The Beal Business Advisor

June 2014

Contact Number: 204-478-7266

In This Issue

Buying a Business - Legal Issues
Selling a Business - Preparing to Sell Your Business
Question of the Month - Improving Productivity from your Employees
Current Businesses for Sale

Legal Issues

Last month we discussed taxes, this month we want to discuss legal issues. You and your advisors will need to investigate if:

There are any law suits outstanding?
What Occupational Health and Safety, W.C.B., environmental and other regulatory requirements must be met and are they currently being met?
Are all registration requirements and regulations being met?
Are all local zoning requirements being met?
Review the articles of incorporation, minute books, by-laws, and/or partnership agreements.
Is the business a franchise? If so, review the franchise agreement. Understand your obligations and rights.

Next month we will discuss insurance.

In the meantime, if you would like more information on buying a business, contact us at 204-478-7266x110.

Preparing to Sell Your Business

Last month we discussed when is the right time to sell. This month we will discuss preparing to sell your business.

When you sell your house, you give it a coat of paint, perhaps hire a home "stager" who will help you show your house at its best. It's even more important when you sell your business. Preparation can take months or years. A buyer will want to see a good track record of earnings before paying top dollar. Specific issues include:

Management/Operations: Do you delegate? Can you take a two-month holiday? Will your business still exist when you get back? If the answers are no, it will be hard to sell or transition your business to your children.
Financial: Ensure your bottom line is healthy. Your business is valued based on a multiple of sustainable income. You need to prove your business makes a good profit, and that it is sustainable.
Taxes: We all hate them, but did you know paying a dollar in tax could earn you $18? Here's how: If you are paying for personal expenses through your business (nudge, nudge), you save perhaps 17% tax. When you sell, you sell for a multiple of your bottom line. Paying for six dollars in personal expenses saves you one dollar in tax, but could cost you $18 when you sell (assume a 3x multiple). Strange but true.

If you would like more information on selling or valuing a business, contact us at 204-478-7266 x110.

Current Businesses for Sale

Rural Restaurant (New)

Electrical Contracting Business

Winnipeg Automotive Service Centre

Franchised Foods Retailer

Convenience Store (Northern Manitoba)

Winnipeg Catering Business

Winnipeg Pharmacy (Conditionally Sold)

Franchise - Tanning Studio

Small Town Dollar Store

Winnipeg Meat Shop - Grocery Store

Bridal Shop

Metal Fabrication Business

Specialty Building Product Retailer

Small Town Grocery Store/Meat Shop

Automotive Repair and Power Product Dealership

Construction and Renovation Company

Trucking Company - NW Ontario

Plum Creek Gifts

Winnipeg Convenience Store

High Volume Retail Chain

Thompson Hotel and Restaurant

Print and Online Publication - Business Opportunity

Employment Service - Franchise Opportunity

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To review any of these business profiles, please click here .

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We do not advertise all of our listings to the public.

If you have a specific type of business in mind,

please call 204-478-7266 x110 to inquire!

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Quick Links

Beal Consultants Website

Quote of the Month

"Don't let the fear of losing be greater than the excitement of winning"

Robert Kiyosaki

I Am a Small Business Owner with Five Employees. I Find that I am typically the Bottleneck for Getting Things Done. Do you have any Suggestions?

You are not alone! This is a very common issue small business owners face. When you started your business, you were likely running the business either by yourself or with one other employee. That employee was probably an assistant to you, and you likely worked side-by-side, providing regular input on the tasks at hand.

As you grew your business, you started hiring more employees. During this time, you were becoming a manager. It probably was not easy to let go and pass on responsibilities to your employees. However, in order to drive productivity, this is absolutely essential! Otherwise, you will always find yourself being the bottleneck in getting things done.

To make certain jobs are performed according to your standards, you will need to develop written, consistent processes. Processes will ensure consistency and accuracy of results. Next, you will need to make each employee accountable for a selection of tasks. Provide each employee with the written processes, train them accordingly, and you will find your productivity reaching new highs!

Remember, it is more important to have excellent processes rather than excellent employees to get the results you want! This is the crux of building a successful business that works well with or without you. By ensuring your employees are well trained, you can spend more time focusing on the more important aspects of your business, whether that is strategy, sales, or customer service.

For more information, contact us at 204-478-7266x110.

About Us...

Beal Business Growth Consultants, Inc. helps owners of small and medium-sized businesses to buy, sell, value, and grow their businesses. We also work with individuals who are looking to buy or start a business or franchise.

Call us at (204) 478-7266 x110 for a free, initial 30-minute consultation to explore how we can help you buy, sell, value or improve your business.

Legal

Copyright 2014 by Steven Beal, Beal Business Growth Consultants, Inc. The information herein is not complete and is intended only to provide guidelines to supplement counsel the reader receives from a qualified professional. It is distributed with the understanding that the author is not rendering legal, accounting or tax advice or opinions on specific facts or matters, and accordingly, assumes no liability in connection with its use.

Published by Beal Business Growth Consultants, Inc.