Henrico County VA

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.
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Community

Henrico man to compete in Liberty Mutual Invitational National Finals

Henrico resident Larry Loving, Jr., will compete with three other locals – Thomas Scribner (Richmond), Roscoe McGhee (Midlothian) and Larry Loving (Richmond) in the Liberty Mutual Insurance Invitational National Finals at TPC Sawgrass, in Ponte Vedra Beach, Fla., Feb. 26-Mar. 1. The foursome qualified for the national golf tournament by winning the Liberty Mutual Insurance Invitational, held at Whiskey Creek Golf Club in Ijamsville, Md. on June 11. That event supported the RiteCare Center for Childhood Language Disorders.

In total, 240 amateur golfers will compete in Florida. > Read more.

Henrico PAL recognizes supporters, HSHS athlete


The Henrico Police Athletic League (PAL) held its Sixth Annual Awards Banquet Feb. 5 at The Cultural Arts Center of Glen Allen, celebrating accomplishments of 2014 and recognizing outstanding contributions to the organization. Henrico County Juvenile Domestic Court Judge Denis Soden served as master of ceremonies and former Harlem Globetrotter Melvin Adams served as keynote speaker. 

Among the 2014 honorees were Richmond International Raceway (Significant Supporter), Richmond Strikers Soccer Club (Significant Supporter), Henrico County Schools-Pupil Transportation (Summer Camp Supporter), Bruce Richardson, Jr. (Youth of the Year), Sandra Williams (Volunteer of the Year), Thomas Williams (Employee of the Year), Mikki Pleasants (Board Member of the Year), and Michelle Sheehan (Police Officer of the Year).   > Read more.

‘Fresh Start’ offered for single moms

The Fresh Start For Single Mothers and Their Children Community Outreach Project will host “Necessary Ingredients” on Thursdays from 6 p.m. to 7:30 p.m., beginning Feb. 12 and continuing through May 7, at Velocity Church, 3300 Church Road in Henrico. Dinner and childcare will be provided free of charge.

The program is designed as a fun and uplifting event for single mothers that is designed to provide support, new friendships, encouragement and motivation. Each event will include weekly prizes and giveaways. > Read more.

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Entertainment

Travinia brings contemporary elegance to Willow Lawn


It was another win for Willow Lawn when Travinia Italian Kitchen and Wine Bar opened there six months ago, nestled in the heart of the re-made shopping center. The contemporary American Italian restaurant boasts 13 locations up and down the East Coast, with the Henrico location opening in August.

In the same week, I hit up Travinia twice, once for lunch and once for a late dinner. At lunchtime on a weekday, I was overwhelmed by the smell of garlic and by the number of working professionals in nice suits on their lunch breaks. When we first walked in, I was concerned our meal would be a little too pricey based on the décor – it’s a really nice place. Luckily, the menu has a variety of options for every budget. > Read more.

Soak up the fun

‘SpongeBob’ movie energizes with wit, laughter

There’s a ton of sugar in The SpongeBob Movie: Sponge Out of Water. Literal sugar, as SpongeBob Squarepants (Tom Kenny) and Patrick (Bill Fagerbakke) inhale their own weight in cotton candy and eat ice cream, one scoop per mouthful.

At one point we burrow into the brain of our boxy yellow hero and discover the inner workings of his brain: googly-eyed cakes and candies that giggle and sing. All of which is extremely appropriate for a film like Sponge Out of Water. Because not only is the movie sweet (the “awwww” kind of sweet), but it’s the equivalent of a 30-candy bar sugar rush, zipping between ideas like a sponge on rocket skates.

The story under all this is really not that complicated. SpongeBob flips burgers at the Krusty Krab. > Read more.

Weekend Top 10


With this last round of snow still fresh on the ground, the best way to start the weekend may be at Southern Season for their weekly wine-tasting program, Fridays Uncorked. Families with cabin fever will enjoy the Richmond Kids Expo, taking place tomorrow at the Richmond Raceway Complex. Some date night options include the Rock & Roll Jubilee at The Cultural Arts Center at Glen Allen, HATTheatre’s production of “The Whale” and National Theatre Live’s “Treasure Island” at the University of Richmond. For all our top picks this weekend, click here! > Read more.

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Calendar

On the Air Radio Players will present “Here Comes Mr. Jordon” at 7:30 p.m. March 3-4 at The Cultural Arts Center at Glen Allen, 2880 Mountain Rd. This live radio… Full text

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