Business owners

Help! I’m Burnt Out and Want to Retire: A Small Business Case Study

Help! I’m Burnt Out and Want to Retire: A Small Business Case Study

As a result of Finagraph’s banking and business owner seminars, I occasionally get asked to step in as a consultant to help small businesses. The most common challenge they seek help with is retirement planning. Their question – “I want to retire, but don’t know where to start.”  It’s natural to be apprehensive when your life is about to make a dramatic change, but thinking about it early and taking the right steps can ease your fear.

We preach that a successful business owner starts with the end in mind.  After a seminar in Las Vegas last fall, I was approached by a couple who own a professional services firm in Los Angeles. They were in this exact situation – looking to retire, and hoping to transition ownership of their firm to their son.  The business is 30 years old, and the son has been with the firm for the past 11 years.  It’s a profitable company with a niche service, ripe for growth or sale. 

Top 5 complaints bankers have about business owners

Top 5 complaints bankers have about business owners

Be honest.  We all kind of complain about each other.  It’s a normal part of being a human being.  As agreeable as most people are, when it comes to dealing with others, there are still ways to improve our relationship.  Even when our motto is “the customer is always right”, with a little nudge they could be perfect! 

During the last few years I have spent a lot of time with small business bankers.  The conversation generally turns to examples from our past experiences, both wonderful and horrible.  It is during these conversations that I noticed a common theme among the things that annoy the banker.  It is interesting because for over 20 years, I was on the business owner side of the desk.  Not only that, I was guilty of some of their annoyances.

Goodwill – No; not the thrift store. The pot of gold.

Goodwill – No; not the thrift store. The pot of gold.

Are you hoping to turn your small business into your retirement?  Then you should know how to build goodwill!  Goodwill is the amount of money someone will pay you for your business, over and above the value of the assets.  It’s a big imaginary number that represents how well you run your business, and how safe a purchaser thinks your business is to buy.

7 steps to financial spring cleaning.

7 steps to financial spring cleaning.

After you’ve tackled that giant pile in the garage and removed all the weeds from the backyard, it’s time to take an even closer look at your company’s finances. Now that tax season is over and you’ve crunched the numbers from all angles, we suggest using that economic intel to prepare your business for the next year. Here are seven steps to scrubbing your financial statements.