Many small businesses owners feel that they can’t acquire a company to grow their business because they don’t have enough money to buy one. According to Adam Sonnhalter and Jack Mencini of Maximum Value Partners, a small company looking to grow their business and to add effective people to their team can do both by acquiring another business.
It is knowing where to start. MVP encourages small business owners that this can be done and you need to know how it is done.
The question often asked by MVP is: What if they gave you the company? The company that you would take means you don’t need a pile of cash. Why would someone would do that? It’s knowing how to frame it correctly to make an offer that is the equivalent to getting the company and making it worthwhile for everyone involved…both the buyer and the seller.
Jack and Adam relay the story of one of their clients. When a small company was looking to have an acquisition, they came upon a company where the owners had a health issue in that the wife took ill and the husband literally gave the company to the small business so that he could take care of her.
There are many reasons some owners will sell a company almost to the point of giving it a way. To learn more about acquiring a company with no money needed, give Jack and Adam a call at (877) 849-0670.
Jack Mencini and Adam Sonnhalter of Maximum Value Partners sometimes talk about current events on their radio show Dirty Secrets of Small Business. In this segment, Jack asks the How Come question referring to journalists’ interests in seeing Donald Trump’s tax returns. Why?
“Voters really don’t need all the information on Trump’s tax returns and the journalist don’t need to pick it apart and slant the information out of context. The dialogue of what is important in the world is lost,” said Jack.
People will talk about income versus wealth and it is not unusual for a wealthy person to have little or no income.
To bring this into the realm of small business…your employees don’t need to know the salaries and pay scale of their co-workers. Salaries and pay should be confidential to the individual. It only creates disparity and stress if people know each others’ salaries.
As business coaches, Jack and Adam recommend that companies share the numbers on the balance sheet with their employees so they understand what the business is doing. A line item on the balance sheet can be the total amount of salaries but not designated out as to who makes what. If an employee understands the challenges of the small business and understands the shared information of the P&L statement, there is a team feeling of what it will take to grow the business and be part of the success.
If you have experience about sharing your P&L statement with your team, give Jack and Adam a call during their weekly radio show on Monday’s at noon. Call in to 440-946-9468.