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The Entrepreneur’s Corner

Is now the right time to sell your business?
Some business owners are asking themselves a difficult question, “Is now the time to sell?” They missed cashing out in the great run up in value during the middle of the last decade and have worked diligently to restructure in the “new economy.” And they now think this is as good as it’s going to get for a while.

Business owners have devoted significant time and effort in retooling their businesses, only to see their own pay diminish. Or certainly pale in comparison to what they once made. Now with the economy looking like it will take a considerable amount of time to rebound, has a fatigue factor set in? Are owners burnt out and feeling that the effort to rebuild will take too long to pay off?

If you are at that point, how do you determine if your business is salable? First, assess your cash flow. Any business owner has learned over the past three years that cash flow is critical and that will be the starting point for any prospective buyer. If your cash flow is steady and measureable, at least there is a determinable value.

Next, consider the state of your businesses’ records. A potential buyer will want to examine financial information. The more organized and complete, the easier it is for a potential buyer to evaluate what they will be purchasing.

Third, honestly evaluate your revenue trends. If your top line has flattened out, consider what options are available for a new owner. If sales have been decreasing, is there an end in sight or some mitigating factors? A reasonable explanation may make your company more appealing and offer some value to a potential buyer.

Lastly, how transferrable is your business? Do you have customers that would be willing to deal with someone else? A new owner will only pay for a business that will still have customers coming in the door long after you have departed. The more entrenched an owner is with customers, the more difficult a transition will be.

So while it may seem like it’s bad timing, businesses are bought and sold in every market. Both strategic and financial buyers will be searching for opportunities to invest capital that will give them a better than market rate of return. If you can demonstrate that your business is worth a price, a deal can be made. So maybe it is the right time to consider a sale.

Edward T. Blair, CPA is a Partner of Witt Mares, PLC, a regional accounting and business-consulting firm. He is a certified family business advisor who regularly assists businesses with exit strategy decisions. He can be reached by e-mail at .(JavaScript must be enabled to view this email address) or phone at (804) 323-0022.
Community

Author, child abuse survivor to speak at Henrico event

To help celebrate twenty years of service to advocating for abused and neglected children in Henrico County, Henrico Court Appointed Special Advocates, Inc. (CASA) will host an evening with bestselling author K.L. Randis on Tuesday, Aug. 26, from 5:30 p.m. to 7:30 p.m. at Belmont Recreation Center in Lakeside.

Randis is best known for her bestselling novel, Spilled Milk, which tells her painful – but ultimately triumphant – personal story of abuse and of child abuse prevention. The book is her first novel.

The event is free to the public, but seating is limited Reservations may be made by e-mailing .(JavaScript must be enabled to view this email address). Belmon Recreation Center is located at 1600 Hilliard Road. > Read more.

Philippines ambassador to the US visits Filipino Festival in Henrico


The Ambassador of the Philippines to the United States Jose L. Cuisia, Jr. attended the Ninth Annual Filipino Festival at Our Lady of Lourdes Church earlier this month. Cuisia (pictured above with festival performers) was welcomed by County Manager John Vithoulkas and Brookland District Supervisor Dick Glover (below) at the church, which is located in Lakeside.

While enjoying some of the cultural performances at the festival, the ambassador and his wife had a private lunch with Vithoulkas, Glover, Eldon Burton (an outreach representative from U.S. Senator Mark R. Warner’s Office) and Father James Begley, the pastor of OLL. > Read more.

Dragon boats invade the James

Hundreds of spectators filled the banks of the James River to watch two dozen teams of competitors in the Walgreen’s Richmond International Dragon Boat Festival at Rocketts Landing Aug. 2. The event included a number of races, as well as several cultural performances. The sport is billed as the fastest growing water sport in the world.(Photo by Roger Walk for the Henrico Citizen) > Read more.

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Entertainment

‘Planes’ sequel crashes

‘Fire and Rescue’ proves too predictable, boring

Planes: Fire and Rescue opens with a dedication to the hero firefighters of the world. It’s an admirable notion, and it makes sense, given that this is a film about planes that fight fires.

But here it might be a little out of place, as Planes: Fire and Rescue has a few things on its mind besides supporting the men and women who routinely throw themselves into burning buildings.

Like money. Lots and lots of money – into the 11-figures-and-counting range. In case you weren’t aware, 2006’s Cars was the biggest moneymaker Disney had in decades – not because of how much green the film printed at the box office, but because a combination of toys, games and snack foods stamped with the Cars seal of approval routinely pulls in tens of billions of dollars per year. > Read more.

Weekend Top 10


This weekend in Henrico, you can learn about fall herbs or mad science. Enjoy some laughs from West End Comedy or Three-Penny Theatre’s production of “The Rivah Home Companion.” For music lovers, Jennifer Nettles is in concert tonight and the fifth annual GWAR-B-Q takes place tomorrow at Hadad’s Lake. For all our top picks this weekend, click here! > Read more.

Restaurant watch

Find out how your favorite dining establishments fared during their most recent inspections by the Virginia Department of Health. > Read more.

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Innsbrook After Hours will present Gov’t Mule and Blackberry Smoke at 6 p.m. at the Snagajob Innsbrook Pavilion. Gates open at 5 p.m. General admission is $16.50. For details, visit… Full text

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