Are you out of breath from the impact the economy had on your business during the last several years? Is it time to develop some New Year’s resolutions that will make a difference in your business? Adopting a new diet, jumping on the treadmill or committing to run a half marathon are common items on the “personal” resolution menu. However, is it time to add energy and resources to your resolutions in order to improve the health of your business? (more…)
Posts Tagged ‘Business Planning’
You have a bank. But do you have a relationship with your bank? A relationship with your bank is important to the success of your business. A banker can be a great source of information and a valuable part of your team. Too often it seems that the banker is only contacted when money is tight or there is an immediate need for cash flow. A business then spends several weeks obtaining information for the banker and attempting to communicate the importance of the current need. If the business had an on-going relationship with the bank, then this process is much easier to handle for the banker and the business. (more…)
As a business owner in the oil and gas industry, you may have a substantial and noble strategic vision for your company. You may even be thinking that the list of possibilities for what your company can become is endless. But wait… how do you reach your business goals and get to where you want to be? (more…)
Do you plan to sell your business someday? Although you may not think of your business as a traditional retirement plan, it may be the largest asset you have to “cash in” upon retirement. There are many issues to consider when thinking about selling your business.
Timing of Business Sales
One of the first things a potential buyer is going to ask for is historical financial statements. If your most recent financial statements show healthy profits, you are more likely to be able to justify a larger selling price than trying to sell your business after several less profitable years.
Current developments in your industry may also impact the timing of when you want to sell your business. Do you anticipate new government regulations that could impact your business? Or is there a trend of consolidations in your industry? If so, this may increase the value of your business.
About 25 percent of businesses fail within the first year, according to Small Business Trends. Only 44 percent survive for four years. What if your business doesn’t make it?
If you don’t have a buy-sell agreement, things could get hairy. Or if you developed one in haste and never update it, the buy-out probably won’t be fair to all parties. The hassles from litigation that result from faulty buy-sell agreements could last for years and negatively impact your business. (more…)
One measure of great business leaders is that their businesses continue to thrive once they leave their positions. Visionary leaders captain the ship today while making plans for someone else to take the helm tomorrow. Proactive succession planning allows businesses to continue their smooth sailing long after the captain abandons ship. (more…)