Anyone who has owned and then sold a home remembers the fun conversations you had with your realtor about the value of your property. It might have gone something like this:
You: “We think our home is worth A because our neighbor got B or because we are assessed at C or because we paid D for it 15 years ago and have spent $50,000 fixing it up over the years.”
Realtor: “We think your home is probably worth E, based on these data points.”
You: “Oh, uh-oh. That’s a little lower than where we wanted to be. Maybe selling right now isn’t going to work. If we want to get A for our place, what do we need to do?”
Or maybe your response was this:
You: “Oh,... Read More
In this issue, we attempt to dismantle the most common objections owners make to undertaking the planning necessary to exit their companies successfully. Assuming we are successful in persuading you that Exit Planning not only helps your business while you are in it but also is the best way we’ve found to leave your company to the successor you choose, on the date you choose, and for the amount of cash you want, how do you, as an owner, jump into Exit Planning?
Excuses to avoid Exit Planning include the following:
1. The business isn't worth enough to meet my financial needs. When it is, I'll think about leaving... Read More
This provocative article reminds owners that buyers pay for business value—not for the selling owner’s expertise—and that Exit Planning is the process owners use to make themselves “inconsequential.” In addition to building value, Step Three involves protecting value and minimizing taxes.
In all likelihood, you are absolutely critical to the success of your business. Without you, there is no business.
We want to fix that.
With a little luck and a lot of hard work, we can help you become an Inconsequential Owner.
At some level, all owners understand that they will someday leave the businesses they have created. Let’s assume for a moment that you leave your... Read More
via Cedar Valley Business News, Waterloo-Cedar Falls Courier
No one is born a CEO.
Chief executive officers come to their positions in a variety of ways, but being the boss is something many mid-size business owners never envisioned. So, instead of a business college, they often went to the school of hard knocks and got their education on the fly.
Advance Iowa offers them an alternative — get their education from experts and learn along with peers facing similar struggles.
“(CEOs) become so focused on trying to take care of everyday issues that it’s hard for those owners to get a lot of other input. They may get input from employees or family members, but t... Read More
“3-5 years Dan, that’s my timeline.”
(2 years later)
“3 to 5 years, Dan, that’s my timeline.”
You’ve built this business up over a lifetime and now the other forces of your life (your spouse, kids, and maybe your own mortality) are starting to push you in a new direction. You know, that one we refer to as “exit stage left." It sounds pretty final, so you put it off; it’s the human thing to do.
In this realm, you have demonstrated success. You have control, loads of value, and others looking to you as the captain of the ship. Giving all that up requires tremendous planning. It starts with thinking less about “giving all of this up” and more about “... Read More
Team-work /tem,werk/ noun | defined as: cooperative or coordinated effort on the part of a group of persons acting together as a team or in the interest of a common cause.
This term applies to the mission of Advance Iowa and its interest in working with economic developers throughout Iowa for the benefit of small and medium businesses. The goal of UNI Advance Iowa is to work with businesses that are cornerstones to the communities throughout Iowa in keeping Iowa ownership and businesses growing! It is good for everyone involved!
George Lake, Bucannon County Economic Development Director comments, “I see my role in economic development as that of being an educator. F... Read More
A new peer learning opportunity in the Quad Cities is seeking local CEOs and business owners to join in.
“Indecision in a business costs money. And the concept of Advance Iowa’s CEO Peer Groups are to help owners make decisions they’re confident about,” says Mark Hermann, an Advance Iowa Lead Consultant, a risk manager and consultant with over 42 years working with businesses which includes 15 years owning a business and 27 years as a risk manager. Hermann facilities the Quad Cities group which will meet later this month in its first introductory session.
The basis of the group is to provide CEOs and business owners in mid-sized businesses (10-100 employees) with an exp... Read More
Knowing the value of your company is a fundamental, indispensable element of sound decision- making because it provides you (1) an objective indicator of how much value needs to grow before you exit and how long you must work before exiting, (2) the ability to monitor progress toward your exit, and (3) a basis for estimating (and minimizing) tax consequences of Exit Path alternatives. This article includes a case study and information about various types of valuations.
For many owners, the answer to one question determines whether they can leave their companies: “How much money will I get when I sell?”
This question is... Read More
Does your company value its employees and place an importance on people? In the midst of the stresses that comes with running a business, a healthy company culture can be easily forgotten. This month I sat down with Dan Beenken, Director of Advance Iowa at the University of Northern Iowa’s Center for Business Growth and Innovation to talk about how to jump-start your company culture with the help of some valuable resources offered by Advance Iowa.
Read the full article here.
via Business Record
The city of West Des Moines will launch a series of small-business courses for Central Iowa businesses beginning in July. The initiative is part of a new effort by the city's economic development department to offer training to established small businesses in Central Iowa, said Clyde Evans, the city's economic development director.
The four-part series of courses will be offered by Advance Iowa, a comprehensive business consulting program of the University of Northern Iowa. Known as the Boost series, the courses are designed to focus on key business development themes.
Read the full article here.