Tag Archives: Selling your business

Unique Businesses Are A Force For Good

The best businesses are not just about making money.  It is necessary to make money to stay in business, but it is not sufficient for the business to be worth your time.  That is why the strongest businesses, in my opinion, are the ones that… Continue reading

Investment Returns of Venture Capital vs Greybull Stewardship

Investment returns in venture capital as an asset class have not been good for a long time.  To me, that result is somewhat predictable.  Great investment returns are not going to come from anything where you have to swing for the fences with every investment… Continue reading

Financial Audit Helpful for Financing, Funding, and Selling Your Business

My first financial audit was intimidating.  My company, Student Advantage, was preparing for its IPO in 1999 and the audit firm, PriceWaterhouseCoopers, needed to audit all of the material entities that had merged with Student Advantage during the prior few years.  My little start-up company,… Continue reading

Rich vs King? Spoils Go To Business Owners Who Delegate & Share

As is often said around Silicon Valley, “Would you rather be rich or be king?”  I think the rich vs king question is too crass and is aimed narrowly at convincing a founder to bring in senior management to manage a growing enterprise. However, I… Continue reading

Long-term Investment Value the Clif Bar Way

On a plane last week, I read the book Raising the Bar by the founder of Clif Bar, Gary Erickson.  Great book — particularly good at ideas around long-term investment. Erickson wanted to manage his company in a way that was not aligned with traditional… Continue reading

Buying a Business: Raise Money for the Search or Not?

Search Funds Last week I had a nice conversation with a mid-career person looking to buy a business.  He was contemplating using the “search fund” model to find and buy a business.  As a brief background, a search fund is a model where an entrepreneur… Continue reading

“Strategy Follows Structure” — John Bogle on Investment Funds

Investment Fund Structures “You are what you eat” is the common phrase about nutrition.  With investing, I think a corollary should be “you are where & how you get your capital”.  This is particularly true with any type of investment fund as John Bogle, the… Continue reading

The Best Business Deals Die Three Times: Wisdom from Buying & Selling Businesses

Business Deal Reality Check “The best business deals die three times,” is sometimes said with the reverence of having been spoken by a person of great wisdom.  This week, I spent days in full-time discussions with a company where we are far along in the… Continue reading

Asset Sale Versus Stock Sale (Purchase & Sale Agreements – a series)

Asset Sale = LLC and S Corporation If you are a business owner considering the sale of your business, please put yourself in a position for an asset sale rather than a stock sale by holding your business in a Limited Liability Company (LLC) or… Continue reading

Have Your CEO (and Management Team) In Place (To Sell or Not to Sell Your Business — a series)

Selling Your Business: To sell your business, I recommend that you present the deal with a CEO and management team in place through the first few years post-transaction. Simply put, this can be done in two ways: you are the CEO and you agree to… Continue reading