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Benefits of Serving, Connecting and Networking

Recently, I had an opportunity to connect with three other local business professionals for the purpose of developing a new networking group.  The owner of a consulting firm, a banker, a business software advisor and I sat together at a local coffee shop and discussed ways we could help ourselves to grow our businesses and provide referrals to one another.  We discussed an organizational structure and developed our vision for future work together.  I made the initial contact with our business consultant partner through a connection via a local chamber of commerce activity.

Small business owners are incredibly busy with the daily grind of keeping the wheels turning and the doors open.  Very seldom do the majority of business owners take time to reach out and connect with other business owners.  Serving your community, connecting with colleagues in your field and networking with other business owners can be very important to generating new leads and expanding your business horizons.

At the Business Brokers, Inc. our agents and brokers are members of multiple chambers, service organizations and informal networking groups.  These connections have led to multiple referrals and ultimate business sales.  If you are a business owner looking to expand your territory or increase your sales, these connections and contacts are critical.  In addition, serving your communities through boards, chambers and service groups just makes you feel good by paying it forward.

Happy connecting!

Dan Meyer

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Buy Smart

When  buying a business, there are many things to look for to make sure that it is a good fit for you.  Sometimes buyers tend to overlook obvious red flags in the excitement of business ownership.  Buyers need to make sure that the financials are carefully examined and that the business is or has the potential to be profitable.  You may want your accountant or a third party to look at the financials to ensure that you have left no stone unturned.  When purchasing an existing business, the inventory and equipment are included in the sale.  Do not assume that everything is accurate.  Ask for proof.  Are these things in good working order, or will they need to be replaced soon?

When thinking about buying a business, look carefully at everything.  By being thorough, you can find the perfect business to meet your needs.

This is just a small snapshot of things to consider when buying a business.  Please feel free to call me at The Business Brokers, Inc., 515-249-6053, for assistance in making this important decision.

Dave Hooper

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Bank – Buying & Selling

 

Let me use my banking experience to help you buy or sell a bank.

I am familiar with:

  • The regulatory approval process
  • Iowa banks and the current banking environment
  • Bank values

Remember you pay no fees until the transaction closes

Roger Kerndt

The Business Brokers, Inc.

rkerndt@tbbinc.com

515-707-6401

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Giving Back

The Business Brokers, Inc (TBBI) believes that giving back is what successful companies and its people should do.  This is a picture of two TBBI colleagues participating in an Urbandale Educational Foundation fund raiser…hard work!  TBBI was a Title Sponsor for this event.

Additionally, TBBI personnel have been active participants in the Johnston Rotary Club, Grimes, Johnston and Urbandale Chambers of Commerce, Youth for Christ fund raising sponsors, Johnston Educator’s Appreciation Banquet,  The Principal Charity Classic/Lutheran Services of Iowa, Youth Homes of Mid-America, All 4-Youth Golf Classic, Iowa Sister States (TOKA), Animal Rescue League, Humane Society, The Eisenhower Foundation, Courage League Sports and over a dozen Small Business Development Center (SBDC) presentations/workshops on business selling and buying.

“What is important is family, friends, giving back to your community and finding meaning in life.”   Adrian Grenier

 

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What You Need to Know Before Buying a Business

Buying an existing business offers the opportunity to become an entrepreneur quickly.  With a staff in place, an established customer base, and existing relationships , you are a step ahead.

Before buying a business, you need answers to critical questions.

  • Why is the current owner selling? This is crucial.
  • Is it a profitable business?
  • Is the business trending up or down?
  • Will the business continue at the current levels with opportunities for growth?
  • Are there any outside impactors that could help or hurt the business?
  • Does the business have a good reputation?
  • What has made the business popular?
  • Are you getting everything you need to take over the business- customer lists, trademarks, patents, etc.?
  • Will key employees stay?
  • Who are the competitors in the area?

Answers to these questions are key to making the final decision to purchase an existing business.

Connie Mendrys

cmendrys@tbbinc.com

515-986-0741

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Business Owners – The Yellow Pages are Dead!!

It’s a new day in the world of business!  Social Media is critical to your success.  If you are not on Facebook, Twitter, LinkedIn, and/or Google Plus, it is going to be difficult for your customers to find you.  Having an internet presence is essential because of how younger customers search for goods and services.

As a school principal 10-15 years ago, I remember telling my teaching staff that we needed to prepare our students for a world that did not yet exist. Times were rapidly changing, and teaching problem solving and analytical thinking skills were crucial. That was before apps and all the Social Media tools that exist today.

My words and predictions came home to me when our own son and daughter landed their jobs in the marketing field in social media.  Both are college graduates in their 20’s.

The Millennials operate in a digital world, and the next generation is even more reliant on their devices.  The Yellow Pages and the phone book are dead!  Small business owners need to jump on the social media bandwagon or risk being left behind.  Social Media Marketing consultants are springing up everywhere today, and finding a good one can make all the difference in the future health of your business.

Dan Meyer

dmeyer@tbbinc.com

515-313-1739

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SHOULD YOU BUY A BUSINESS?

Before you consider buying a business, it is very important to consider all the options involved, both pro and con.  People tend to gravitate toward the positives of owning your own business—

  • Working for yourself
  • Being “the boss”
  • Having the ability to make decisions for growth
  • Being the central key figure, having all the dynamics flow around you

Some important things to consider before making the decision to buy a business—

  • Your age and how long do you want to run the business?
  • Will family be involved?
  • Do you have the right employees to keep the business running?  Will they stay?
  • Do you have the dedication and commitment to keep things running in both good and bad times?
  • Are you prepared for serious challenges?  The recession of 2008-2009 was stressful for many people, including me.  You are responsible for the recovery of the business or making the decision to call it quits.

Owning a business can be very rewarding.  If you have done things the right way, a business can be in your family for many years.  You just need to consider everything possible before making a decision.

Dave Hooper

dhooper@tbbinc.com

515-249-6053

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WE HAVE A BUYER FOR YOUR BUSINESS!

I recently came across a cartoon with a business owner showing an employee a large File Room and he said…

                     “This is where we store all the letters from brokers who claim to have buyers for our business.”

Unfortunately, business owners have heard this topic a number of times.  In most cases, it is just not true.  How can a buyer be interested in buying your business, when they know little about it?

Our experience in working with buyers is that they may have an interest in a certain industry or business type.  But until they see and learn all kinds of information about your specific business, they are truly not a buyer.

So, the old, but true phrase we’ve heard numerous times of “buyer beware” ALSO holds true for sellers!

Mike Schoville

mschoville@tbbinc.com

515-306-8487

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What to do with my business

Nothing is forever, even your business.  It’s not a question of whether you will exit your business, but when and how.

There are quite a few ways to exit your business; one of the strategies is to sell. Selling a business is very personal and often it is an emotional decision.

When is the right time to sell?  Many business owners wait until their business is on the decline to sell THAT IS WRONG.  You want to sell when your business is at the top.  You have to think like an entrepreneur, NOT A BUSINESS OWNER.

Remember you want to be bought, not sold!

 David Johnson

djohnson@tbbinc.com

515-491-3160

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Buying a Business: Assets v. “Blue Sky”

Investing in small businesses can be a scary and “risky business”.  Many buyers traditionally have looked for businesses with solid assets to protect their investments.  Banks have traditionally looked for assets to collateralize loans.  But, times are changing and many successful, cash flowing businesses today are asset-light.

During the industrial age, businesses looked to stock up on real estate, equipment and raw materials.  With the onset of the digital age and the service economy, businesses are more heavily engaged in human resources, intellectual property and services provided.  We are seeing more profitable businesses with fewer assets and asset heavy businesses that don’t cash flow as well.

Buyers typically feel that if they buy a business that has a strong asset base they can cushion themselves against tax liabilities through depreciation of fixtures and equipment. When a buyer invests in a business strong in assets, they are not as much buying the “business” as they are the “bricks and mortar”.  Buying a business entity that is light in assets can mean that the new owner can inherit contracts, customers and technology that can generate revenue at a much higher rate of return than depreciating equipment and fixtures.

Buyers who are looking at asset light businesses can be very successful, but they need to be comfortable in that they can replicate the business model and seize opportunities for expansion into new market areas.

“Assets” do not automatically translate into revenues and a lack of assets does not disqualify a business from profitability.  It can be quite the opposite in today’s business climate.

Dan Meyer

515-313-1739

dmeyer@tbbinc.com

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