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…

I have always enjoyed playing all kinds of sports since I was little and was one of those kids who were good at most sports but great at none.  I was usually picked be on the team but when it came down to the last minutes of the game, I was not the one that the coach gave the ball too.   As I grow older I have had to shift from contact sports to more […] 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…