Bundubasher Business Blog: April 2017

Friday, April 21, 2017

Now Is the Time to Think About Your Small-Business Succession Plan

More than 50 percent of all small-business owners are 50 or older, according to the U.S. Small Business Administration. That means many of America’s 28 million small-business owners are coming to that point in their lives when they need to think about a transition for their businesses.

A survey earlier this year by CNBC and the Financial Planning Association found that while 78 percent of small-business owners intend to sell their businesses to fund their retirements, fewer than 30 percent have a written succession plan. That’s not a recipe for success.

Tuesday, April 11, 2017

4 Ways to Build the Mental Fortitude Needed to Transition From Your Business

Baby boomers are exiting their businesses at an unprecedented rate. In the next 10 years, approximately $13 trillion will pass hands as businesses transition from one generation of owners to the next.

The staggering exchange of wealth is a result of business owners acting on the big succession question: "What's next?" Those at the helm of family and closely-held businesses are rapidly determining how to transition their businesses.

Is selling the answer? Half of the 20 million family and closely-held businesses will face a decision on how to exit. And, of those who have sold, a whopping 75 percent report being unhappy about their decision a year after the sale. Why? Their plans for retirement fell flat. The buy-out agreement didn’t pan out as planned. Valued employees were left without jobs. The legacy didn't continue as they hoped.

After a lifetime of operation, owners of middle market companies deserve to end as strong as they started. After all, the middle market employs 60 percent of the U.S. population, stabilizes our communities and fuels our economy. It is important for business owners to look back on the choices they made to transition their business and feel good. Looking forward, business owners should be poised to achieve and find meaning in whatever they decide to do next.

Here are four strategies that help business owners develop the mental fortitude necessary to make a strong transition:

6 Money-Making Mobile Business Ideas

Pet Groomingif you have experience with pet grooming, all you really need to start a mobile pet grooming business is your equipment and at the ability to travel to your customers' homes, bringing the grooming salon right to them. This is an especially valuable service for pet owners who are tight on time, or those with pets who spook easily.
Niche Food TruckYou have probably seen food trucks for just about every type of food, but the most successful trucks have a specific food niche they cater to. Perhaps it is a type of food (sandwiches, pretzels or breakfast), or perhaps it's the ethnicity of the food (Mexican, Italian or Chinese), or it could even be specialty food (vegetarian, desserts or organic).
Party TransportationA party bus simply transports party goers from one location to another. It could be taking guests at a wedding from the ceremony to the reception, bringing birthday party guests to a special game or concert, trekking high schoolers around after their prom, or even ensuring designated drivers for bachelor and bachelorette parties.
TutoringIf you have experience in a certain subject area and love teaching others, a mobile business as a private tutor may be for you. Not only is this a mobile business idea, but this also makes a great part-time business because you can control how much you work and when you are available. If you are tutoring children, after-school hours and evenings are most popular, making it a perfect part-time fit.
Auto DetailingA mobile auto detailing business allows you to bring the equipment right to your customers' cars, washing and cleaning their vehicles while they are at work, watching their son's football game, or doing something else that requires their attention. This is a huge time-saver for busy people, often making it an easy sell.
Personal TrainerA mobile or in-home personal training business brings the fitness gear and workout plan right to your clients, wherever they are. If you are already certified as a personal trainer, startup costs are very low and profits can be high (especially because you won't need to give a portion to a gym for use of their space).