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

Your trees, please

With a nod to Arbor Day, Citizen seeks photos, descriptions of significant Henrico trees

Do you have a favorite tree in Henrico?

Do you know of a tree with an interesting story?

Do you live near an especially large, old, or otherwise unusual tree – or do you pass by one that has always intrigued you?

Arbor Day 2015 (April 24) was last week, and though the Citizen has published stories about a few special trees over the years (see sidebar) we know that our readers can lead us to more. > Read more.

Henrico’s most famous tree


Henrico's most famous tree, known as the Surrender Tree, still stood for more than a century near the intersection of Osborne Turnpike and New Market Road -- until June 2012.

It was in the shade of that tree on April 3, 1865, that Richmond mayor Joseph Mayo met Major Atherton Stevens and troops from the 4th Massachusetts Cavalry and handed over a note surrendering the city to Federal troops. Evacuation had already begun. > Read more.

ARC event raises $75k for ICDS program


The Greater Richmond ARC's annual Ladybug Wine Tasting and Silent Auction on April 11 netted $75,165 to benefit its Infant and Child Development Services (ICDS) program.

About 350 guests sampled fine West Coast wines and craft beer from Midnight Brewery at Richmond Raceway Complex's Torque Club, along with food from local eateries. Carytown Cupcakes provided dessert. > Read more.

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Entertainment

Weekend Top 10


In the mood for some spring shopping? Eastern Henrico FISH will hold their semi-annual yard sale this weekend – funds raised assist at-risk families in Eastern Henrico County. Lewis Ginter Botanical Garden will hold a spring plant sale which is among the largest in the region with more than 40 vendors selling plants ranging from well-known favorites to rare exotics. Put on your detective hat and find out “whodunnit” at the movie “Sherlock Holmes: A Game of Shadows” and “The Case of the Dead Flamingo Dancer,” presented by the Henrico Theatre Company May 1-17. For all our top picks this weekend, click here! > Read more.

Weekend Top 10


It’s that time of year – charity races are popping up everywhere! On Saturday, St. Joseph’s Villa will be the site of the sixth annual CASA Superhero Run and the fifth annual Richmond Free to Breathe Run/Walk will be held in Innsbrook. Also in Innsbrook, the 2015 Richmond Take Steps for Crohn’s and Colitis will take place on Sunday. If you’re more into relaxation than exercise, check out Wine for Cure’s Dogwood Wine Festival or the Troubadours Community Theatre Group’s production of “West Side Story” at the Henrico Theatre. For all our top picks this weekend, click here! > Read more.

Weekend Top 10


There are several fun events this weekend taking place outside including the third annual Virginia Firefighter Games at Short Pump Town Center; Twin Hickory Park’s “April Showers: A Celebration of Spring” event; the Young Life Richmond West 5k in Innsbrook; and the Gold Festival on Broad which benefits Prevent Child Abuse Virginia. Fingers crossed for no rain! For all our top picks this weekend, click here! > Read more.

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