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Entrepreneurs: Do You Have What It Takes?
By JoAnn Lombardi, PresidentVR Business Brokers/Mergers & Acquisitions
Getting Started
First, let it be said that, while there is a great deal of romance surrounding the notion of being an entrepreneur, yet not everyone has the aptitude. It’s important to understand that there’s nothing wrong with not being an entrepreneur. This world functions well because of them, but it wouldn’t be as successful if it were peopled solely with entrepreneurs. Nevertheless, there are some general personality traits that are key to being an entrepreneur. If the following list seems to fit your personality, you may have what it takes:
  • I am persistent, with a great deal of drive and stamina. I see problems as opportunities. I have a good intuitive sense and thrive on new ideas.
  • I tend to rebel against authority. I want to be my own boss.
  • I am positive, communicate well, and enjoy working with people.
  • I have a strong need to succeed, financially, and otherwise. 
  • I’m not afraid to make mistakes, and I learn from them. 
FAQs 
How can I be sure I’ve got what it takes? 
Before quitting your job and using your savings to start or buy a business, you owe it to yourself to approach your entrepreneurial venture with some practicality. Take a more in-depth personality test and talk to small business advisers – often available at no cost through business associations, community colleges, and organizations such as SCORE (Service Corps of Retired Executives.)
How much money will I need? 
Whether you want to buy an existing business, purchase a franchise, start your own company, or merely offer services to others from a home office, owning a business depends on first knowing the numbers. People in the same or similar business are a good source of information – use your ingenuity to find out what it cost them to get started, and where they got the funds to do so. Other sources include trade associations, franchise organizations, business articles in magazines and newspapers, Internet research, or business consultants. 
Besides being an ideas person, what else do I need to be good at? 
Success in a new enterprise depends on dedication and the consistent application of good business principles. Some of these principles include: being good with money; being good with people (investors, suppliers, employees, and so on); being a good promoter (marketing, sales, PR); and being good to yourself. Many entrepreneurs burn out before their business takes hold, so buying an existing business has many advantages. In this game, pacing yourself and your business is important. 
Thoughts on Selling a Business
By Peter C. King, CEO VR Business Brokers/Mergers & Acquisitions.
The business you’re now looking to buy may one day become the business you’ll be looking to sell. The business that today looks like a one-in-a-lifetime opportunity may become the financial and psychological albatross you have to unload. 
A Question of Timing: When to Offer the Business for Sale
Too often a business owner allows devotion, optimism, inertia, or a combination of the three to deflect him or her from offering the business for sale until it’s too late. In the interim, a number of things occur that make matters worse. If the problem had been poor sales, sales may get worse, caused in part by the owner’s short-timer’s attitude. To keep the business afloat, owners will often borrow money, placing more debt on the business’s assets, causing the value of the business to decline and even jeopardizing the business’ retention of the assets. As the slide continues, owners attempt to cut costs, often eliminating muscle along with fat. The elimination of salespersons and advertising and public relations expenses may lower overhead, but it also inhibits the ability to generate sales. A large- or medium –sized business becomes a small business in the process.
Not all businesses are sold because of the poor financial condition. Businesses are often sold for personal reasons, such as the illness, death, or impending retirement of the owner. If an owner is getting up in years and realizes he or she will want to retire, the time to start looking for a sale is before the retirement date is imminent. Even if the business if solid, the price will go down and/or the terms will be tougher if the buyer senses the seller is under pressure to sell. Even if the business is in fine shape and you are not planning on retiring, you may find out you don’t like the business and want out.
Finding the Best Business Broker
The strength of VR is its people. People committed to serving and making a difference in the lives of families that drive economies. The core values that we operate by are the principles that guide us to doing business the right way.
We are immensely proud of all our brokers. This time we would like to highlight Young Bebus, Owner of VR located in Minneapolis, MN for receiving the Top 2020 Women of Finance Award and thank her for being a role model for other men and women in business to follow. 
 
Finance & Commerce has honored Minnesota’s Top Women in Finance each year since 2001. The 20 members of this year’s class of honorees have proven their medal by rising through the ranks or starting their own businesses. They include a CEO, financial officers, vice presidents and more. Please click the link to view the article written about Young in F&C’s magazine. https://finance-commerce.com/2020/11/finance-commerces-top-women-in-finance-2020/
?Selling your small business for the highest price is the result of years of dedication and persistence and the dream of many entrepreneurs. Finding buyers for your business sale can be difficult if you are not in a hot industry or lack unsolicited offers. An option to gain access to a larger pool of buyers and a structured selling process is to consider a business broker.
What Is a Business Broker? 
Business brokers provide the match-making service of bringing together buyers and sellers. The right business broker can help your small business to achieve the highest potential sale price.
Finding a Business Broker:Identifying the best business broker requires that you take several necessary steps.
Get Referrals: If possible, always start with a referral from a trusted source. Ask your accountant, lawyer, peers, and industry association for names of good business brokers.
Practice Due Diligence: Just as a prospective buyer of your company will exercise due diligence so should you. Examine your broker's background, experience, and credentials. Are there any lawsuits or complaints against them? Check the Better Business Bureau. Investigate their references. Have they handled sales of your type of business before?
Find a Dedicated Practitioner: A business broker who spends all their time selling businesses will add more value to your sales transaction than a part-time agent. A full-time business broker can not only bring in a network of contacts but understands the principles of business valuation.
Keep a Secret: Avoid losing key staff and suppliers – do not tell them your business is for sale. The selling of your small business is a highly confidential matter. Your business broker should ensure all safeguards are in place to protect your company. One word to your suppliers, employees, or customers that you are selling the company can have repercussions on your business operations.
Deliver a Marketing Plan: Selling your business is all about marketing. Properly positioning the sale of your company to attract and motivate as many buyers as possible should be your goal. Ensure your business broker has a marketing plan including details of advertising strategies to attract a wide range of potential buyer leads.
Avoid the Pressure: Never allow your business broker to put you in a pressure situation. Do not make a rush decision. The selling of your company is a complex transaction, personally and professionally. Take the time to learn and clarify all uncertainties.
The right business broker can help your small business find a source of potential buyers and aid in the sale of your company. Selling your business is a complex matter. Work with your team of professional advisors for the best results. ​
The Top 50 Lower Middle Market Consumer Investors &
M&A Advisors
The polarized economic performance of the Consumer industry over the last 9 months has all the makings of a great business school case study.
Where brick and mortar has struggled, e-commerce has thrived. Where travel-oriented businesses have watched their sales all but disappear, producers of home exercise equipment can’t keep up with the sudden and sustained spike in demand. Consumer-focused deal professionals are carefully studying these trends in an effort to predict a return to baseline, what the new baseline will be, and what trends are here to stay. 
In this report, we profile 50 top consumer industry private equity investment firms and M&A advisors who are best positioned to advise and capitalize on Covid’s sweeping change to the consumer economy.
Dry Clean Plant | Los Angeles, CA
High volume dry cleaning plant with drive thru and parking. Located in walking distance to major University, no competition in the area. Same owner for 34 years. High income retail business.
Lots of repeat business for years from the university and a major theatre.
For more information contact: Neil Kaplan
VR in Charlotte, NC Facilitates The Sale of A Distributor of Commercial Recreation Equipment
The founder of this company started this business in 2013 after spending 10 years as an executive with a large recreation equipment industry supplier. He saw an opportunity to provide a more comprehensive service offering to the company's clients than had previously existed. The owner initially become a distributor of shelters/restrooms and commercial playgrounds in North Carolina. Based on securing exclusive distribution agreements of these product lines in North Carolina, the owner began his vision and the company and has been growing the top and bottom line ever since. During the past 2 years, the company has transitioned from an exclusive distributor of nationally recognized product lines with installation to a General Contractor selling exclusive and non-exclusive product to complete projects in North Carolina, South Carolina and Virginia. Site work has become an equal part of the business with very high margins. The business utilizes external sub-contractors and maintains one in-house crew to install the distributed products on job sites The company was run by the founder of the business who loves the business, the industry and its potential but has decided to retire at the age of 64 and was looking to step back from the business to spend more time with family and to travel.  
Congratulations to Adam Petricofffor your successful closing.
For more information contact apetricoff@vrcharlotte.com.
Thinking of selling your business or looking for an established 
business to purchase?Contact a VR Office Near You!
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