Ask yourself this question; If you decided to take six months off from the business – as opposed to the old “what happen if you get hit by a bus” question – can your business survive without you for an extended period of time?
50% of business fail within the first 5 years of business and less than 1/3 of businesses survive 10 years+. The dropping of the ball when it comes to financial planning and monitoring, marketing, staffing, inventory management, order processing, customer mining and acquisition, billing, to only name a few, can be devastating to a company’s vitality.
John got a call from one of his biggest customers. They had been in the process of putting together a large order that John thought would be his most important piece of business for the year. It was a fair deal – both sides would benefit.
The customer was calling to advise that they were not going to proceed with the order. John was stunned. Almost too surprised to even ask “Why”? What he heard surprised him even further!
As ‘boomer’ business owners approach their 60’s, thoughts often turn from an ‘achievement’ mindset to one of ‘quality of life’ values and concerns. It becomes a time of reflection; a time to sort out life’s purpose and values; and to determine when enough is enough.
A Term Sheet or an expression of interest (EOI) is an informal offer made by a strategic or financial buyer for the purchase of a business. An EOI can also be referred to as an Indication of Interest or an IOI. Generally it is drafted in the preliminary stages of the acquisition of a business or assets, and can be a useful method for expressing a non-binding intent to purchase.
Baby boomers…the generation born between 1945 to 1964 were originally defined because of the peak birth rates that resulted from the men returning home from WWII after their long absence. Since their birth, they have supercharged the economy by their unprecedented shear numbers, creating huge waves of demand and opportunity.
Both the marathon runner and a successful business owner look ahead and set a challenging stake in the ground of where they want to be sometime in the future. To be winners, both realize that they can’t just aimlessly move ahead and only rely on hope to reach their end goal.