What is Benchmarking? Benchmarking is the process in which a company compares its own performance metrics against others in the industry. Business owners use this tool to identify best practices that will help improve business performance. Benchmarking helps to...
As we work with people selling their businesses over the past fifteen years, we have come across a number of “myths” that people believe that aren’t true. As Mark Twain once said, “What gets us into trouble is not what we don’t know. It’s what we know for...
Choosing the right name for your business can be a daunting task that can leave quite a few “what ifs.” Do you want it to be personal? Should it be catchy and punchy or should it be straight to the point? A good name is memorable, stands out from the crowd, speaks to...
Many business owners will find sales slumping now and again as trends, seasons, and buying habits change, and no matter what, slow sales mean a threat to your profits. Or do they? Objectively, if you’re not bringing in as much money, yes, your profits will suffer, but...
Starting a business with a family member or multiple family members might seem enticing at first. You’re comfortable with each other, you may already have shared finances, and you likely have a good read on their capabilities. Just like mixing “business with pleasure”...
Anyone who has ever bought or sold a business — or has even thought about it — has likely heard the term “due diligence.” Most people, however, don’t fully understand it or tend to underestimate its value. Due diligence is defined as “reasonable...
