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

Local couple wins wedding at Lewis Ginter


Richmonders Jim Morgan and Dan Stackhouse were married at Lewis Ginter Botanical Garden in Lakeside Mar. 7 month after winning the Say I Do! With OutRVA wedding contest in February. The contest was open to LGBT couples in recognition of Virginia’s marriage equality law, which took effect last fall. The wedding included a package valued at $25,000.

Morgan and Stackhouse, who became engaged last fall on the day marriage equality became the law in Virginia, have been together for 16 years. They were selected from among 40 couples who registered for the contest. The winners were announced at the Say I Do! Dessert Soiree at the Renaissance in Richmond in February. > Read more.

Fourth-annual Healy Gala planned


The Fourth Annual Healy Gala will be held Saturday, Apr. 11, at The Cultural Arts Center at Glen Allen from 7 p.m. to 11 p.m.

The event was created to honor Michael Healy, a local businessman and community leader who died suddenly in June 2011, and to endow the Mike Healy Scholarship (through the Glen Allen Ruritan Club), which benefits students of Glen Allen High School.

Healy served as the chairman of Glen Allen Day for several years and helped raise thousands of dollars for local charities and organizations. > Read more.

Ruritan Club holding Brunswick stew sale


The Richmond Battlefield Ruritan Club is holding a Brunswick stew sale, with orders accepted through March 13 and pick-up available March 14. The cost is $8 per quart.

Pick-up will be at noon, March 14, at the Richmond Heights Civic Center, 7440 Wilton Road in Varina.

To place an order, call Mike at (804) 795- 7327 or Jim at (804) 795-9116. > Read more.

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Entertainment

Restaurant watch

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

Weekend Top 10


A wide variety of events are taking place within Henrico County this weekend! Whether you’re a newcomer or veteran to homeschooling, the 2015 VaHomeschoolers Conference and Resource Fair is the place for you. Theater buffs will enjoy CAT Theatre’s production of “Now Then Again” and 5th Wall Theatre’s presentation of “The Human Terrain.” Other performances include Bolshoi Ballet’s “Romeo and Juliet” and Abraham.In.Motion’s dual performance of “The Watershed” and “When the Wolves Come In” – all taking place at the University of Richmond. For all our top picks this weekend, click here! > Read more.

Weekend Top 10


The Cultural Arts Center at Glen Allen will celebrate its 16th anniversary this weekend with “A Date with Frank & Marilyn,” an evening of fun and entertainment designed to raise funds for the center's three outreach programs. Another celebration, Halligan’s Hooligan’s Annual St. Paddy’s Day Bash, starts tonight and continues for five days! If you’re in the mood for some music, Lynne Mackey will give a piano recital at River Road Church Baptist; the Westminster Schola Cantorum will be at St. Michael Catholic Church; and Junior Sisk and Rambler’s Choice will perform at the Shady Grove Coffeehouse. For all our top picks this weekend, click here! > Read more.

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