Blogs
How to Increase Business Value by 50% in 3 Years
I sat across from a manufacturing owner last year. Good guy, built his business over 25 years. He wanted to retire in three years and figured his business was worth...
Start Reading...7 Signs Your Business Isn’t Ready for Sale
Here's a conversation I had last week. Business owner calls me: "Jim, I want to sell my business in the next six months. Can you help?" "Sure," I say. "Tell...
Start Reading...The 6 Exit Options Every Business Owner Should Know
Most Michigan business owners assume they have two exit options: sell to someone or close down. That's like thinking you can only paint a room white or black, completely missing...
Start Reading...5 Signs Your Business Loans Need Refinancing
A manufacturer in Warren called me last week, proud that he'd never missed a loan payment in 8 years. Then I showed him he'd overpaid $127,000 in unnecessary interest because...
Start Reading...7 Signs You’re Not Ready For A Business Loan
A service business owner called me yesterday wanting to apply for a $200,000 loan. When I asked about his books, he said "my accountant handles all that." When I asked...
Start Reading...Why Family Business Succession Fails 85% of the Time
I've guided dozens of Michigan family businesses through succession planning over the past 30 years. Want to know what keeps me up at night? Watching good families destroy both their...
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Business Credit Line Portfolio: Managing 3+ Lines Effectively
When you're running a business doing $5 million-plus annually, one credit line isn't enough. Not even close. You've got equipment purchases that need different terms than working capital. Seasonal inventory...
Start Reading...The 10-Step Business Succession Planning Checklist
I met with a business owner last month. He'd been running his company for 28 years. Doing well, profitable, good reputation. "Jim," he said, "I think I want to retire...
Start Reading...Business Valuation Improvement: 8 Strategies That Work
"Jim, how do I make my business worth more before I sell it?" I get asked this question constantly. And the answer depends entirely on what's limiting your valuation right...
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5 collection strategies that preserve customer relationships
I can see it in your face when we start talking about collections. You get that same look every business owner gets - like you're about to ask me to...
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