Texas Hold ‘Em poker has gained monumental popularity over the past 5 or so years thanks in large part to ESPN and online poker sites. The game has been around since early-1900s but really began to gain notoriety in the early 1970’s with the introduction of the World Series of Poker (WSOP). Today, millions of Americans play Texas Hold ‘Em. If you know the game, you’ll appreciate our texas hold ‘em business analogies:
The Center for Media Research just released a study, conducted by ThirdAge, Inc and JWT BOOM, that indicates 40+ year olds are hip to the internet as nearly 75% have Broadband internet in their homes. The group labeled as “Third Agers” is defined as baby boomers and mid-lifers ranging in age from mid 40’s through mid 60’s.
The Internet has revolutionized the way we operate in life, work, and recreation. Small companies can efficiently serve national or global customers real-time, meeting their needs and fulfilling their demands. While this convenience is mostly positive in the eyes of a business owner, it can also come with some hefty negatives. Case in point, online reputation. A trend called “online reputation monitoring”, which began to get noticed back in 2005 is gaining steam as companies seek to manage their brand’s integrity and reputation amongst the thralls of blogs, message boards, forums and what’s known as “user generated content”. So this begs to question, what is your reputation worth when you are planning on appraising and then selling your business?
Two new studies were just released, indicating that aging baby boomers plan on working longer and delaying retirement into their 60s & 70s. The Charlotte Observer goes into detail about this trend and outlines several key reasons.
A significant portion of baby boomers (those born from 1946 to 1964) are business owners. These business leaders appear to have the energy, passion and financial needs to keep running their businesses versus retiring in their 50s/60s like their parents and grandparents.
Selling a business can be a very complex, time consuming and daunting task. We highly recommend that you do not cross this chasm alone, but seek out professional advice and expertise. While typical roles include that of a business appraiser, business broker, lawyer and possibly your CPA, there is one other professional specialist you should really seek counsel from: your financial advisor.
Entreprenuers must continually invest in themselves with golden nuggets of insightful information and tips. Learning from other seasoned entrepreneurs who have been successful in their own ventures and are giving back to like-minded business owners can be invaluable! Seeking self-improvement is a huge investment back into your business, its employees, services & products, growth and consequent value.
As you’ve already found out, this blog positively endorses the purpose and value of business appraisals for business owners. Are we biased? Sure! But don’t just take our word for it, see what The Wall Street Journal has to say about Selling Your Business.
“………….Get your business appraised. Work with a professional business appraiser, or, if your business is very small, a CPA. “Owners usually do not have an idea of what their business is worth……………………..”
