After working with business owners for 25+ years, the following statements are true. Many owners: Yet years pass as they struggle with the decision. Why? First, it’s critical to add some insight surrounding two words- selling and retiring. Selling vs. Retiring Owners often think these two
(Hint: It’s not about the money.) “It’s no mystery why you keep working!” With 20+ years in the industry, the following are true statements: · Most business owners struggle with the thought of retirement. · Many owners considering retirement have plenty of money. · Many say they want to retire. · Many say they’re ready to retire.
Due to the strength of the industry, restoration businesses should be front and center as solid acquisition targets. Selling a business can be scary. Terrifying when the economy isn’t cooperating. These facts will ease your fears. There are three primary factors driving the value of your
Understanding the process in advance will clarify your expectations… and protect your sanity. Recently a restoration business owner called and asked, “What should I know before selling my business?” It’s a perfect question and should be asked by every owner nearing retirement. The obvious answers include business value, deal
Give yourself a chance to take advantage of the current market trend. As a restoration contractor you’ll likely sell only once in your lifetime. Don’t eliminate a best possible outcome by not knowing what to expect or how to plan. I’m not talking about hiring
Many business owners are both ecstatic and terrified at the thought of life without their business. Life Beyond Work Years ago, I brokered the business of an 83-year-old owner who had started her company in 1951 at the age of 29. Her name, face and
Many owners have heard of EBIT, EBITDA or Adjusted Earnings, all various ways to calculate the earnings of a business. What does ‘quality of earnings’ have to do with it? Absolutely everything. First, let’s define ‘quality of earnings’: The proportion of income attributable to the core operating activities
There comes a time when you as an owner will exit your restoration business. This could be a result of a strategic plan as retirement approaches, a son or daughter taking over, health issues, or possibly a liquidation event. The best exit (and most
Working with cleaning and remediation companies throughout the U.S and Canada, I have two crystal clear observations. First, it’s obvious which owners have prepared to sell their company, and which have not. Second, all owners (prepared or not) desire top dollar for their firms. Can
For some the thought of selling creates a feeling of euphoria, for others terror. After decades of successfully owning and operating a disaster restoration company, the thought of selling may cross your mind. When it does, shouldn’t your emotions be closer to the euphoria than
