Small Business Boomers

If you are a Baby Boomer who is trying to sell a business, this is obviously a difficult time. I know of several professionals who are trying to sell practices, and they are finding that they must “be the banker” for the transaction, since the buyer cannot get bank financing.
A recent Wall Street Journal Small Business Link article notes that small business owners are increasingly forced to provide contracts for buyers.  If you need to sell your business, here a couple of tips:
Get Your Business in Order. I mean, clean up.  Clean the offices and your production areas before …read more

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Over the past few days I have done two posts interviewing John Leonetti about his book Exiting Your Business, Protecting Your Wealth.  I have been talking with several young professionals who are looking for businesses to buy or who are buying businesses from Baby Boomers, so today I wanted to give you some insight into these young people.  I figure the more information you have the better.

Who Wants to Buy Your Business? Your prospective buyer might be anyone, but I would guess they have several characteristics:
They are young – probably under 35
They are male, although more and more I talk …read more

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If tough financial times have made you sick and tired of the  grind  of having your own business, maybe you’re ready to sell.  But selling may not be the best option; you should consider the whole picture.
I recently read a book titled Exiting Your Business Protecting Your Wealth by John Leonetti and I talked with Mr. Leonetti about how Baby Boomer business owners can exit their businesses gracefully while getting the maximum value for all their hard work. I’ll be sharing some of his thoughts today and tomorrow.
How do Baby Boomer business owners assure that they get the highest value …read more

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Many business owners have said they are being affected by the credit crunch in two ways:
1.  They are unable to borrow money to pay their bills.
2.  Their customers are taking longer to pay.
The availability of credit is a serious problem for any small business.  It’s about survival.  Believe me, I’ve been there.  The problem may start out as a small amount that you need, “just to make payroll,” and it grows.  Pretty soon, you’re using your credit cards to put money into your company to pay your business bills and pay employees.  And it gets worse. If your business has …read more

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