Not as rough as 2020, but 2021 was no picnic for many people and businesses. Supply chain challenges, microchip shortages, cyberattacks, inflation, and labor concerns dominated many conversations in the board room and at the dinner table.
Perhaps it’s wishful thinking, but it appears that many ...
Risk. It’s a word that means different things to different people. Some people are fairly risk averse and like to minimize it at all costs. For them, a steady paycheck and conservative investments help them sleep at night. For other people, the thought of risk gets their adrenaline pumping and the ...
It’s no secret that businesses are having labor troubles. Everyone is hiring. Hourly wages are going up. Restaurants are reducing hours and days of operation. Supply chains are interrupted. It’s EVERYWHERE.
If you own a business, this might be what is driving you to consider selling. Or perha ...
I consider myself blessed to work with successful entrepreneurs. I love to hear “the story”: How they started in a spare room or a garage with little or no money, grinding it out 80-90 hours a week. Now, after several decades, they have a very nice business. They are all extremely competent and ...
Have you ever wondered HOW people sell their business when that time arrives? You may know intuitively that it’s not like selling a car or a piece of real estate, but most people don’t know where to begin when they’re ready to sell their business. At Murphy Business, we guide clients through t ...
If we had a dime for every time a business owner told us they wanted to get a million dollars, five million, or even ten million dollars for their business…well, we’d have a LOT of dimes!
Often times there is more of a psychological component to this “magic number” than anything rooted in ...
Even though most business owners have approximately 85% of their net worth attributed to their business, most run their business day after day, month after month, year after year, and have no idea what their business is worth. They may think they know, but often the price they have in mind is not re ...
It takes the same amount of time for someone to form their first impression of you as it does for you to read this sentence. It doesn’t take much longer than that for someone to form their first impression of your business. What impression does your business make?
When we’re having guests ...
If you own a business, at some point you’ll probably need to know what your business is worth. It might be for estate planning purposes, a major life event, or perhaps you’re thinking about selling your business. Whatever the reason, there are some “valuation traps” out there, so we want ...
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Let’s talk about everyone’s favorite topic: TAXES! *insert eye roll here*
Disclaimer: we are not CPAs or attorneys so you should not consider this newsletter as tax or legal advice. Now that we have that out of the ...
Below is a summary of the benefits for business owners, PPP borrowers, buyers, and sellers. I won’t attempt to cover the many other facets (unemployment benefits, stimulus checks, funds for vaccinations, etc.) that are included to bolster individuals and consumers, as there will be many othe ...
It’s a new year! And while it may not feel that much different than the challenging one we left behind, it’s still traditionally a time to assess our current situation and make a resolution to change things that need to be changed. Often, we try to look at ourselves objectively and determine if ...
Great News for Buyers and Sellers
While this has been in limbo for a few days, it was signed into law last night by the President. Below is a summary of the benefits for business owners, PPP borrowers, buyers, and sellers. We don't attempt to cover the many other facets (unemployment benefits, s ...
“Know when to hold ‘em, know when to fold ‘em, know when to walk away, and know when to run…”
Kenny Rogers may have been talking about gambling, but the lyrics work for business owners too. Over half of businesses in the US have been impacted by COVID this year to some degree and as we ...
If you’re a savvy business owner, you know that maintaining strict confidentiality is critical when selling your business. Only a handful of people should know you’re thinking of selling: your spouse, financial planner, accountant, and attorney. Often, this element alone will push a seller towar ...
If you are searching for a business on internet, you should know that, unfortunately, most of the businesses that you see will never sell. This could possibly be due to the business being overpriced, the financials are in poor condition, or a number of other reasons. We can help.
Ask yourself thi ...
One of the top questions we’re asked in this unprecedented COVID environment is “are you still selling businesses?” The answer is a resounding YES! The follow up question usually has something to do with how banks are supporting those transactions, so we thought we’d examine what we’re see ...
You probably have a financial advisor who is managing your money and will advise you as to whether or not you’re on track for retirement. That’s smart and, for most of us, essential. Even the most talented, worth-their-salt money manager will tell you that their financial models can be “garbag ...
We have all heard it said “buyer beware”. The belief was that sellers were peddling substandard goods or elevating prices beyond what was reasonable or offering warranties that were constructed to be indecipherable at best and absolutely no good at their worst. Sellers were preying on th ...
Business owners often consider trying to sell their business themselves. For some people, this may be a viable option, but for most it isn’t a wise business decision. There is a lot that goes into the complicated, time-consuming process of selling a business. When you hire an experienced busin ...