The Bottom Line

May 5, 2008 | Link This | Email this | Comments (2)

You’ve reached retirement age and are ready to sell your business within the next year or two. Here are five basic steps you should ask yourself to ensure that your business is ready:

1. What is your business worth? One of the first things you should do is obtain a realistic idea of what your business is worth from an objective, outside source. A professional valuation will give you a basis for gauging buyer offers and will give you an idea of what you can expect to net from the sale.
2. Are your books in order? Buyers evaluating your business generally require at least three years’ worth of financial information.
3. Have you consulted your financial advisor? It’s wise to speak to your tax advisor for help planning

April 29, 2008 | Link This | Email this | Comments (0)

The simple answer is YES. The Fed has begun to aggressively cut interest rates and it was the perfect time for me to play one bank against another. I contacted a competing bank that just opened up a branch in my area. I know this bank would be hungrier for my business than the bank I am doing business with now. I received a quote from this new bank on a loan exactly like my existing one—same in size of terms, size, duration, etc. I took this quote to my current bank and they were not willing to lose me (a long-standing customer of course). Once I presented them with the lower rate they were more willing to make a deal and keep my money there. If you’re in need of a business loan with an enticing interest rate be sure to shop around—don’t get to comfortable where you’re at because their might be a bank/lender that’s just as well known willing to make you an irresistible offer to help manage your small business.

April 27, 2008 | Link This | Email this | Comments (1)

April 26, 2008 | Link This | Email this | Comments (0)

April 23, 2008 | Link This | Email this | Comments (0)

We all know image isn’t everything but it’s pretty darned close. I have to admit I’m not the nicest dressed person in my store—yeah I wear nice slacks and blouses but I’m definitely not likely to come in wearing a professional suit or dress. I do have a few pants sets with jackets but I think I’ve honestly worn the jacket once.

For employees, I have clearly outlined the dress code in our policy manual. I have stated women’s apparel should not be too revealing or tight fighting. For example, a dress should not reveal more than one quarter of the thigh. Blouses not to be transparent or too low. For men, again no apparel that is too tight fitting. Men’s shirts to have collars unless accompanied by a sports coat—buttoned and not worn open or too l...Read More