tag:blogger.com,1999:blog-67053942012-01-06T16:20:41.985-05:00Always Building Business ValueAlways Building Business Value focuses on creating, securing, and realizing business value. Are you just working hard, or creating value?Greg Carusohttp://www.blogger.com/profile/15253424940712992486noreply@blogger.comBlogger781100tag:blogger.com,1999:blog-6705394.post-87393883320103843102011-07-11T14:44:00.001-04:002011-07-11T14:45:15.939-04:00New Estate Tax Laws, Time to Plan“One difference between death and taxes is that death doesn't get worse every time Congress meets”.
Will Rogers
Confused about the federal estate rules and regulations? Wonder what the tax rules are? Did George Steinbrenner (owner of the New York Yankees) get it right when he died in 2010…should he have waited? We thought we would recap the current estate and gift tax rules. Note, they only Greg Carusohttp://www.blogger.com/profile/15253424940712992486noreply@blogger.com0tag:blogger.com,1999:blog-6705394.post-71076122984296448762011-07-06T16:03:00.000-04:002011-07-06T16:03:15.792-04:00Year to Date Commercial Construction Contracts are DownCommercial Construction contracts for future work through May 31, 2011 are down about 10% from this time in 2010 per McGraw Hill Construction. More info http://tiny.cc/pzgb5. Greg Carusohttp://www.blogger.com/profile/15253424940712992486noreply@blogger.com0tag:blogger.com,1999:blog-6705394.post-16213010315952229642011-07-04T10:21:00.000-04:002011-07-04T10:21:22.739-04:00Lending Update in 2011By John Gibson, Partner
We are hearing that banks say they have money and want to lend it but they can't find enough qualified borrowers. At the same time, borrowers who are looking for loans say their banks are just paying lip service, looking for a way to turn them down.
Who is right? In a way, both are.
Uncertainty and fear have produced cautious bankers. 2011 is a little better than 2010Greg Carusohttp://www.blogger.com/profile/15253424940712992486noreply@blogger.com0Columbia, MD 21044, USA39.206658 -76.8836261000000139.1708375 -76.92789560000001 39.2424785 -76.83935660000002tag:blogger.com,1999:blog-6705394.post-18721313414703709902011-06-24T09:36:00.000-04:002011-06-24T09:36:45.771-04:00Exit Planning Facts: The Reality of Leaving Your BusinessBy Carol Coughlin, President, BottomLine Growth Strategies
Exit Planning Facts:
The Reality of Leaving Your Business
Of the approximately 22 million businesses operating in the U.S. today, only a very small percentage will ever go public. In fact, only a fraction of one percent.
For business owners in that fraction, the future is clear. An IPO will enable the owner's exit from the businessGreg Carusohttp://www.blogger.com/profile/15253424940712992486noreply@blogger.com0tag:blogger.com,1999:blog-6705394.post-18412074481571526372011-05-13T13:47:00.010-04:002011-06-03T10:20:07.116-04:00Construction & the M&A Market (under $25 million revenues)<!--[if gte mso 9]> 800x600 <![endif]--><!--[if gte mso 9]> Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4 <![endif]--><!--[if gte mso 9]>Greg Carusohttp://www.blogger.com/profile/15253424940712992486noreply@blogger.com0tag:blogger.com,1999:blog-6705394.post-55311989103695700932010-08-13T10:17:00.003-04:002010-08-13T10:21:26.353-04:00Growing Your Business in Difficult Times - Sales and MarketingThe two most effective growth strategies we are seeing at this time are increasing sales and marketing budgets and acquiring weaker competitors. Often the two go hand-in-hand since the owner of the smaller company often becomes a salesperson for the acquirer. This month I will touch on sales and marketing. Next month, acquisitions. Increasing Sales and Marketing - getting an early jump on Greg Carusohttp://www.blogger.com/profile/15253424940712992486noreply@blogger.com0tag:blogger.com,1999:blog-6705394.post-1464044327381710632010-05-17T11:37:00.003-04:002010-05-17T11:45:14.774-04:00How To Buy A Distressed Contracting BusinessBecause of the current downturn tremendous opportunities exist to purchase distressed contracting and construction supply businesses. But this strategy is high risk, high reward. How can you reduce risk and succeed? Three Key Principals are detailed below along with a case study to pull it all together. 1. Cash - It’s Only A Deal If You Can Make Great MoneyIn setting up a negotiation and Greg Carusohttp://www.blogger.com/profile/15253424940712992486noreply@blogger.com1tag:blogger.com,1999:blog-6705394.post-79577162341387823092009-12-14T15:14:00.007-05:002009-12-21T17:23:35.382-05:00What's Really Going On PollWelcome to our 1st Semi-Annual Harvest Associates ‘What’s Really Going On” survey.There is a lot in the news recently about all the incentives and programs designed to benefit small business owners. So, like Ed Koch, the famous mayor of New York who always wanted to know “how am I doing”… we thought we would take an informal poll to see what was really going on.Our goal is real simple…get seriousGreg Carusohttp://www.blogger.com/profile/15253424940712992486noreply@blogger.com0tag:blogger.com,1999:blog-6705394.post-27333522035475493592009-11-11T20:01:00.002-05:002009-11-11T20:07:01.867-05:00Saving Taxes When Selling Your BusinessWhen transferring your business to your children taxes often become a big costly issue. And who wants to pay high taxes? One possible solution (there are quite a few if you plan in advance) you can use is to gift some of the business over to your children.If you gift less than 50% of the business your children will not have control of the business. When your stock is not "control" stock it is Greg Carusohttp://www.blogger.com/profile/15253424940712992486noreply@blogger.com0tag:blogger.com,1999:blog-6705394.post-41031033423292827532009-09-18T10:46:00.010-04:002009-09-18T12:49:08.729-04:00Merger and Acquisition Strategy Checklists for Rapid GrowthBuying growth is an effective way to rapidly expand your business. It works best when both financial and human capital is carefully evaluated and transition integration is planned in advance and implemented rapidly.Acquisition Strategy Checklist – Can You Answer These Questions?• What is your ultimate goal and plan?• Why are you buying a company? Will this provide new markets, new product lines, Greg Carusohttp://www.blogger.com/profile/15253424940712992486noreply@blogger.com0tag:blogger.com,1999:blog-6705394.post-88561587621090674192009-08-11T15:02:00.002-04:002009-08-11T15:16:18.706-04:00Critical Steps for Transitioning Key Managers With Ownership PotentialA major problem confronting many privately held businesses is the lack of critical key managers. It is not that a quality management team is completely lacking, it is that they are all the same age as the owner. Typically these people intend to retire at the same time as the owner. This presents difficult transition issues. The key is to bring in an appropriate number of younger key Greg Carusohttp://www.blogger.com/profile/15253424940712992486noreply@blogger.com0tag:blogger.com,1999:blog-6705394.post-84393918523989741452009-08-05T11:33:00.003-04:002009-08-07T09:14:02.832-04:00Risks of a Rapid Revenue Growth StrategyI attended a fabulous presentation recently by Manny Skevofilax of Portal Finance http://www.portalfinancegroup.com/ titled, “Navigating the Risks of a Rapid Revenue Growth Strategy”.His takeaways were:Review your strategic plan on a monthly basis to ensure that you are achieving your goals. All goals must have a timeline and responsible party.Be willing to make changes to your business model andGreg Carusohttp://www.blogger.com/profile/15253424940712992486noreply@blogger.com0tag:blogger.com,1999:blog-6705394.post-28996890505849531992009-06-27T10:36:00.004-04:002009-06-27T11:01:20.304-04:00How Large Does a Professional Services Firm Need to Be in Order to Sell?The concern in the purchase of a consulting firm is always one of, “is all the spark from one excellent owner” or is there really a business system there that the next owner (or investment group etc.) can run. In general larger will be worth more (presumably both a higher multiplier and a larger profit).My belief, one man's opinion, is that if you have about 10 competent people who can procure Greg Carusohttp://www.blogger.com/profile/15253424940712992486noreply@blogger.com0tag:blogger.com,1999:blog-6705394.post-23126226331070074732009-06-09T17:55:00.003-04:002009-06-09T18:02:10.762-04:00What Every Business Owner Needs to Know About Selling a BusinessA few pointers business owners should know about selling a business. Report all income to the IRS and keep clear books and records. It is the right thing to do. If that is not enough motivation for you I have a broker friend who is old school. He and his seller pulled out the 2nd set of books – the “unreported cash” books. Unfortunately, it turned out that the “buyer” was an IRS agent. Do Greg Carusohttp://www.blogger.com/profile/15253424940712992486noreply@blogger.com1tag:blogger.com,1999:blog-6705394.post-62383427120480756922009-05-21T09:48:00.001-04:002009-05-21T09:51:19.553-04:00Two Laborers - A Short StoryA story:Many years ago two hard working guys took jobs as laborers digging ditches. The first laborer worked hard 10 hours a day but never lifted his head up and looked around. 40 years later he was still a laborer.Whereas the other guy also worked 10 hours a day but after a year or two he asked for and received training to learn how to lay brick. After working as a mason for 5 years he figured Greg Carusohttp://www.blogger.com/profile/15253424940712992486noreply@blogger.com0tag:blogger.com,1999:blog-6705394.post-46992283641037574242009-05-07T12:51:00.003-04:002009-05-07T14:16:31.953-04:00Build a Sales and Marketing ProcessSales and marketing is the most important system in at least 90% of the businesses we look at. It is also one of the biggest weaknesses in many companies. Many businesses are started by tradesmen and technical experts who are determined to deliver a better service or product. Yet, there business suffers because they do not learn how to build a pipeline of clients. Many industries like Greg Carusohttp://www.blogger.com/profile/15253424940712992486noreply@blogger.com0tag:blogger.com,1999:blog-6705394.post-19382646279468058062009-04-06T20:28:00.002-04:002009-04-06T20:31:05.554-04:00Five Things Every Specialty Trade Contractor Should do to Increase the Sales Value of Their BusinessFive suggestions that will increase the value of specialty trade contractors like plumbers, electricians, HVAC, etc. Generally these are items that need to be worked on every day, over long periods of time in order to garner the greatest benefit. 1. Increase service work. Service work that will be performed over a period of time provides proof that customers exist and cash flow will continue.Greg Carusohttp://www.blogger.com/profile/15253424940712992486noreply@blogger.com0tag:blogger.com,1999:blog-6705394.post-53111113385470845152009-03-27T13:22:00.003-04:002009-03-27T13:25:19.762-04:003 Steps to Build Business ProfitsWe are seeing many very good businesses that are having a difficult year or two. Most of the problems are the result of reduced revenues due to the downturn. Three steps to get your business back on track and rebuild profits and business value are:1. Monitor business results daily. You should have a system so that you know where your business stands at the end of every day. It is better to Greg Carusohttp://www.blogger.com/profile/15253424940712992486noreply@blogger.com0tag:blogger.com,1999:blog-6705394.post-43187841117072003052009-03-20T09:24:00.001-04:002009-03-20T09:38:12.656-04:00What is Goodwill?Goodwill is an area of confusion for business buyers and sellers. Some believe that goodwill value is something that grows as their business gets older. “Our business name is 20 years old so it must be worth a lot.” Some believe that goodwill increases as the business gets larger. In general neither of these factors creates goodwill by themselves. Goodwill is a function of business profits. Greg Carusohttp://www.blogger.com/profile/15253424940712992486noreply@blogger.com0tag:blogger.com,1999:blog-6705394.post-24331375359047018452009-03-11T15:30:00.002-04:002009-03-11T15:34:55.900-04:00Current Trends in Business Succession and Mergers and AcquisitionsCurrent trends in the market related to business valuations, owner succession, and merger and acquisition activities.For many the economy is not as bad as it is being projected by the media. Companies doing maintenance, medical services, security based government contractors, utility type services, and technologies that provide cost savings etc. are humming along. Some companies in more Greg Carusohttp://www.blogger.com/profile/15253424940712992486noreply@blogger.com0tag:blogger.com,1999:blog-6705394.post-1171144392856167912007-02-10T16:48:00.000-05:002007-02-10T16:53:13.513-05:00Capital Investments, Business Valuation and Selling Your BusinessJohn Brown owned a successful janitorial supply company. After 22 years he decided to upgrade his facilities and made a major investment in a new office warehouse and all the related shelving, computers, and furnishings. John and his accountants estimated that the $250,000 reduction in yearly cash flow was more than made up by the likely long term return on investment from potential business Greg Carusohttp://www.blogger.com/profile/15253424940712992486noreply@blogger.com2tag:blogger.com,1999:blog-6705394.post-1160529003425864352006-10-10T21:09:00.000-04:002006-10-10T21:10:05.750-04:00Work with ProfessionalsIf you have read some of our recent posts, we have focused on management and strategy techniques you can implement to improve your business. The advice is designed to cater to many different businesses in different industries. Quality specialists such as a valuation expert, transactional attorney, an experienced business CPA, and a quality intermediary will help you focus on implementing these Greg Carusohttp://www.blogger.com/profile/15253424940712992486noreply@blogger.com2tag:blogger.com,1999:blog-6705394.post-1159303265391290462006-09-26T16:38:00.000-04:002006-09-26T16:41:06.943-04:00Tie up Loose EndsEvery business has multiple legal relationships that allow the business to operate. The most important of these legal relationships are reflected in important agreements such as leases, franchise agreements, bank notes, insurance policies and so on. Do your best to make sure that each of these agreements is current. Make sure the provisions are reasonable. Most important, for things like Greg Carusohttp://www.blogger.com/profile/15253424940712992486noreply@blogger.com0tag:blogger.com,1999:blog-6705394.post-1158064604844901882006-09-12T08:31:00.000-04:002006-09-12T08:36:45.080-04:00Maintain Employee MoralAnyone who thinks emotion is not a part of sales has forgotten about the last time they bought a new car. Were you “thrilled”, “upset”, “mistreated”, or what? This is emotion.The final transaction has to make sense from an accounting standpoint in order to get financed. Yet emotion provides the drive so everyone in the process solves the problems and gets to closing.Your people are your most Greg Carusohttp://www.blogger.com/profile/15253424940712992486noreply@blogger.com1tag:blogger.com,1999:blog-6705394.post-1156795394662596632006-08-28T16:02:00.000-04:002006-08-28T16:03:15.056-04:00Freshen Up Your FacilitiesJust like you cleaned up your house before you put it on the market you need to clean up your business. Auto shops are the absolute worst about this. That old transmission that has been sitting outside your door may work great to clean the bottom of your boots but it is not going to help you sell. Look at the entire operation with the eyes of someone who has walked in for the first time. Is Greg Carusohttp://www.blogger.com/profile/15253424940712992486noreply@blogger.com6tag:blogger.com,1999:blog-6705394.post-1155517181402038122006-08-13T20:55:00.000-04:002006-08-13T20:59:43.393-04:00Clean up Your Balance SheetIn most circumstances price is determined from the income statement and operating results. Yet few people understand how a balance sheet can make or break a sale. The balance sheet contains the assets (think bank accounts) and liabilities (think debts). More assets than necessary usually will not increase the value of the business. For this reason we advise business owners to liquidate Greg Carusohttp://www.blogger.com/profile/15253424940712992486noreply@blogger.com0tag:blogger.com,1999:blog-6705394.post-1153774016007912812006-07-24T16:45:00.000-04:002006-07-24T16:46:56.366-04:00Improve Profitability Through ClosingAnyone who has run a business for a while has learned that overhead rarely increases as fast as sales go up and NEVER falls as fast as sales drop. For this reason a 10% decrease in sales can result in a 50% decrease in profits which can translate to a 50% decrease in business value. For instance, XYZ Retail Stores sells clothing. In 2004 sales were $1,000,000. The cost of goods sold was Greg Carusohttp://www.blogger.com/profile/15253424940712992486noreply@blogger.com5tag:blogger.com,1999:blog-6705394.post-1152534296755517712006-07-10T08:22:00.000-04:002006-07-10T08:24:57.050-04:00Build A Sales and Marketing ProcessSales and marketing is the most important system in at least 90% of the businesses we look at. It is also one of the biggest weaknesses in many companies. Certain industries such as construction subcontracting are very dependent upon relationships. An owner with a few good relationships can build a fairly large volume business. This is great until it is time to sell. Then prospective buyers Greg Carusohttp://www.blogger.com/profile/15253424940712992486noreply@blogger.com1tag:blogger.com,1999:blog-6705394.post-1151643120119101482006-06-30T00:50:00.000-04:002006-06-30T00:57:57.453-04:00Trend Data - Implement and Record Essential Business SystemsStart today and implement this important management procedure. A business is nothing but a series of systems that produce a service or product in return for money. Are your systems defined? Are tasks performed in reasonably consistent ways so that the work and people are somewhat interchangeable? For instance, a large contractor had a 7 person estimating department. As work was performed it Greg Carusohttp://www.blogger.com/profile/15253424940712992486noreply@blogger.com2tag:blogger.com,1999:blog-6705394.post-1150121753580370732006-06-12T10:13:00.000-04:002006-06-12T10:31:24.806-04:00Improve Your Business Value – Know Your Key Numbers and Track ThemEvery business can be improved. For the best results, remember the 80/20 rule. 80 percent of what you work on is not that essential. The other 20 percent is the key. We recommend you determine and work on the 20 percent that will dramatically improve your business.Every successful business person we have ever worked with has a Greg Carusohttp://www.blogger.com/profile/15253424940712992486noreply@blogger.com2tag:blogger.com,1999:blog-6705394.post-1144348683519136712006-04-06T14:34:00.000-04:002006-04-06T14:38:03.813-04:00Emotion and the Business Sale ProcessYou don’t let emotion get in the way of clear thinking, do you? Of course you do. Think about how upset you got the first time someone did not pay you for your services. Or how uncomfortable that employee discrimination lawsuit made you feel. Or many of the other unfortunate things that happen when you have a business. Think about how excited you made your first big sale. Or when you found Greg Carusohttp://www.blogger.com/profile/15253424940712992486noreply@blogger.com7tag:blogger.com,1999:blog-6705394.post-1141940680024824112006-03-09T16:44:00.000-05:002006-03-09T17:11:16.023-05:00Thin, No Very Thin MarketsThe number of prospective buyers for most privately held businesses is very thin. Often the buyers are limited to only several likely competitors and several investment groups or corporate refugee buyers.For this reason it is very important to have all your ducks in a row when you start talking to prospects. You don't want a single real prospect to needlessly develop a bad impression. The Greg Carusohttp://www.blogger.com/profile/15253424940712992486noreply@blogger.com1tag:blogger.com,1999:blog-6705394.post-1140048772667193112006-02-15T19:12:00.000-05:002006-02-15T19:17:56.140-05:00Important Questions When Selling Your BusinessIf you are considering selling or transferring your business, please take a moment to consider these important questions:Have you looked at how this transaction will affect your personal estate, your family and your key employees?Did you know that only 11% of businesses sell for full value? Have you looked at ways to improve the value of your business and discover its true worth? Do you know how Greg Carusohttp://www.blogger.com/profile/15253424940712992486noreply@blogger.com0tag:blogger.com,1999:blog-6705394.post-1138310532853240822006-01-26T16:22:00.000-05:002006-01-28T13:39:04.486-05:00Selling Your Business, What is Fair to Those People Close to You?When selling a business, as in the rest of life, if you don't know what you want you are sure not to find it. Our next several posts will involve balancing all of the factors you must plan for when selling your business. Solving this riddle is the essence of a successful business succession and exit plan.Knowing what you want involves balancing many competing interests. The first area we will Greg Carusohttp://www.blogger.com/profile/15253424940712992486noreply@blogger.com2tag:blogger.com,1999:blog-6705394.post-1137637060790615182006-01-18T21:15:00.000-05:002006-01-28T13:10:04.716-05:00Why New Franchises Sell Better than Existing Businesses with Poor FinancialsWe are frequently asked by business sellers why a new franchise with no actual financial history will sell before an established business with good revenues but poor overall financial performance. Selling a new franchise is like selling a dream. It is a dream that is backed up by other successful performances, proven systems, and a qualified central management team. Yet the buyer’s future Greg Carusohttp://www.blogger.com/profile/15253424940712992486noreply@blogger.com6tag:blogger.com,1999:blog-6705394.post-1128116297973552322005-09-30T17:34:00.000-04:002006-01-28T13:12:59.376-05:00Selling Businesses with Challenged FinancialsSometimes it is necessary to sell a sound business that has a poor financial performance. Because the business sale process almost always involves a financial review prior to looking other aspects of the business it is very difficult to motivate prospects to fairly review these opportunities.Yet there are some things that both the business intermediary and the business owner can do to increase Greg Carusohttp://www.blogger.com/profile/15253424940712992486noreply@blogger.com9tag:blogger.com,1999:blog-6705394.post-1126698058359604612005-09-14T07:37:00.000-04:002006-01-28T13:14:15.956-05:00Business Sale Negotiations Start At First Contact with a ProspectA through interview of a prospective buyer of a business before negotiations start provides the negotiating ammunition needed to increase the final sales price.By properly interviewing a prospective buyer you can learn what he values and will pay for. Effective negotiation based on those increased benefits to the buyer will increase your business’s sales price.For instance a buyer with great Greg Carusohttp://www.blogger.com/profile/15253424940712992486noreply@blogger.com0tag:blogger.com,1999:blog-6705394.post-1125399818214367022005-08-30T07:01:00.000-04:002006-01-28T13:14:39.963-05:00Thinking of Selling Your Business, Plan Early if You Own a C CorporationQuick Tip – If you are operating as a C Corporation and are profitable you should seriously look at converting to a S Corporation. From an operations point of view it usually does not affect your results. Yet, when you sell your business the change can save Sellers up to half of the Federal Income Tax liability. This can be 10-25% of the total sales price.The analysis to determine what is best Greg Carusohttp://www.blogger.com/profile/15253424940712992486noreply@blogger.com1tag:blogger.com,1999:blog-6705394.post-1111530758268843042005-03-22T17:19:00.000-05:002005-03-22T17:32:38.270-05:00Score resources Can Help Your BusinessScore can help your business. Score counselors are experienced retired business people who provide consulting to help your business. Additionally at their website they have some very helpful templates. These templates may be of more assistance to beginners but any business owner might benefit. They include business plans, financial models, sales forecasts, and more. Click here to go to the Score Greg Carusohttp://www.blogger.com/profile/15253424940712992486noreply@blogger.com1tag:blogger.com,1999:blog-6705394.post-1111338363635005712005-03-20T12:05:00.000-05:002005-03-24T08:30:13.423-05:00Look at Your Business From a Buyers Point of ViewAll business owners know that when they are selling their products they must look at the transaction from the buyer’s point of view. They must make their service or product appealing to the buyer.Yet when they proceed to sell their business they forget this basic premise. By not generating top profits and meeting prospective buyer’s other desires, business owners loose precious sales value.Lets Greg Carusohttp://www.blogger.com/profile/15253424940712992486noreply@blogger.com1tag:blogger.com,1999:blog-6705394.post-1109198371800357452005-02-23T17:21:00.000-05:002005-02-23T17:39:31.803-05:00Selecting an Intermediary or Broker for Your Business SaleOne of the most important decisions you will make when selling your business is the selection of your business broker or intermediary.It is essential to select a broker that is experienced, knowledgeable, has integrity, and that you can work with.Click on the link to see the full article and to get the PDF file of questions you will want to use when selecting a broker.How To Select a Business Greg Carusohttp://www.blogger.com/profile/15253424940712992486noreply@blogger.com30tag:blogger.com,1999:blog-6705394.post-1108494701263663872005-02-15T14:10:00.000-05:002005-02-15T14:11:41.266-05:00When to prepare a strategic business succession and exit planIf you are 50 or older you should prepare a succession and exit plan every year. By making a plan that has a 5 years window you can bring key employees and family members into the conversation. This way you get valuable input. It also will allow you to gauge the interest of these important people in buying your business. Planning Greg Carusohttp://www.blogger.com/profile/15253424940712992486noreply@blogger.com1tag:blogger.com,1999:blog-6705394.post-1106880381848025042005-01-27T21:43:00.000-05:002005-01-27T21:46:21.846-05:00Make Sure Your Buy Sell Agreement Addresses Partner Disputes
Lets spend another minute on the buy-sell agreement. As discussed, death is insurable. More complex is how feuding partners can separate. Deal with this when you are starting your partnership. If you cannot work out a fallback agreement then, think what it will be like if the business is not doing well and one of you wants to leaveGreg Carusohttp://www.blogger.com/profile/15253424940712992486noreply@blogger.com2tag:blogger.com,1999:blog-6705394.post-1106712621048096882005-01-25T23:06:00.000-05:002005-02-15T14:00:04.023-05:00Prepare a Strategic Succession and Exit PlanIdeally you should begin planning your exit five years before you leave your business. This gives you plenty of time to determine what you want to accomplish, make adjustments and implement the plan.Of course if you are like most people knowing when you are five years from leaving your business may be problematic in itself. For that reason we believe Greg Carusohttp://www.blogger.com/profile/15253424940712992486noreply@blogger.com1tag:blogger.com,1999:blog-6705394.post-1106011627144590052005-01-17T20:15:00.000-05:002005-01-17T20:27:07.143-05:00Take a Vacation and Improve Your Business
Taking a vacation will force you to improve your business. Yes, basking in the warm sun, while sipping an ice cold margarita, will do more good for your business than frantically racing through another day.
By taking a vacation you will improve your business three ways:
1. You will find ways to delegate routine tasks. You will eliminate some very Greg Carusohttp://www.blogger.com/profile/15253424940712992486noreply@blogger.com1tag:blogger.com,1999:blog-6705394.post-1099252044592119552004-10-31T14:45:00.000-05:002004-10-31T14:48:51.330-05:00Are You Ready to Sell Your Business?
Make Sure You Understand Your Motivation for Selling Your Business
Are you thinking about selling your business?
This simple one-question quiz will help you to better understand your motivations behind this thought. A better understanding of your underlying motivations will help you make the right decision.
Select the answer closest to your actual reason Greg Carusohttp://www.blogger.com/profile/15253424940712992486noreply@blogger.com1tag:blogger.com,1999:blog-6705394.post-1098922777470937732004-10-27T20:17:00.000-04:002004-10-31T14:26:00.413-05:00Selling Your Service Business
How to Sell a Business which delivers an Intangible Product or Service such as Accounting Firms, Consultants, Engineering Firms and Training Firms
Many service businesses do not deliver a tangible product that sits on a shelf. They deliver hard to measure products like good advice, training, and planning.
Without forethought, it can be very difficult to show a Greg Carusohttp://www.blogger.com/profile/15253424940712992486noreply@blogger.com1tag:blogger.com,1999:blog-6705394.post-1095819950162901912004-09-21T22:24:00.000-04:002004-09-21T22:29:40.636-04:00Are You Running Your Business Like The Bush and Kerry Presidential Campaigns
As a frequent newspaper reader and infrequent TV news viewer, I find the current Bush and Kerry presidential campaigns very frustrating. The candidates and the press seem completely wrapped up with what happened 20 years ago. They seem to have little interest in creating a vision of what might happen in the next 4 yearsGreg Carusohttp://www.blogger.com/profile/15253424940712992486noreply@blogger.com1tag:blogger.com,1999:blog-6705394.post-1095201499046557122004-09-14T18:07:00.000-04:002004-09-14T20:28:52.526-04:00What is the Difference Between Price and Cost?
Brian Tracy stated, "The price is what it takes to purchase the item. The cost is the amount the customer eventually pays. They are not the same."
Do you really investigate the cost of what you are buying?
A screaming example of this is used boats. The price of the boat is nothing compared to the total cost to run and maintain the boat. The cost Greg Carusohttp://www.blogger.com/profile/15253424940712992486noreply@blogger.com1tag:blogger.com,1999:blog-6705394.post-1094229876463015132004-09-03T13:44:00.000-04:002004-09-03T12:44:51.236-04:00Grow like a Tree
Trees are an amazing form of life. They relentlessly grow upward into the air. They do not make noise. They are quite. They do not hunt. They do not roam. They know that they start with everything that they need to succeed.
Trees just focus on one thing, growing up to the light. They build a root system to keep them attached to the ground, to suck up the nutrients and water Greg Carusohttp://www.blogger.com/profile/15253424940712992486noreply@blogger.com2tag:blogger.com,1999:blog-6705394.post-1093356291393386342004-08-24T09:54:00.000-04:002004-08-29T21:11:16.683-04:00You Don't Have to Be Stuck
Are you stuck in a rut? You've read, thought and even tried to act on getting over to work you would love. Yet you just can't find it
Or perhaps you are not sure what you really want to do?
You can find what you were meant to do.
One way is to read books. You can start with classics like the Bible or maybe the I Chang, Book of Changes is more your style. Read, Greg Carusohttp://www.blogger.com/profile/15253424940712992486noreply@blogger.com11tag:blogger.com,1999:blog-6705394.post-1093355541598226342004-08-24T09:10:00.000-04:002004-08-24T09:52:21.596-04:00Build on Your Strengths
Janet was sick and tired of trying to "get" bookkeeping. She was originally hired to handle customer service calls and service delivery. Then someone decided that all employees needed to be cross trained. In Janet's opinion cross training is one thing, making her a bookkeeper was entirely another.
Margo the bookkeeper was even more perplexed trying to handle calls from Greg Carusohttp://www.blogger.com/profile/15253424940712992486noreply@blogger.com2tag:blogger.com,1999:blog-6705394.post-1092706239043415502004-08-16T21:16:00.000-04:002004-08-16T21:30:39.043-04:00Do You Love What You Do?
Most people spend most of their lives miserable. Most people will spend hours rationalizing why the spend their days doing things they do not like to do. "I have to pay for the kids to go to collage." "I don't have enough capital." "I am afraid...."
When you started your business, was that your frame of mind?
No. When you started your business you were ready to Greg Carusohttp://www.blogger.com/profile/15253424940712992486noreply@blogger.com1tag:blogger.com,1999:blog-6705394.post-1091197313126164302004-08-10T21:20:00.000-04:002004-08-10T21:29:42.653-04:00Getting Your Loan to Buy a Business Approved
Most loans for the purchase of a business get rejected because they are not packaged correctly, presented to the proper lender, or properly negotiated with the bank loan officer. Loans to buy a business take special care and handling.
Packaging a loan correctly:
To package a loan correctly you must understand what type of loan you are asking for. A Greg Carusohttp://www.blogger.com/profile/15253424940712992486noreply@blogger.com1tag:blogger.com,1999:blog-6705394.post-1091195514176888882004-08-05T09:35:00.000-04:002004-08-05T15:00:50.336-04:00Is Your Heart In Your Work
Has getting up in the morning and going to work become drudgery? Is Monday the worst day of the week? Is your heart still in your work?
Whether you are a business owner, independent contractor, or employee the issues are the same. If you have lost the motivation in your current career choice it may be time to perform a careful self examination and then look for Greg Carusohttp://www.blogger.com/profile/15253424940712992486noreply@blogger.com1tag:blogger.com,1999:blog-6705394.post-1089472623088034692004-07-30T09:14:00.000-04:002004-07-30T09:19:35.286-04:00Getting the Most from Your Employees
One day she could not take it anymore and her mind shut down. Laura slowly had had the life sapped out of her. She could not let go of any detail. Everything was important and had to be reviewed by her. Her loyal employees tried to help but were never given the opportunity.
There are many Lauras out there. They are inadvertently draining their life Greg Carusohttp://www.blogger.com/profile/15253424940712992486noreply@blogger.com1tag:blogger.com,1999:blog-6705394.post-1088600669165690852004-07-19T17:45:00.000-04:002004-08-01T19:35:33.993-04:00Personal Efficiency
You don't have enough time in the day to do everything on your list. You run from one item to the next. And like a machine that does not have clean oil you slowly heat up and become less and less efficient. Are you running more and accomplishing less? Most of us are.
Just like the mechanic needs to turn the machine off and change the oil occasionally you need to stop and Greg Carusohttp://www.blogger.com/profile/15253424940712992486noreply@blogger.com1tag:blogger.com,1999:blog-6705394.post-1089464200607777242004-07-10T08:56:00.000-04:002004-07-10T08:56:40.606-04:00Leadership
Leadership is not friendship. Leadership is showing people how to do more than they would or could on their own. It is showing them how to stretch and increase their strengths and reduce and bypass their weaknesses.
Leadership is not making people feel good all the time. People like to be pushed to improve themselves. A good leader helps people get out of their boxes and grow.Greg Carusohttp://www.blogger.com/profile/15253424940712992486noreply@blogger.com1tag:blogger.com,1999:blog-6705394.post-1088784611638767392004-07-02T12:10:00.000-04:002004-07-02T12:10:11.636-04:00Find Your Magic Bus
Everyone wants a magic bus. A magic bus is a wonderful vehicle where the riders are constantly happy. A magic bus may be a little worn and even tired but it is loved by all. Riders always return to the magic bus and when they do they bring more of their friends.
Is your business a Magic Bus?
Probably not. Magic Buses can exist in any industry but they always have Greg Carusohttp://www.blogger.com/profile/15253424940712992486noreply@blogger.com1tag:blogger.com,1999:blog-6705394.post-1088600758841966502004-06-30T09:05:00.000-04:002004-06-30T09:08:01.126-04:00Get a Direction instead of a Plan
Current wisdom has it that you need a plan to succeed. I would challenge that assessment. What is a plan? A plan is an attempt to mold the future from today's knowledge. But everyday our knowledge grows, the future changes. Quickly, updating the plan so it is current, can become more time consuming than actually living the plan.
I would argue that you Greg Carusohttp://www.blogger.com/profile/15253424940712992486noreply@blogger.com1tag:blogger.com,1999:blog-6705394.post-1088281195536772692004-06-26T16:09:00.000-04:002004-06-29T08:08:24.136-04:00Bury the Past
Bury your past. Your past is draped over you like the memories of the dead. The biggest difference is we generally remember the good about the dead and we generally remember the unfortunate about our past.
These memories send messages, you can't do it, it will not work, you tried it before remember.
These messages and memories are false. Today is a new day. Today your Greg Carusohttp://www.blogger.com/profile/15253424940712992486noreply@blogger.com1tag:blogger.com,1999:blog-6705394.post-1088279640919181562004-06-26T15:41:00.000-04:002004-06-29T14:39:51.476-04:00Giving by Receiving
Receiving is one of the biggest gifts you can give.
You are receiving when you listen to someone. You are receiving when you understand them and are empathetic. You are receiving when you there when they need you. Many times this is the biggest gift of all.
How does this tie into business?
Receiving is the basis for consultative sales. If we do not know what our Greg Carusohttp://www.blogger.com/profile/15253424940712992486noreply@blogger.com1tag:blogger.com,1999:blog-6705394.post-1087514786496755922004-06-17T19:25:00.000-04:002004-06-17T19:26:26.496-04:00Push on the Wall
Most of us are held back by our own beliefs. In our minds these beliefs form high solid walls that cannot be crossed. Yet in real life they are often only made of chicken wire that can be pushed out of the way at will.
For example many business people are afraid to go after clients that are big enough to provide lucrative profits. They believe, “ I am not big enough” or “ WeGreg Carusohttp://www.blogger.com/profile/15253424940712992486noreply@blogger.com1tag:blogger.com,1999:blog-6705394.post-1085415380781195542004-05-24T12:15:00.000-04:002004-05-30T14:46:59.103-04:00Set up a Sales Force
Is your refrain about a sales force,
"I have never been able to get a salesperson to perform for me. They just don’t walk to the same beat as everyone else."
Of course the first attempt at hiring a sales force did not work. That is to be expected. The first several times you tried to ride a bike you probably fell off.
In order to grow with any growth strategy Greg Carusohttp://www.blogger.com/profile/15253424940712992486noreply@blogger.com4tag:blogger.com,1999:blog-6705394.post-1085414624435234052004-05-24T11:59:00.000-04:002004-05-24T12:03:44.436-04:00Interesting Collateral Marketing Materials
"Our marketing materials are so bland no-one reads them". How can this be overcome?
Develop simple collateral materials around the problem you solve:
1. Determine the chief problems that your product is solving from the customer point of view.
2. Determine if your clients think the product solved the problem and would they recommend it to others – Greg Carusohttp://www.blogger.com/profile/15253424940712992486noreply@blogger.com1tag:blogger.com,1999:blog-6705394.post-1084822799545941362004-05-17T15:39:00.000-04:002004-05-17T15:39:59.546-04:00Who Does What?
“How do I know what needs to be done,” is not a reasonable excuse for delaying the task of defining job descriptions. If you, or the correct person below you, do not know what your people should be doing, how do you expect them to know?
In order to effectively delegate you must clearly define what people need to do. We have heard every excuse imaginable as to why people don’Greg Carusohttp://www.blogger.com/profile/15253424940712992486noreply@blogger.com1tag:blogger.com,1999:blog-6705394.post-1084545063486114232004-05-14T10:28:00.000-04:002004-05-14T10:31:03.486-04:00Accounting Consistency
We went through our accounting records and concluded that we don’t have a clue about our expenses!
How could this happen? After all you paid your bookkeeper to enter all the information. You paid your vendors. Why is the information useless?
Many businesses make the mistake of carelessly cost coding their accounting records. One month the rent will be placed in the Greg Carusohttp://www.blogger.com/profile/15253424940712992486noreply@blogger.com1tag:blogger.com,1999:blog-6705394.post-1084240957381739652004-05-10T21:58:00.000-04:002004-07-02T12:25:33.126-04:00Maintaining Balance
Every once in a while we all get overwhelmed. Having just completed one of those periods I thought I might reflect.
Often becoming overwhelmed is from failing to delegate, failing to give product delivery dates that can be met, or failing to otherwise intelligently manage your workflow. You know it all has to be done tomorrow – but does it?
The best solution I have Greg Carusohttp://www.blogger.com/profile/15253424940712992486noreply@blogger.com1tag:blogger.com,1999:blog-6705394.post-1083630329725265102004-05-03T20:25:00.000-04:002004-05-03T20:33:14.420-04:00Asking For Help
One of the absolutely best ways to improve your business, or anything else, is to ask for help. This seems so basic that you probably ask why I would write something like this.
Let me tell you a story. A long time ago, when I had just started my first job out of school I was given a PC and a software program, Symphony.
I spent 5 hours trying to get the program to boot up. Greg Carusohttp://www.blogger.com/profile/15253424940712992486noreply@blogger.com0tag:blogger.com,1999:blog-6705394.post-1082485720439947452004-04-20T14:13:00.000-04:002004-04-20T14:36:52.436-04:00Your 30 Second Presentation
I attended a trade show today. Have you noticed how some people can make a great and memorable impression in 30 seconds while most of us feel like we are babbling?
The key to a memorable impression is to have a statement that defines you. This definition must be short, memorable and specific. It must not have been already taken and it needs to be very focused. Greg Carusohttp://www.blogger.com/profile/15253424940712992486noreply@blogger.com0tag:blogger.com,1999:blog-6705394.post-1082324808369208672004-04-18T17:36:00.000-04:002004-04-18T17:52:28.890-04:00Can Time Stand Still
I am sure you have had the experience of going into a car or bike crash when you were driving and it seemed like time slowed down and hundredths of a second become minutes.
To a lesser extent time seems to go very slow when you are not interested in something you must do. It speeds up when you are doing something you really enjoy.
By meditating about something you need Greg Carusohttp://www.blogger.com/profile/15253424940712992486noreply@blogger.com0tag:blogger.com,1999:blog-6705394.post-1082148287036572402004-04-16T16:42:00.000-04:002004-04-16T16:53:45.780-04:00Fish in a Pond With Fish
The first issue in sales and marketing is to fish in a pond with fish. If there are no fish, you will not catch one. While this sounds elementary it is an easy mistake to make both when fishing and selling. If you have told your story to 50 prospects and none have bought, go back and ask them detailed questions on why. If none have bought after friendly questioning, Greg Carusohttp://www.blogger.com/profile/15253424940712992486noreply@blogger.com0tag:blogger.com,1999:blog-6705394.post-1081994447954796012004-04-14T22:00:00.000-04:002004-04-14T22:04:45.246-04:00Who are your best customers?
One of the most important value creation techniques over time is to improve your customer base. By moving to more profitable customers you can significantly rev up your profits. To do this you must identify your best customers. Once you identify these best customers you then need to learn more about them. Finally you take this knowledge and modify your offerings Greg Carusohttp://www.blogger.com/profile/15253424940712992486noreply@blogger.com0tag:blogger.com,1999:blog-6705394.post-1081694434002408122004-04-11T10:40:00.000-04:002004-07-02T11:51:42.600-04:00Smile
Moping about feeling the pressure of the day, or even worse yet, feeling sorry for yourself does not move you forward. Feelings follow actions. To feel better about what is going on “force” yourself to smile. Get up and stretch your body. Do something for ten minutes (don’t allow it to become a device for procrastination) to warm up your mood. Then get back to your task at hand. And Greg Carusohttp://www.blogger.com/profile/15253424940712992486noreply@blogger.comtag:blogger.com,1999:blog-6705394.post-1081562360563504532004-04-09T21:52:00.000-04:002004-04-09T22:03:51.936-04:00Remember the 80 / 20 Rule
The best way to improve your business is to improve your own time management. Big picture time management means doing the right things. It is too easy to be busy but not productive. Delegate small tasks. Do the important tasks that take thought.
Remember the 80 /20 rule. Most of us only spend 20 % of our time doing important things. Important things if you are Greg Carusohttp://www.blogger.com/profile/15253424940712992486noreply@blogger.com0tag:blogger.com,1999:blog-6705394.post-1081221414025315322004-04-05T23:15:00.000-04:002004-04-05T23:20:38.826-04:00Selling Your Business – Step in the Buyer’s Shoes
One of the most important acts you as a business owner can do in determining the value of your business is to honestly ask yourself what you would pay for your business.
Try to step out of your emotional attachment to what you have created and into your accountant’s fun world. How much debt can the business carry and continue to pay a Greg Carusohttp://www.blogger.com/profile/15253424940712992486noreply@blogger.com0tag:blogger.com,1999:blog-6705394.post-1080945765240754142004-04-02T17:09:00.000-05:002004-04-02T17:46:25.280-05:00Managing People
Mary worked as part of a committee at a local association. She frequently volunteered for committee work and was devoted. Mary would dive into the projects and produce volumes of outlines, plans, and specifications. She then sent the work-product out on an email listserve as committee mandate without obtaining any approvals. When questioned she made it clear that she felt Greg Carusohttp://www.blogger.com/profile/15253424940712992486noreply@blogger.com0tag:blogger.com,1999:blog-6705394.post-1080776804504529542004-03-31T17:56:00.000-05:002004-03-31T18:50:21.810-05:00Upset by the lack of profits on your tax returns?
Now that most business owners are starting to receive their tax returns the collective sigh of working too hard and making too little can be heard throughout the land.
What can be done about this plague?
There are really three options.
1. Don’t do anything. Change is hard. Change involves risk. A year from now you can complain and have Greg Carusohttp://www.blogger.com/profile/15253424940712992486noreply@blogger.com0