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.

More cyclists on the way

Riders to pass through county on East Coast Greenway tour
From October 4-9, 35 cyclists will be riding through Henrico County as part of a 325-mile tour of the East Coast Greenway (ECG) route from Fredericksburg, Virginia, to Raleigh, NC.

A 2,900-mile trail route that extends from the Canadian border at Calais, Maine, to Key West, Florida, The East Coast Greenway is heading into its 25th year. The Week A Year (WAY) Tour is an annual ride and fundraiser that has been working its way south since the first WAY Tour launched from Calais, Maine in 2011. Riders cover a different section of the Greenway each year and are on target to complete the route in Key West in 2019. > Read more.

Henrico woman wins $1M in Va. Lottery game

When Amanda Spiller of Henrico saw that she’d won the $1 million prize in the Virginia Lottery’s $100 Million Cash Extravaganza game, it didn’t immediately sink in.

“I was in shock. . . complete shock,” she said. “I had to double and triple check.”

She bought the winning ticket at the 7-Eleven at 2750 Hungary Spring Road in Henrico. She had the choice of taking the full $1 million prize over 30 years or a one-time cash option of $681,000 before taxes. She chose the cash option. The store received a $10,000 bonus from the Lottery for selling the winning ticket. > Read more.

The Volunteers of the United States Army Field Band to perform Oct. 15

Henrico County Recreation and Parks is hosting a concert by The Volunteers of the United States Army Field Band on Thursday, Oct. 15 at Henrico Theatre, 305 East Nine Mile Road in Highland Springs. This free concert will be held at 7 p.m. and will feature Soldier-Musicians from the U.S. Army Field Band.

Since its inception in 1981, The Volunteers has been telling the Army story through rock, pop, country, and patriotic music. Its members have performed for millions of listeners in all 50 states, Puerto Rico, Canada, Mexico, Kuwait, and Iraq. This group tours more than 100 days each year, bringing a powerful message of patriotism and support to communities large and small. > Read more.


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