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Jim Blasingame

Business futurist, award-winning author, speaker and columnist

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Business Planning

Four business buying factors to keep in mind

May 6, 2018 by Jim Blasingame

Continuing my series on buying a business, here are summaries of four critical factors to consider when acquiring a small business.  

Old sellers are the best sellers 

One of the best opportunities to acquire an existing business is when you can buy one from an owner who wants to retire from a business that’s still viable. Two good reasons are: They’re less likely to change their mind before the transaction is complete, and they’re more likely to finance a larger part of the sale price to get monthly income. 

Notice I said, “still viable.” Sometimes the end of the current owner’s career coincides with the end of the life of the business. Don’t buy a business that should retire with its owner.

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Filed Under: Business Planning

Buying a business? Consider these principles first

April 29, 2018 by Jim Blasingame

Recently I wrote an article on how to “Buy Your American Dream” by buying a business from someone else. Let’s continue that theme with a few more principles to employ when considering this ownership option. Thanks to my friend, Russell Brown, and his book, “Laws of the Business Buying and Selling Jungle” for the inspiration.

Buyer beware – of himself.

In the securities industry, full disclosure is the coin of the realm. But in the marketplace, caveat emptor – let the buyer beware – is the fair warning standard.  If a seller misleads or misrepresents something, legal redress may be available. But business purchases that don’t work out are born more from inept buyers than from seller malfeasance. 

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Filed Under: Business Planning

How to get success to come and play in your backyard

January 14, 2018 by Jim Blasingame

This is a “How to get your business off to a good start in the New Year” column, without any resolutions. You’re welcome.

It’s about fundamentals that have served businesses since proto-market was born, when Og dropped his club and suggested to Gog that they do business instead of killing each other for what they wanted. If you’ll find a way to incorporate these ten fundamentals into your daily/weekly/monthly management practices this year you’ll have more fun because success will come and play in your backyard. If you don’t, well, you know.

1. You must produce and manage with regular and accurate financial statements: profit and loss (a/k/a P&L, a/k/ an operating statement) and balance sheet. In business, you can’t get where you want to go if you don’t know where you’ve been. 

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Filed Under: Business Planning, Cash Flow, Entrepreneurship, Management Fundamentals

Business planning is your business plan in motion

December 3, 2017 by Jim Blasingame

The Age of the Customer is disrupting and making obsolete many older practices, but not the requirement for business planning, especially cash flow.

A business plan is the result of thinking, researching, strategizing and reaching conclusions about how to pursue opportunities. It may exist only in the head of the planner, but it’s better when written down.

Whether elaborate or simple, a written business plan is an assembly of facts, ideas, assumptions, and projections about the future. Here are three ways to use a written plan:

1.  Document the due diligence on a new business venture or the future of an existing one.

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Filed Under: Business Planning, The Age of the Customer

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