When is the Right Time to Sell Your Business?
Buy low and sell high is the adage of Wall Street. But what about Main Street businesses, when is the right time to sell?
Can a business bring a fair value in a recession? The answer surprisingly is yes. A good strong business will fetch a good price in most economies. One reason is that during a recession more Buyers enter the market looking to “purchase” a job. More Buyers in the market increases the odds that the business will sell and for a fair price. It seems that leading up to a recession, consumer confidence wanes and individuals avoid risk taking. But even in a risk avoidance period, good businesses sell.
Seasonality has some bearing, but mostly on the length of time a business takes to sell. After the first of the year many Buyers enter the market after reviewing their career past and vow to make changes. They may have been encouraged at a holiday party by someone who is a business owner. Businesses can enter the market a little past this peak by waiting until their tax returns are completed usually by the March 15th corporate tax filing date. Summer tends to be a slower period as vacation scheduled slow up time tables. The 4th quarter can be filled with diversions as many firms have their peak season and individuals’ holiday schedules and parties consume time and lengthen the process.
Even more important than recessions and seasonality is the condition of the business. This can be greatly affected by the following items. Selling your business before these conditions affect your business will have the largest impact:
Sell before:
You get burned out. Yes, even the business owner can get burned out.
Capital constraints strangle the business.
Stress takes a toll on your family relationships.
Medical reasons force you to sell. Have a plan ready, now.
Complacency erodes earnings.
All of these five real life occurrences affect a business price more than anything else. Make an honest self evaluation to see if any of these are present. If so, your business value will erode as you allow these to fester.
You built a successful business on planning, hard work and a little luck. Improve your odds of selling your business for a higher and fair price by recognizing these real life events and make a plan to deal with these issues before they affect the value of your business.
Start by contacting a licensed business broker. Set up a meeting date and ask a lot of questions. A business broker can tell you what you need to do to prepare the business for sale, instruct you on what things increase a businesses value and will provide a market price analysis at no cost. Business brokers perform this service in the hope that when the day is right to sell your business, you will contact them.
Armed with the helpful information and a market price you can start to make your future plans for the business. Plan to sell before you need to sell.
Saturday, January 31, 2009
Saturday, January 24, 2009
To Be a Franchise, or not Be a Franchise, that is the Question
There are a lot of mixed emotions out there when it comes to owning a franchised business or not owning one. My advice is to try not to let emotions get in your way of making the right decision.
There are many very successful franchises out the like McDonalds and a few not so successful ones, so franchising isn’t always the answer.
One example I tell people asking why they should consider a franchise is this; If I were to start Dave’s Take and Bake Pizza, would I have customers the first day and how successful would I be. Then consider if I opened a Papa Murphy’s Take and Bake Pizza franchise store, I’d probably have a line waiting for the doors to open the first day.
So a brand can make a big difference. It speaks to consistent quality, good training and a proven model. Franchises without those three things often fail.
Another difference I have been making a mental note on is management. I have noticed that many successful franchises train and promote the owners to be managers first and worker bees second. Managers that greet customers, actively market the business, go to local events, associations and clubs tend to have more successful businesses than where the owner is just another employee behind the counter, chair or tool bench. It’s hard to lead when you are caught up in the day to day operations.
So a franchise can be the right answer, but then again not. How does a person find a franchise opportunity that is right for them? Here are some thoughts;
Location is important. Even the best franchise will fail in a bad location.
Franchise support is important. Before you can sign up as a franchise owner, most often you have to meet with the franchisor and review a UFOC. This document spells out the ground rules. You must wait 10 days before you can sign a UFOC, so take the time to read it and get council to help you with the terms.
Shop the same franchise in different locations. Is the quality and service the same? This will speak to the training by the franchisor and the district management. A Big Mac is the same in Chicago as it is in Tokyo, Japan!
Is the franchisor more focused on opening stores or helping existing ones? Two years ago McDonalds shifted their focus from opening stores to improving what they already had. They were one of the few positive stock market trends last year and you have probably noticed the difference at your local favorite Mickey D’s.
Is there critical mass in your area? Two issues here; 1. Will you be the first one so that the brand means nothing in the area? 2. Is there so much market saturation that same brand stores take business from each other?
Does the franchise offer something unique or is it an also ran?
Do you need specialized skills to operate the business or are management skills and a good system all you need?
Check around, do local franchisees own more than one store. Good indicator of success.
Franchisors charge royalties and advertising fees. Royalties can be in the 5% to 7% of sales range. This pays for the brand name, franchisor support, software and district management to help train your employees, etc. Advertising fees are in the 3% to 5% range and cover national advertising and maybe some local coop advertising. Read the UFOC to be exactly sure on these.
These royalties and ad fees often amount to 11% of total sales. Sounds high, but if the brand name drives customers to your business, management training and software help you run a profitable operation and support helps you keep the consistency, then the fees are well worth every penny.
Last thought or observation; If you already know everything and a franchisor can’t teach you anything and you never plan to attend a local meeting or franchisor training or support session, then franchising in not for you. If on the other hand you have some skills and can follow a good plan, a franchise business can be a gold mine.
There are a lot of mixed emotions out there when it comes to owning a franchised business or not owning one. My advice is to try not to let emotions get in your way of making the right decision.
There are many very successful franchises out the like McDonalds and a few not so successful ones, so franchising isn’t always the answer.
One example I tell people asking why they should consider a franchise is this; If I were to start Dave’s Take and Bake Pizza, would I have customers the first day and how successful would I be. Then consider if I opened a Papa Murphy’s Take and Bake Pizza franchise store, I’d probably have a line waiting for the doors to open the first day.
So a brand can make a big difference. It speaks to consistent quality, good training and a proven model. Franchises without those three things often fail.
Another difference I have been making a mental note on is management. I have noticed that many successful franchises train and promote the owners to be managers first and worker bees second. Managers that greet customers, actively market the business, go to local events, associations and clubs tend to have more successful businesses than where the owner is just another employee behind the counter, chair or tool bench. It’s hard to lead when you are caught up in the day to day operations.
So a franchise can be the right answer, but then again not. How does a person find a franchise opportunity that is right for them? Here are some thoughts;
Location is important. Even the best franchise will fail in a bad location.
Franchise support is important. Before you can sign up as a franchise owner, most often you have to meet with the franchisor and review a UFOC. This document spells out the ground rules. You must wait 10 days before you can sign a UFOC, so take the time to read it and get council to help you with the terms.
Shop the same franchise in different locations. Is the quality and service the same? This will speak to the training by the franchisor and the district management. A Big Mac is the same in Chicago as it is in Tokyo, Japan!
Is the franchisor more focused on opening stores or helping existing ones? Two years ago McDonalds shifted their focus from opening stores to improving what they already had. They were one of the few positive stock market trends last year and you have probably noticed the difference at your local favorite Mickey D’s.
Is there critical mass in your area? Two issues here; 1. Will you be the first one so that the brand means nothing in the area? 2. Is there so much market saturation that same brand stores take business from each other?
Does the franchise offer something unique or is it an also ran?
Do you need specialized skills to operate the business or are management skills and a good system all you need?
Check around, do local franchisees own more than one store. Good indicator of success.
Franchisors charge royalties and advertising fees. Royalties can be in the 5% to 7% of sales range. This pays for the brand name, franchisor support, software and district management to help train your employees, etc. Advertising fees are in the 3% to 5% range and cover national advertising and maybe some local coop advertising. Read the UFOC to be exactly sure on these.
These royalties and ad fees often amount to 11% of total sales. Sounds high, but if the brand name drives customers to your business, management training and software help you run a profitable operation and support helps you keep the consistency, then the fees are well worth every penny.
Last thought or observation; If you already know everything and a franchisor can’t teach you anything and you never plan to attend a local meeting or franchisor training or support session, then franchising in not for you. If on the other hand you have some skills and can follow a good plan, a franchise business can be a gold mine.
Friday, January 23, 2009
Death of a C-Store
Have you noticed all the closed convenience stores that sell gas? Tons!
Three basic things have killed c-stores in the last couple years.
First, everyone thinks the high gas prices means high profits for the store. Actually the reverse is true. Gasoline is mandated that the market up must be 6 cents a gallon. With gas wars, etc, whether gas id $150 or $3.50, the station makes about 6 cents. Actually the government does much better. Fuel taxes are based per gallon. The ethanol additives ensure less mileage, hence you buy more and more taxes are collected. At $1.50 a galloon, almost a third is state and federal tax. Higher in different states, and super high in the Chicago area where 11% county sales tax is also added.
So run the math. A store makes 6 cents per gallon. Credit card companies charge merchants about 2% of the sale price for processing. If gas is at $2/gallon, the credit card company gets 4 cents and the store keeps 2 cents per gallon. When gas was near $4/gallon the math worked out that the credit card company got 8 cents per gallon and the store lost 2 cents per gallon.
Secondly, pay at the pump stopped people from going into the store to purchase convenience items that have a healthy mark up. Notice today all the advertising at the pump or coupons that drive you into the store. The stores know that if you come into the store to pay, you may also purchase something that they make more money on than just 2 cents.
So credit cards changed the paying habits of the customers thus reducing in store sales of grocery items where the profit is and at the same time cost them more in processing charges than they were making on gas.
As c-stores were on the ropes, the SBA loan requirements changed and hit like a hard right to the jaw. The SBA has stated that they will no longer guarantee loans made to c-stores with gas due to the high failure rate and environment issues associated with in ground gas tanks. No financing to build, buy existing or refinance a ballooning loan.
I believe what we are seeing now is a contraction in the market and control shifting to a few brands like BP, Shell, Holiday, Kwik Trip, etc. with their own gas distribution, marketing at the pump, coupons that bring you into the store where you hopefully buy profitable items, car washes which are very profitable, maybe a DQ or Subway inside the store, and other services and products.
Remember, capitalism is creative destruction. You are witnessing a major shift is c-stores and gas stations and only those who adapt will be around in the future.
Have you noticed all the closed convenience stores that sell gas? Tons!
Three basic things have killed c-stores in the last couple years.
First, everyone thinks the high gas prices means high profits for the store. Actually the reverse is true. Gasoline is mandated that the market up must be 6 cents a gallon. With gas wars, etc, whether gas id $150 or $3.50, the station makes about 6 cents. Actually the government does much better. Fuel taxes are based per gallon. The ethanol additives ensure less mileage, hence you buy more and more taxes are collected. At $1.50 a galloon, almost a third is state and federal tax. Higher in different states, and super high in the Chicago area where 11% county sales tax is also added.
So run the math. A store makes 6 cents per gallon. Credit card companies charge merchants about 2% of the sale price for processing. If gas is at $2/gallon, the credit card company gets 4 cents and the store keeps 2 cents per gallon. When gas was near $4/gallon the math worked out that the credit card company got 8 cents per gallon and the store lost 2 cents per gallon.
Secondly, pay at the pump stopped people from going into the store to purchase convenience items that have a healthy mark up. Notice today all the advertising at the pump or coupons that drive you into the store. The stores know that if you come into the store to pay, you may also purchase something that they make more money on than just 2 cents.
So credit cards changed the paying habits of the customers thus reducing in store sales of grocery items where the profit is and at the same time cost them more in processing charges than they were making on gas.
As c-stores were on the ropes, the SBA loan requirements changed and hit like a hard right to the jaw. The SBA has stated that they will no longer guarantee loans made to c-stores with gas due to the high failure rate and environment issues associated with in ground gas tanks. No financing to build, buy existing or refinance a ballooning loan.
I believe what we are seeing now is a contraction in the market and control shifting to a few brands like BP, Shell, Holiday, Kwik Trip, etc. with their own gas distribution, marketing at the pump, coupons that bring you into the store where you hopefully buy profitable items, car washes which are very profitable, maybe a DQ or Subway inside the store, and other services and products.
Remember, capitalism is creative destruction. You are witnessing a major shift is c-stores and gas stations and only those who adapt will be around in the future.
Wednesday, January 21, 2009
Laid Off, Start a Business
What better time to start or buy a business than when you were just laid off or are fearful of a future lay off? Lay offs can be a cross roads in many peoples lives. Why not take the positive approach and control your destiny instead of worrying about lay offs.
It’s hard to walk away from a steady paycheck and take that leap into your own business, I know from personal experience. In the early 90’s my position had been spared, but I was fed up with corporate downsizing. The cleaning out desks and assuming others work loads had a demoralizing effect on everyone. It was like swimming in a tank with co-workers and sharks, hoping that the sharks would eat your co-worker. I decided to get out of that tank and do something positive with my life; I bought a very small business that had potential.
Some people think that a recession is the wrong time to launch a business. The secret is, good businesses succeed in any economy. As an entrepreneur you have to zig when everyone else zags. Look for the opportunities, there are plenty out there.
Here are just a few positive reasons to go into your own business during a recession;
There are bargains to be found. Find a business with potential.
It takes time to find or start a business. A severance package helps your cash flow during the initial phases of your business.
Downsizing businesses often “hire out” for services that they no longer have the staff to do. Look to provide these types of services.
Car sales are down which means auto repair businesses are busy. Look for trends like this for your business venture.
Businesses downsizing means furniture, fixtures and equipment needed to expand your business can be found inexpensively.
There are quality employees looking for jobs during a recession. Your small business should benefit from this pool of available talent.
Remember that even during the Great Depression, great projects like the Hoover Dam and Empire State Building we started and successfully completed. Hewlett-Packard was started in 1939. Microsoft was launched in 1975 during an extremely week economy that worsened for the next five years.
One can wait for Detroit, New York or Washington to save your job, or you can take charge of your career and become a business owner. Who do you want to count on?
Dave Roeser is a local business owner, licensed business broker, for profit and non-profit board member and local economic development advisory council member. Dave can be reached at droeser@sunbeltnetwork.com Additional information can be found at www.sunbeltmidwest.com
What better time to start or buy a business than when you were just laid off or are fearful of a future lay off? Lay offs can be a cross roads in many peoples lives. Why not take the positive approach and control your destiny instead of worrying about lay offs.
It’s hard to walk away from a steady paycheck and take that leap into your own business, I know from personal experience. In the early 90’s my position had been spared, but I was fed up with corporate downsizing. The cleaning out desks and assuming others work loads had a demoralizing effect on everyone. It was like swimming in a tank with co-workers and sharks, hoping that the sharks would eat your co-worker. I decided to get out of that tank and do something positive with my life; I bought a very small business that had potential.
Some people think that a recession is the wrong time to launch a business. The secret is, good businesses succeed in any economy. As an entrepreneur you have to zig when everyone else zags. Look for the opportunities, there are plenty out there.
Here are just a few positive reasons to go into your own business during a recession;
Remember that even during the Great Depression, great projects like the Hoover Dam and Empire State Building we started and successfully completed. Hewlett-Packard was started in 1939. Microsoft was launched in 1975 during an extremely week economy that worsened for the next five years.
One can wait for Detroit, New York or Washington to save your job, or you can take charge of your career and become a business owner. Who do you want to count on?
Dave Roeser is a local business owner, licensed business broker, for profit and non-profit board member and local economic development advisory council member. Dave can be reached at droeser@sunbeltnetwork.com Additional information can be found at
Start Up
“Where do I start to form a business”, I get this question many times from first time business entrepreneurs
My answer will start with “Get competent advice from your lawyer or account”. That’s the disclaimer, I’m not an attorney and I don’t give legal advice. What I can relate is past experience in forming five different corporations (so far) in my life.
First, I’ll point you to this website; http://www.sos.state.mn.us/home/index.asp?page=3
It’s the Secretary of State office for my home state. Go to the “Business Center” and find “Starting a Business”. Now start with something fun, pick a name. There is a free name search available to see if the name you are thinking of for your business is available. Even if you are buying an existing corporation, unless you are making a stock purchase (see later article on asset vs. stock sales), you will need a business name.
Now it starts to get harder. Sole proprietorship, partnership, LLP, LLC, S-Corp or C-Corp. which is best for you. Here is my take on these, again not legal advice;
Sole Prop. – No liability coverage and operation gets tangled with your personal tax return. Can’t figure why anyone would do this!
Partnership – Similar as above, but messier now that you have a partner.
LLP – Limited Liability Partnership – better, but not right yet.
LLC – Limited Liability Corporation - New and improved. Attorneys like this. Would like you to have several LLC’s, but that also means many more tax returns. The difference between LLC and S-Corp could be debated for hours at $400/hr by your attorney. Frankly, the differences are of little consequence to small business owners. I know I’ll get lots of comments from attorneys about that statement. Avoids double taxation.
S-Corp – Subchapter S Corporation - My personal favorite. Limited liability, limited to 30 shareholders (not partners), profits and losses can be allocated amongst shareholders in any fashion and avoids double taxation with profits going to your personal tax return.
C-Corp – Limited liability, but profits taxed first at corporate level and then again when you take dividends. OUCH. Tax issues upon sale of business too. If you are converting a 401k to fund your new business, you’ll need to be a C-Corp.
You have a name; you have a business entity organization structure, now you need a Federal Employer Identification Number (FEIN). This is easy. Call the IRS or go to IRS.com. If you call, they will ask several questions (have your shoe size handy) put you on hold for a couple minutes and then give you your very own FEIN #, yes, that fast!
Next on the list are the Articles of Incorporation. This can be a one pager that is downloaded from the SOS site above, or your attorney can write up a specific volume just for you. Outside of opening a business bank account, I have never needed this document after filing with the state. There are a couple other forms to complete, write a check and sent the pile of documents off to the SOS office. In a week or so you will get back your official certificate from the state verifying that your business is incorporated. This is good information to know even if you are using an attorney. Your attorney will need to ask you several questions to make sure the business entity type is right for you. Being informed helps your attorney protect you. That’s their job, to protect you with sound legal advice. The actual paperwork will be done by their assistant.
The state makes new company registration information available to other businesses, so you will start receiving junk mail almost immediately. Cheers! One of the mailers will be for accounting system software. Think about this because in the next step you will have to know what check type you will need to order. I like QuickBooks laser checks with two stubs. One stub to go with the check as remittance advice, and one to staple to the invoice being paid to complete your record keeping. Simple, fast record keeping is a must.
You’ve got your name, FEIN, and state certificate, so now you need to open a bank account. Bring all these papers with you and ask the banker about small business accounts. Banks have many small business accounts programs that are free. Some offer free checks as well. $100 deposit is OK to open an account. Ask to meet a banker while there. They will be very helpful and might be able to send some customers your way. As you grow, you may need a loan and that process is better if you actually know your banker.
OK, that will keep you busy for awhile. Remember when in doubt, seek competent legal and accounting advice, it’s worth it in the long run.
“Where do I start to form a business”, I get this question many times from first time business entrepreneurs
My answer will start with “Get competent advice from your lawyer or account”. That’s the disclaimer, I’m not an attorney and I don’t give legal advice. What I can relate is past experience in forming five different corporations (so far) in my life.
First, I’ll point you to this website; http://www.sos.state.mn.us/home/index.asp?page=3
It’s the Secretary of State office for my home state. Go to the “Business Center” and find “Starting a Business”. Now start with something fun, pick a name. There is a free name search available to see if the name you are thinking of for your business is available. Even if you are buying an existing corporation, unless you are making a stock purchase (see later article on asset vs. stock sales), you will need a business name.
Now it starts to get harder. Sole proprietorship, partnership, LLP, LLC, S-Corp or C-Corp. which is best for you. Here is my take on these, again not legal advice;
You have a name; you have a business entity organization structure, now you need a Federal Employer Identification Number (FEIN). This is easy. Call the IRS or go to IRS.com. If you call, they will ask several questions (have your shoe size handy) put you on hold for a couple minutes and then give you your very own FEIN #, yes, that fast!
Next on the list are the Articles of Incorporation. This can be a one pager that is downloaded from the SOS site above, or your attorney can write up a specific volume just for you. Outside of opening a business bank account, I have never needed this document after filing with the state. There are a couple other forms to complete, write a check and sent the pile of documents off to the SOS office. In a week or so you will get back your official certificate from the state verifying that your business is incorporated. This is good information to know even if you are using an attorney. Your attorney will need to ask you several questions to make sure the business entity type is right for you. Being informed helps your attorney protect you. That’s their job, to protect you with sound legal advice. The actual paperwork will be done by their assistant.
The state makes new company registration information available to other businesses, so you will start receiving junk mail almost immediately. Cheers! One of the mailers will be for accounting system software. Think about this because in the next step you will have to know what check type you will need to order. I like QuickBooks laser checks with two stubs. One stub to go with the check as remittance advice, and one to staple to the invoice being paid to complete your record keeping. Simple, fast record keeping is a must.
You’ve got your name, FEIN, and state certificate, so now you need to open a bank account. Bring all these papers with you and ask the banker about small business accounts. Banks have many small business accounts programs that are free. Some offer free checks as well. $100 deposit is OK to open an account. Ask to meet a banker while there. They will be very helpful and might be able to send some customers your way. As you grow, you may need a loan and that process is better if you actually know your banker.
OK, that will keep you busy for awhile. Remember when in doubt, seek competent legal and accounting advice, it’s worth it in the long run.
Tuesday, January 20, 2009
Collateralized Debt and Compartmentalized Debt
Now there’s a stimulating topic!
My father used to take me along with him to work, decades before “take your kid to work day” and one of those days he went to see his banker. I sat quietly and listed to them talk about a business loan. I must have been about 6 yrs old. My father joked that the fillings in my teeth were the collateral for the loan so he needed me there for proof. Guess my oldest brother must have been pledged for a bigger loan!
Funny thing about collateral, it morphs all the time.
I had a client that had used stock he was holding for the dividend income, to pledge as collateral for a business loan to expand inventory. Not a bad strategy pledging something he planned to hold anyway. No one was expecting the stock crash this past year, and on a particular day, the stock price dropped to a low number, and oops, a margin call. The financial institution liquidated the stock at the low point to satisfy the loan. OUCH!!!
In another article I spoke about Goodwill verses hard assets. Banks hate loaning anything for goodwill. Not to say it isn’t done, they just don’t like to do it. Funny thing, banks think nothing of rolling in the financing costs, fees and points. No collateral there.
Inventory seems to morph in and out of those categories. In a business acquisition, inventory is often not looked upon as a collateralized asset. Oddly enough, the minute after the business is acquired, that same inventory is great collateral for an operating loan.
Accounts Receivable (A/R) can be factored, or sold to a factoring company for a discounted price to give a business instant access to the cash. Not my favorite method. A bank will look at A/R and loan 80% on invoices 30 days or less, and zero on those over 90 days. Kind of tough if your customer is a big corporation that pays in 48 to 90 days.
For that matter, credit card companies give you access to the funds in a couple days, but there are percentages (1.7% to 5%) plus processing fees.
Lately I like to advance the method of compartmentalized debt. New term, I just made it up. Here is what I mean. Say a business market value is composed of hard assets, inventory and goodwill. Split the financing into three compartments; think a box with a sealed lid so one doesn’t leak into the other. Have the Seller finance some of the goodwill portion, the SBA loan finance the business portion with the hard assets as collateral, and have the conventional bank loan finance the inventory portion using the inventory as collateral.
We have to find new ways to finance business to get the economy growing, but please don’t use the kids as collateral.
Now there’s a stimulating topic!
My father used to take me along with him to work, decades before “take your kid to work day” and one of those days he went to see his banker. I sat quietly and listed to them talk about a business loan. I must have been about 6 yrs old. My father joked that the fillings in my teeth were the collateral for the loan so he needed me there for proof. Guess my oldest brother must have been pledged for a bigger loan!
Funny thing about collateral, it morphs all the time.
I had a client that had used stock he was holding for the dividend income, to pledge as collateral for a business loan to expand inventory. Not a bad strategy pledging something he planned to hold anyway. No one was expecting the stock crash this past year, and on a particular day, the stock price dropped to a low number, and oops, a margin call. The financial institution liquidated the stock at the low point to satisfy the loan. OUCH!!!
In another article I spoke about Goodwill verses hard assets. Banks hate loaning anything for goodwill. Not to say it isn’t done, they just don’t like to do it. Funny thing, banks think nothing of rolling in the financing costs, fees and points. No collateral there.
Inventory seems to morph in and out of those categories. In a business acquisition, inventory is often not looked upon as a collateralized asset. Oddly enough, the minute after the business is acquired, that same inventory is great collateral for an operating loan.
Accounts Receivable (A/R) can be factored, or sold to a factoring company for a discounted price to give a business instant access to the cash. Not my favorite method. A bank will look at A/R and loan 80% on invoices 30 days or less, and zero on those over 90 days. Kind of tough if your customer is a big corporation that pays in 48 to 90 days.
For that matter, credit card companies give you access to the funds in a couple days, but there are percentages (1.7% to 5%) plus processing fees.
Lately I like to advance the method of compartmentalized debt. New term, I just made it up. Here is what I mean. Say a business market value is composed of hard assets, inventory and goodwill. Split the financing into three compartments; think a box with a sealed lid so one doesn’t leak into the other. Have the Seller finance some of the goodwill portion, the SBA loan finance the business portion with the hard assets as collateral, and have the conventional bank loan finance the inventory portion using the inventory as collateral.
We have to find new ways to finance business to get the economy growing, but please don’t use the kids as collateral.
Saturday, January 17, 2009
Financing the purchase of a business
Purchasing a business isn’t like buying a house. There have been many financing options in the past few years where buyers could purchase a house with zero down. That just isn’t possible when buying a business. So if you have a dream of being your own boss some day, start saving now!
Typically, and in the current environment there isn’t anything really typical these days, but generally a bank will be looking for 20% to 30% down. That can vary greatly based on the following;
How much of the purchase price is Goodwill vs. Assets
Experience of the Buyer in that industry
Seller willing to carry any debt on the business sale
Industry
Cash flow of the business
Tax records of the business
Credit worthiness of the Buyer
Is there Real Estate involved
Collateral
Combinations of the above can really change the financing landscape. Let me outline some common combinations that work and don’t work.
We (Business Brokers) often encourage owners of businesses to finance some or part of a business acquisition. There are several good reasons to do this;
· Buyers have confidence that the business is good since the Owner still has some skin in the game. Banks like this too.
· Sometimes the SBA departments in the banks will consider Owner financing to be almost the same as Buyer cash in the deal to. This means that a Buyer could put less down, maybe as little as 10%.
· There are tax advantages to Owners when they finance part or the entire sale. They may be able to defer taxes until they actually receive the payments in future years.
· There is the added “boot” of interest income from the financing. Also risk.
· Lower down payment requirements for Buyers open the door to more candidates which helps the business sell faster and at a price favorable to the Owner.
Goodwill isn’t where you take your old clothing to donate, well yes it is, but not in this instance. I’ll explain Goodwill and tax issues in a future article, but for now let’s consider Goodwill as it relates to a bank loan.
Banks like “hard” assets. Something tangible. Something they can reposes it all goes wrong. Inventory can move out the door to quickly, so banks aren’t big fans of inventory as collateral in buying a business. Accounts Receivable (A/R) is discounted depending on the quality and age of the receivables. Banks like bricks and mortar, equipment, etc.
Goodwill is an intangible. You amortize goodwill, you depreciate equipment. Similar, but very different. Basically a business has value based on the cash flow of the business. Think for a moment about a computer. On eBay, you’d get two cents for a used one. If that same computer was on the desk of a key employee, imagine the revenue lost if it were gone. Not priceless, but it has a lot more value than the one on eBay. Same computer, different uses. So you could say the difference the two computers is from the “goodwill” that is created by an ongoing business.
The Goodwill is the difference between the fair market price of a business and the total of all the other assets of the business. Assembling all the employees and training them costs lots of money, they are included in the goodwill. So if a business fails, all the employees are gone, and all the profit, and it leaves you with the hard assets, which are about two cents. Now you know why banks don’t like goodwill. Today, SBA loan underwriters like to see seller financing equal to the goodwill of the business. Not a rule, a guideline.
Of course, a Buyer must have some experience. If you’d like to own a restaurant but never worked in one, the bank will not loan you the money. If you have a felony conviction, you can’t own a bar. It’s that simple.
The SBA has also ruled out financing for C-Stores with gas. Too many failures and too many environmental issues with the gas tanks.
The business should have current tax records for that business. It the returns are blended with other businesses or locations, the bank will require that a full scale audit and accounting is made for the business unit being sold.
One last thing, the SBA is the Small Business Administration. They do not make loans. Most banks have a SBA loan department. The SBA will make guarantees to banks that follow their guidelines (exactly). The guarantee is for a portion of the loan and reduces the risk the bank has. This allows the banks to make loans and keep business and commerce going. Defaulting on a SBA loan costs all us taxpayers. The SBA to fund these loan guarantees sells notes on the market. These placements cost money and the high risk is expensive too. SBA fees are therefore higher when taking out the loan. SBA loans are typically 2% to 2.5% over prime, or the rate banks charge their best customers.
Hope this helps. Look for future articles on collateral, inventory, capital goodwill and several hybrid financing solutions.
Purchasing a business isn’t like buying a house. There have been many financing options in the past few years where buyers could purchase a house with zero down. That just isn’t possible when buying a business. So if you have a dream of being your own boss some day, start saving now!
Typically, and in the current environment there isn’t anything really typical these days, but generally a bank will be looking for 20% to 30% down. That can vary greatly based on the following;
How much of the purchase price is Goodwill vs. Assets
Experience of the Buyer in that industry
Seller willing to carry any debt on the business sale
Industry
Cash flow of the business
Tax records of the business
Credit worthiness of the Buyer
Is there Real Estate involved
Collateral
Combinations of the above can really change the financing landscape. Let me outline some common combinations that work and don’t work.
We (Business Brokers) often encourage owners of businesses to finance some or part of a business acquisition. There are several good reasons to do this;
· Buyers have confidence that the business is good since the Owner still has some skin in the game. Banks like this too.
· Sometimes the SBA departments in the banks will consider Owner financing to be almost the same as Buyer cash in the deal to. This means that a Buyer could put less down, maybe as little as 10%.
· There are tax advantages to Owners when they finance part or the entire sale. They may be able to defer taxes until they actually receive the payments in future years.
· There is the added “boot” of interest income from the financing. Also risk.
· Lower down payment requirements for Buyers open the door to more candidates which helps the business sell faster and at a price favorable to the Owner.
Goodwill isn’t where you take your old clothing to donate, well yes it is, but not in this instance. I’ll explain Goodwill and tax issues in a future article, but for now let’s consider Goodwill as it relates to a bank loan.
Banks like “hard” assets. Something tangible. Something they can reposes it all goes wrong. Inventory can move out the door to quickly, so banks aren’t big fans of inventory as collateral in buying a business. Accounts Receivable (A/R) is discounted depending on the quality and age of the receivables. Banks like bricks and mortar, equipment, etc.
Goodwill is an intangible. You amortize goodwill, you depreciate equipment. Similar, but very different. Basically a business has value based on the cash flow of the business. Think for a moment about a computer. On eBay, you’d get two cents for a used one. If that same computer was on the desk of a key employee, imagine the revenue lost if it were gone. Not priceless, but it has a lot more value than the one on eBay. Same computer, different uses. So you could say the difference the two computers is from the “goodwill” that is created by an ongoing business.
The Goodwill is the difference between the fair market price of a business and the total of all the other assets of the business. Assembling all the employees and training them costs lots of money, they are included in the goodwill. So if a business fails, all the employees are gone, and all the profit, and it leaves you with the hard assets, which are about two cents. Now you know why banks don’t like goodwill. Today, SBA loan underwriters like to see seller financing equal to the goodwill of the business. Not a rule, a guideline.
Of course, a Buyer must have some experience. If you’d like to own a restaurant but never worked in one, the bank will not loan you the money. If you have a felony conviction, you can’t own a bar. It’s that simple.
The SBA has also ruled out financing for C-Stores with gas. Too many failures and too many environmental issues with the gas tanks.
The business should have current tax records for that business. It the returns are blended with other businesses or locations, the bank will require that a full scale audit and accounting is made for the business unit being sold.
One last thing, the SBA is the Small Business Administration. They do not make loans. Most banks have a SBA loan department. The SBA will make guarantees to banks that follow their guidelines (exactly). The guarantee is for a portion of the loan and reduces the risk the bank has. This allows the banks to make loans and keep business and commerce going. Defaulting on a SBA loan costs all us taxpayers. The SBA to fund these loan guarantees sells notes on the market. These placements cost money and the high risk is expensive too. SBA fees are therefore higher when taking out the loan. SBA loans are typically 2% to 2.5% over prime, or the rate banks charge their best customers.
Hope this helps. Look for future articles on collateral, inventory, capital goodwill and several hybrid financing solutions.
Friday, January 16, 2009
Death of a Newspaper
Capitalism has been referred to as creative destruction, so we’re seeing a lot of “creativity” going on right now. Businesses need to adapt, or they will die.
The latest casualty is the StarTrib newspaper in Minneapolis. As Mark Twain once said, reports of my death have been greatly exaggerated, and the newspaper isn’t dead yet. As a past customer, I can tell you why they are on the ropes. Some of the same reasons are why the network news channels are also having problems.
Let’s start with the big one, the internet. The Internet has become the fast replacement to waiting until the news is in print. I get the Wall Street Journal which is delivered on paper, but I have access to their website through the subscription. I’ll read the news today on the internet, get the paper tomorrow and place it in the recycling bin. We want our news now, not later.
Secondly, advertising has been taking different forms. Again the internet has changed advertising with pay per click, broadcast emails, online catalogs and shopping and e-coupons to mention a few. Newspapers (and magazines) have gotten thinner, saving countless trees due to the variety of advertising available on the internet. Real Estate and Automotive ads, once having their own sections of the newspaper, have moved over 90% to the internet.
The internet surely was the last straw for newspapers, but there were other reasons as well.
The StarTrib, has also been referred to as the Red Star paper, a hint to the political agenda their articles and editorials spoke to. The day in, day out left agenda drum beat frankly turned many reads off, and they voted with their feet and left.
Smaller, local newspapers do well by being active in the communities they are in. The StarTrib became activists in the communities, pushing their view point and creating news to illustrate those points. Readers can get national news anywhere, but they have to go to the local papers to get stories about their hometown, school district, local sports, etc. One also does not have to look hard to have political viewpoints thrust upon then. The political focused agenda and national news format of the StarTrib became out of touch with what their readers wanted. They aren’t alone. The Chicago Tribune, once owner of WGN (Worlds Greatest Newspaper) filed for bankruptcy last year and isn’t looking too “great” these days either.
The geography for the paper was becoming a burden also. As readership dwindled in the city for a variety of reasons, the paper had to reach out to the suburbs where they met competition with local community focused newspapers. The cost of distribution starts to get huge especially as gas prices rose.
For now, the paper will get a chance to re-organize themselves and shed some debt through the bankruptcy filing. Let’s see if they fix the other issues as well.
One doesn’t see any whale oil companies around these days, yet they were a popular business in the 1700’s. Let’s hope that the failure of the newspapers doesn’t become another BAIL OUT candidate for the government to spend our money on. Adapt or die, that’s how creative destruction works.
Capitalism has been referred to as creative destruction, so we’re seeing a lot of “creativity” going on right now. Businesses need to adapt, or they will die.
The latest casualty is the StarTrib newspaper in Minneapolis. As Mark Twain once said, reports of my death have been greatly exaggerated, and the newspaper isn’t dead yet. As a past customer, I can tell you why they are on the ropes. Some of the same reasons are why the network news channels are also having problems.
Let’s start with the big one, the internet. The Internet has become the fast replacement to waiting until the news is in print. I get the Wall Street Journal which is delivered on paper, but I have access to their website through the subscription. I’ll read the news today on the internet, get the paper tomorrow and place it in the recycling bin. We want our news now, not later.
Secondly, advertising has been taking different forms. Again the internet has changed advertising with pay per click, broadcast emails, online catalogs and shopping and e-coupons to mention a few. Newspapers (and magazines) have gotten thinner, saving countless trees due to the variety of advertising available on the internet. Real Estate and Automotive ads, once having their own sections of the newspaper, have moved over 90% to the internet.
The internet surely was the last straw for newspapers, but there were other reasons as well.
The StarTrib, has also been referred to as the Red Star paper, a hint to the political agenda their articles and editorials spoke to. The day in, day out left agenda drum beat frankly turned many reads off, and they voted with their feet and left.
Smaller, local newspapers do well by being active in the communities they are in. The StarTrib became activists in the communities, pushing their view point and creating news to illustrate those points. Readers can get national news anywhere, but they have to go to the local papers to get stories about their hometown, school district, local sports, etc. One also does not have to look hard to have political viewpoints thrust upon then. The political focused agenda and national news format of the StarTrib became out of touch with what their readers wanted. They aren’t alone. The Chicago Tribune, once owner of WGN (Worlds Greatest Newspaper) filed for bankruptcy last year and isn’t looking too “great” these days either.
The geography for the paper was becoming a burden also. As readership dwindled in the city for a variety of reasons, the paper had to reach out to the suburbs where they met competition with local community focused newspapers. The cost of distribution starts to get huge especially as gas prices rose.
For now, the paper will get a chance to re-organize themselves and shed some debt through the bankruptcy filing. Let’s see if they fix the other issues as well.
One doesn’t see any whale oil companies around these days, yet they were a popular business in the 1700’s. Let’s hope that the failure of the newspapers doesn’t become another BAIL OUT candidate for the government to spend our money on. Adapt or die, that’s how creative destruction works.
Monday, January 12, 2009
Value of Commercial Real Estate
Often people ask me what I think their commercial or business property is worth. They may have heard of a property being sold in the area that some big corporation bought for a king’s ransom. Now they want to sell for an unreasonable price and retire.
Commercial property has a different value than residential. Sure the three rules apply, location, location, location, but commercial property has a fourth element, PROFIT.
Residential property can be much more subjective based on a nice view, good school district or a celebrity living next door. Of course I’d prefer not to have Ozzie Osborn as my neighbor; some might think that increases a homes value.
Let’s look at four different approaches to discovering the value of your commercial property.
First, the tax assessor values property. They consider the price for land, past sales data, eye of Knut and some hocus pocus to arrive at a value. One look at Hennepin County, MN values and you’ll see they were 20% higher than market prices before the real estate crash. That crash hasn’t hit commercial property yet, but trouble is looming. Look at your tax statement as an idea, but I wouldn’t sell it at that price.
Second approach is replacement value. Again not a good market price, but a figure to make sure you are insured should you need to rebuild after a total loss. Ballpark method would be to take the total building sq ft times $150 for office or $125 for office warehouse plus the value of the land, somewhere around $4 to $6 per sq ft. of dirt.
Comp method uses data from past sales of like buildings in the area. Homes have lots of similar sized properties in an area whereas commercial buildings vary greatly and don’t turn over as often. Financial terms and building condition affect the value greatly. Commercial properties are usually on the market for a longer period of time also. Finding a good comparison can be very hard.
Income approach will be used most often to assess market value and also bank loan value. Basically take the total rents received, less the landlord paid expenses (utilities, taxes, maintenance, but not mortgage payments) and you have a basic gross profit or cash flow. Divide the gross profit by 10% to be conservative or 8% for more desirable properties to get an idea of market value. Total occupancy, deferred maintenance and zoning will also come into play. Banks will be conservative in valuation.
These methods should help you see your commercial property for what it’s worth, or give you an idea of a properties investment value before you invest.
Consult a licensed commercial real estate agent or licensed Business Broker before buying that villa in the south of France to retire to after you sell your building for a kings ransom.
Often people ask me what I think their commercial or business property is worth. They may have heard of a property being sold in the area that some big corporation bought for a king’s ransom. Now they want to sell for an unreasonable price and retire.
Commercial property has a different value than residential. Sure the three rules apply, location, location, location, but commercial property has a fourth element, PROFIT.
Residential property can be much more subjective based on a nice view, good school district or a celebrity living next door. Of course I’d prefer not to have Ozzie Osborn as my neighbor; some might think that increases a homes value.
Let’s look at four different approaches to discovering the value of your commercial property.
First, the tax assessor values property. They consider the price for land, past sales data, eye of Knut and some hocus pocus to arrive at a value. One look at Hennepin County, MN values and you’ll see they were 20% higher than market prices before the real estate crash. That crash hasn’t hit commercial property yet, but trouble is looming. Look at your tax statement as an idea, but I wouldn’t sell it at that price.
Second approach is replacement value. Again not a good market price, but a figure to make sure you are insured should you need to rebuild after a total loss. Ballpark method would be to take the total building sq ft times $150 for office or $125 for office warehouse plus the value of the land, somewhere around $4 to $6 per sq ft. of dirt.
Comp method uses data from past sales of like buildings in the area. Homes have lots of similar sized properties in an area whereas commercial buildings vary greatly and don’t turn over as often. Financial terms and building condition affect the value greatly. Commercial properties are usually on the market for a longer period of time also. Finding a good comparison can be very hard.
Income approach will be used most often to assess market value and also bank loan value. Basically take the total rents received, less the landlord paid expenses (utilities, taxes, maintenance, but not mortgage payments) and you have a basic gross profit or cash flow. Divide the gross profit by 10% to be conservative or 8% for more desirable properties to get an idea of market value. Total occupancy, deferred maintenance and zoning will also come into play. Banks will be conservative in valuation.
These methods should help you see your commercial property for what it’s worth, or give you an idea of a properties investment value before you invest.
Consult a licensed commercial real estate agent or licensed Business Broker before buying that villa in the south of France to retire to after you sell your building for a kings ransom.
Friday, January 9, 2009
The Value of Long Term Employees During a Downturn
There are several strategies in a business cycle downturn, lay offs being one of them.
Lately there has been a new practice of laying off your most senior workers because they are the highest paid. We have seen Glenn Taylor do this first with the Timberwolves and then its operating companies. A couple of these Taylor companies are in White Bear, Lino Lakes and other Twin City suburbs.
I have a friend in the packaging industry who is losing his job to someone half his age. The lack of experience and judgment in his replacement is staggering. Always calling the home office for decisions. What does that cost?
If you really think about it, why are senior employees paid higher. Usually because their experience allows them to complete tasks more quickly with fewer mistakes. One mistake that could have been avoided through experience will quickly pay for their higher salary many times over.
Decision time can be impaired by lack of experience. Moral suffers and employees that have been through a downturn before know what to expect. They know how to where many hats to get things accomplished.
At a time management should be looking for how an experienced employee can cover more areas and get them through the tough times, some companies do the opposite.
I used to work for a couple visionaries named Bill and Dave. Hewlett-Packard (HP) was in a down turn in the 1980’s and faced laying off workers. Instead they realized that the downturn would be temporary like all those times before. They asked everyone to take a 10% pay cut. Hourly employees took every other Friday off; management just endured a pay cut. Moral was high because no one was laid off. The monetary value was met with the 10% in wage reduction across the board. Sure no one likes taking a cut in pay, but being able to keep your job at 90% of pay had a lot of value.
And they were right, in three months things had turned around, only H-P was able to quickly bring back workers to full staff and pay to meet the demand. Three months later middle management was back at full pay and three months after that senior management was back at 100% pay. Don’t think we’ll see that type of program from GM, FORD or Glenn Taylor. Too bad.
Bill Hewlett and Dave Packard were the type of visionary leadership American business needs today.
I help people buy and sell businesses every day. The true value isn’t the sum of the buildings, machines and office equipment. The true value is how well all those fixed assets interact with “human assets” to make cash flow.
Want your small company to be more valuable, keep your long term, tested and trusted employees. Believe me, Buyers of businesses all are concerned about losing that “human asset” during a business sale. Buyers put a higher value on businesses with long term employees. Why, because they know the business will perform better with that talent.
Don’t make the penny wise and pound foolish decision with employees. Try something visionary!
There are several strategies in a business cycle downturn, lay offs being one of them.
Lately there has been a new practice of laying off your most senior workers because they are the highest paid. We have seen Glenn Taylor do this first with the Timberwolves and then its operating companies. A couple of these Taylor companies are in White Bear, Lino Lakes and other Twin City suburbs.
I have a friend in the packaging industry who is losing his job to someone half his age. The lack of experience and judgment in his replacement is staggering. Always calling the home office for decisions. What does that cost?
If you really think about it, why are senior employees paid higher. Usually because their experience allows them to complete tasks more quickly with fewer mistakes. One mistake that could have been avoided through experience will quickly pay for their higher salary many times over.
Decision time can be impaired by lack of experience. Moral suffers and employees that have been through a downturn before know what to expect. They know how to where many hats to get things accomplished.
At a time management should be looking for how an experienced employee can cover more areas and get them through the tough times, some companies do the opposite.
I used to work for a couple visionaries named Bill and Dave. Hewlett-Packard (HP) was in a down turn in the 1980’s and faced laying off workers. Instead they realized that the downturn would be temporary like all those times before. They asked everyone to take a 10% pay cut. Hourly employees took every other Friday off; management just endured a pay cut. Moral was high because no one was laid off. The monetary value was met with the 10% in wage reduction across the board. Sure no one likes taking a cut in pay, but being able to keep your job at 90% of pay had a lot of value.
And they were right, in three months things had turned around, only H-P was able to quickly bring back workers to full staff and pay to meet the demand. Three months later middle management was back at full pay and three months after that senior management was back at 100% pay. Don’t think we’ll see that type of program from GM, FORD or Glenn Taylor. Too bad.
Bill Hewlett and Dave Packard were the type of visionary leadership American business needs today.
I help people buy and sell businesses every day. The true value isn’t the sum of the buildings, machines and office equipment. The true value is how well all those fixed assets interact with “human assets” to make cash flow.
Want your small company to be more valuable, keep your long term, tested and trusted employees. Believe me, Buyers of businesses all are concerned about losing that “human asset” during a business sale. Buyers put a higher value on businesses with long term employees. Why, because they know the business will perform better with that talent.
Don’t make the penny wise and pound foolish decision with employees. Try something visionary!
Thursday, January 1, 2009
Where Joe the Plumber Was Wrong
Joe the Plumber vaulted to stardom this past election and planted a seed in the minds of many. But his view on higher taxes and “spread the wealth” isn’t actually correct. You see, Joe saw the taking his hard earned profits as a reason not to buy the business of his dreams. In reality it’s the opposite that is true.
Why was Joe the Plumber wrong about owning a small business?
Let me explain something about small businesses; business owners take home small paychecks. What? You thought the owner was a fat cat with a big fat paycheck, right?
Well, a good employer pays his employees first, pays him/herself second, but only after spending some on investment back into the company.
Most business owners take home small W2 reported income, probably smaller that the janitor (unless they do that task at night too). Why, because W2 income is taxed at high rates and is subject to FICA taxes. The company matches FICA and has other taxes that are driven by payroll. So for every dollar the owner pays himself as W2 income, they pay FICA twice, more than 15%, plus unemployment insurance, workers comp and other taxes. The tax tally can exceed 30%. Ouch!
So why own a business when the pay is so little? Well there is something called “Seller Discretionary Earnings”. Besides W2 reported income, the owner can expense business related items like cars, trips, cell phones, medical insurance, etc. through the business. There are also non cash accounting deductions like depreciation and amortization that lessen the tax burden and shelter income. Then, what ever is left (assuming the business is an “S” Corp or LLC) can be passed through to the owner’s tax return as dividends or profit from businesses, bypassing the more expensive payroll taxes. So, a business owner making $100,000 a year is living a much higher life style or “cash flow” than an employee making $100,000 on a paycheck.
This is the same for Joe the Milkman, Joe the Restaurateur or Joe the Retailer. It’s a common place in most businesses I review daily. I’m working with a local “Joe” on his dream of ownership right now, and if all goes as planned, Joe will be a new business owner before the end of the month.
Believe me, Joe the Plumber needs to own a business if he wants to keep what he earns. Might not be a bad idea for you either!
Dave Roeser is a local business owner, licensed business broker, for profit and non-profit board member and local economic development advisory council member. Dave can be reached at Droeser@sunbeltnetwork.com Additional information can be found at www.sunbeltmidwest.com
Joe the Plumber vaulted to stardom this past election and planted a seed in the minds of many. But his view on higher taxes and “spread the wealth” isn’t actually correct. You see, Joe saw the taking his hard earned profits as a reason not to buy the business of his dreams. In reality it’s the opposite that is true.
Why was Joe the Plumber wrong about owning a small business?
Let me explain something about small businesses; business owners take home small paychecks. What? You thought the owner was a fat cat with a big fat paycheck, right?
Well, a good employer pays his employees first, pays him/herself second, but only after spending some on investment back into the company.
Most business owners take home small W2 reported income, probably smaller that the janitor (unless they do that task at night too). Why, because W2 income is taxed at high rates and is subject to FICA taxes. The company matches FICA and has other taxes that are driven by payroll. So for every dollar the owner pays himself as W2 income, they pay FICA twice, more than 15%, plus unemployment insurance, workers comp and other taxes. The tax tally can exceed 30%. Ouch!
So why own a business when the pay is so little? Well there is something called “Seller Discretionary Earnings”. Besides W2 reported income, the owner can expense business related items like cars, trips, cell phones, medical insurance, etc. through the business. There are also non cash accounting deductions like depreciation and amortization that lessen the tax burden and shelter income. Then, what ever is left (assuming the business is an “S” Corp or LLC) can be passed through to the owner’s tax return as dividends or profit from businesses, bypassing the more expensive payroll taxes. So, a business owner making $100,000 a year is living a much higher life style or “cash flow” than an employee making $100,000 on a paycheck.
This is the same for Joe the Milkman, Joe the Restaurateur or Joe the Retailer. It’s a common place in most businesses I review daily. I’m working with a local “Joe” on his dream of ownership right now, and if all goes as planned, Joe will be a new business owner before the end of the month.
Believe me, Joe the Plumber needs to own a business if he wants to keep what he earns. Might not be a bad idea for you either!
Dave Roeser is a local business owner, licensed business broker, for profit and non-profit board member and local economic development advisory council member. Dave can be reached at Droeser@sunbeltnetwork.com Additional information can be found at www.sunbeltmidwest.com
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