The Entrepreneur’s Corner

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.
Bail Bonds Chesterfield VA

Environmentalists say budget hurts efforts to protect bay

Environmental groups are outraged at the Trump administration’s proposed funding cuts for Chesapeake Bay cleanup programs.

President Donald Trump’s budget plan, released last week, reduces the budget for the federal Environmental Protection Agency by 31 percent. That includes a $427 million in funding to address regional pollution, such as the Chesapeake Bay protection efforts. The proposed budget would eliminate funding for the EPA’s Chesapeake Bay Program, which received $73 million from the federal government in 2016. > Read more.

Glen Allen ES principal receives REB Award


Melissa Halquist-Pruden, principal of Henrico County’s Glen Allen Elementary School, earned the 2016-17 REB Award for Distinguished Educational Leadership. The Community Foundation presents the award to four principals annually – one each from the school systems of Henrico, Chesterfield and Hanover counties and one from the city of Richmond schools.

The award recognizes principals who go beyond the day-to-day demands of their jobs to create an exceptional educational environment. The award stresses management and communication skills, and the ability to inspire, encourage and advocate for the school. > Read more.

Grant to help Hermitage H.S. upgrade CTE program equipment


Governor Terry McAuliffe announced recently that Henrico County’s Hermitage H.S. will be among 16 high schools and technical centers statewide to receive a grant to upgrade equipment for career and technical education (CTE) programs.

The program gives priority to challenged schools, Governor's STEM Academies and Governor's Health Science Academies. Each school or center will receive $37,500 to purchase new equipment and make other necessary improvements. At Hermitage, the funds will be used for precision machining equipment. > Read more.

Virginia raises a toast to George Washington’s whiskey


George Washington is recognized as the father of our country, but with a bill signed into law by Gov. Terry McAuliffe, Washington also will be recognized under another title – distiller of Virginia’s official liquor.

SB 1261, sponsored by Sen. Adam Ebbin of Alexandria, adds a “state spirit” to the list of the commonwealth’s official emblems and designations and crowns George Washington’s rye whiskey with the title.

The bill, which McAuliffe signed last week, highlights George Washington’s contributions to the culture of Virginia as “a native son of Virginia born on February 22, 1732, in Pope’s Creek”; “the first American president, commander of the Continental Army, and president of the Constitutional Convention”; and “a model statesman ... universally acknowledged as the father of our nation.” > Read more.

McAuliffe vetoes 6 more bills; GOP calls him ‘disengaged’


Gov. Terry McAuliffe on Monday vetoed six bills, including three Republicans said would help prevent voter fraud but the Democratic governor said would create barriers to voting.

McAuliffe has now vetoed 37 bills from the General Assembly’s 2017 session – and 108 during his four-year term as governor, surpassing any of his predecessors.

Republican legislative leaders say McAuliffe has broken his promise to be bipartisan, calling his office “the most disengaged administration we have ever worked with.” > Read more.
Community

Villa’s Flagler Housing wins national NAEH award


St. Joseph's Villa’s Flagler Housing & Homeless Services was one of three entities to earn the National Alliance to End Homelessness' Champion of Change Award. The awards were presented Nov. 17 during a ceremony at the Newseum in Washington, D.C.

NAEH annually recognizes proven programs and significant achievements in ending child and family homelessness.

Flagler completed its transition from an on-campus shelter to the community-based model of rapid rehousing in 2013, and it was one of the nation's first rapid re-housing service providers to be certified by NAEH. > Read more.

RIR’s Christmas tree lighting rescheduled for Dec. 12


Richmond International Raceway's 13th annual Community Christmas tree lighting has been rescheduled from Dec. 6 to Monday, Dec. 12, at 6:30 p.m., due to inclement weather expected on the original date.

Entertainment Dec. 12 will be provided by the Laburnum Elementary School choir and the Henrico High School Mighty Marching Warriors band. Tree decorations crafted by students from Laburnum Elementary School and L. Douglas Wilder Middle School will be on display. Hot chocolate and cookies will be supplied by the Henrico High School football boosters. > Read more.
Entertainment

Metro Diner to open second Henrico location


Metro Diner, a comfort food concept, will open its second Henrico location next month. The company is accepting job applications for its Libbie Place location at 5626 West Broad Street. The diner concept, known for its fried chicken and waffles, meatloaf, and shrimp and grits, will bring 100 new jobs to the region as it plans to open its doors in April.

The 3,500-square-foot diner located in the Libbie Place Shopping Center will seat more than 100 and serve classic comfort food staples with a twist, such as fried chicken and waffles topped with strawberry butter and a stuffed challah bread French toast with strawberry and blueberry compote. > Read more.

 

March 2017
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The Ostomy Association of Greater Richmond, a support group for individuals who have had or are anticipating an ostomy, meets on the third Wednesday of each month at 7:30 p.m. at Henrico Doctors’ Hospital-Forest Campus, Forest Conference Room. Nutritionist Elizabeth Miller will discuss the specific nutritional requirements of ostomates, ileostomates and urostomates. Guests are always welcome. For details, contact Mike Rollston at 232-1916 or .(JavaScript must be enabled to view this email address). Full text

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