Maybe the best place to start defining a MOU (Memo of Understanding) or LOI (Letter of Intent) is by explaining what it is not.  It is not a contract and thus legally binding but more like an outline to a potential offer. It’s like getting a coffee with someone your interested in dating.  Is that coffee a date or just a meeting will really depend upon where it goes from there.  For me, it’s more like my personal […] Continue Reading…

Let’s start off by saying that there is “selling” your business and then there is “getting paid” for your business.  Right now business owners are having a hard time collecting money on a day to day basis and it’s no different when it comes to collecting on the sale of your business.   As I have said numerous times before it’s not the selling price of your business but your after-tax, cash collected, money you received, that defines […] Continue Reading…

As anyone who knows me would tell you, I’m not much for mixing business and emotions together, until it came to selling my business.  Don’t get me wrong, I do care about about my customers and employees but I personally have a tendency to get caught up in the goal/results more than the process.  For me it is not what you say but what you do that defines success.   Unfortunately that attitude sometimes comes into conflict when emotions […] Continue Reading…

We as entrepreneurs are typically mavericks, visionaries, leaders and self-motivated.  We have listened to our heart and passions more than our head before we decided to go out on our own.  People call us “risk takers” but I honestly I don’t think of myself as that.  For me, I think people working for others are risk takers, trusting someone else with their future and successes.  I want to be in control of my results, be held accountable to my decisions and look in the mirror to decide […] Continue Reading…

According to the Webster dictionary the definition of negotiating is “ to confer with another so as to arrive at the settlement of some matter” or “to arrange for or bring about through conference, discussion, and compromise”.    This is very important to understand since many sellers believe that once a price has been agreed upon then the negotiations are over.  On the contrary, every buyer considers the escrow process a series of negotiations […] Continue Reading…