strengths while being mindful of their weaknesses. By understanding both, entrepreneurs can maximize their potential and build more sustainable businesses. Strengths of Entrepreneurs Flexibility and Positive Attitudes Entrepreneurs are...Read More
Does Your Company Have an “Orphaned” Product or Service?
Many businesses have a product or service that’s performing reasonably well, perhaps even thriving, but doesn’t quite align with the company’s core offerings. It’s often called an “orphaned” product—a good or service that is disconnected from the company’s main focus. If you find yourself in this situation, don’t panic. It’s more common than you might think. In fact, there are many buyers,...Read More
