Author Archives: Dan Elliott

Anatomy of a Successful Small Business Purchase

Although the names, location, types of businesses and other details have been changed for confidentiality purchases this Hub reflects real transactions in the world of buying and selling a business. The Buyer Susan, 45, had been employed in the corporate world for 15 years and had done well, worked hard and gotten good performance ratings. […]

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50 Things I Wish Someone had told me!

Go into business with your eyes wide open!

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The 2% Solution for Disputes among Business Partners and Partnerships

Preparation Avoids Business Partnership Problems that could Kill a Business      Many people start a business with friends, neighbors, relatives or spouses and it’s often a partnership 50/50 arrangement. Rarely is there a written business partnership agreement and this can be a big mistake. These arrangements often work well until there is a problem […]

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How to Use an SBA Loan in Acquisition of a Business

When looking at businesses you might want to buy you should always keep in mind how you are going to finance the purchase of the business. Most small businesses are purchased using bank lender financing in the form of a small business SBA loan. This post discusses the Small Business Administration (SBA) loans that are […]

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Business Partnerships – The good, the bad and the ugly…

In my line of work we run into business partnerships every day and we are often the ones trying to figure out how to resolve the myriad issues, problems and crisis that revolve around the small business partnership dynamics. A wise person once said famously, “Choose your business partner twice as carefully as you choose […]

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Why Do People Buy a Business?

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Business Owners and the Personal Guarantee

Often when people go into business or start a small business they really don’t think through the details of what they are doing day-to-day as it relates to the long term health of the business or their personal financial health. A classic example is the Personal Guarantee. When you go into business you will need […]

Posted in business financing, managing a business, operating a business, personal guarantee | 2 Comments

Using Credit Cards for your Small Business Financing

I see many, many small businesses that use the business owners’ personal credit cards to finance their business. Although this is often an easy source of cash it can be a terrible way to manage and grow your small business. Often the biggest issue we see is that the business owner doesn’t understand the relationship […]

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If you ever thought you can turn your hobby into a business…….

Many people we encounter think that starting a business based on a hobby is a good idea…it rarely is. Maybe they’ve read too many “Do what you love” seminar headlines. The reality is, it’s either a business or a hobby and never both. This recent article in the Wall Street Journal gives you a look […]

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Buying a Business? Due Diligence is Important

Buying a business has many challenges not the least of which is the due diligence process prior to the closing of the purchase. Most small business owners run their business with no thought of selling it. Their record keeping and bookkeeping are done for their needs and there is little or no thought given to […]

Posted in Buy a business, small business due diligence process | Tagged | 2 Comments