Don’t be Greedy – Be the Best

The New York Times reported on a “little-noticed court ruling in December (2020).” The ruling was against the former board members of the Jones Group, an ownership group of apparel brands including Gloria Vanderbilt, Anne Klein and Nine West. In 2014 the Jones Group sold to Sycamore Partners in a highly (one might say overly) leveraged deal. 

The court ruled the “officers and directors had better think twice before agreeing” to deals with this type of structure. Duh! If it sounds too good to be true it probably is. It’s why good bankers (for our clients’ size of deals) won’t let a buyer have the bare-minimum debt coverage ratio. There needs to be a cushion because “things happen” and one of the best and worst things is fast growth. Growth sucks cash and that’s where the cushion comes into play.

Here are some related situations where the best:

  • Business buyer has the whole package including price, abilities, relationship building, and more. As many in the buy-sell world know, the best buyer is not always the one offering the highest price.
  • Business to acquire is not always the one that’s the best deal. It’s the company the buyer can grow, add value, and see themselves going into every day with a smile on their face.
  • Customer doesn’t always pay the most. But they’re loyal, work out issues, and refer others to you.
  • Job isn’t necessarily the highest paying job; it has the whole package including culture and career advancement opportunities. 
  • Employee to hire isn’t the one who will work for less. It’s probably the one who expects, and is warranted, a higher salary because they’ll have higher productivity.

It comes down to looking at the whole package, not just the shiny stuff (like the money).

“If I had to live my life again, I’d make the same mistakes, only sooner.” Tallulah Bankhead

“It’s funny. All you have to do is say something nobody understands and they’ll do practically anything you want them to.” J.D. Salinger 

The Challenges of Buying (and Selling) a Business

A month or so after a business buy-sell transaction the buyer said he had found some challenges but was making his way through them. Finding a business to buy is much different than finding a house to buy. There’s no MLS, the seller doesn’t want anybody to know the business is for sale, there’s a lot more information to verify, and comparable sales information is limited.

Similarly, moving into a house is easy, especially compared to taking over a business. The house is clean, it’s been inspected so you know what to fix or upgrade, and it’s really about unpacking and getting settled. 

When taking over a business you have to deal with customers, employees, operations, culture, cashflow, and more. Here are three things owners should do to make it smoother for buyers (and increase the ease of selling and the price).

Run it as a business, not a lifestyle. Run it as if you’re not selling but are in it maximize growth and profit. Realize the little things you know how to do in your sleep from 37 years as an owner (as an unconscious competent) aren’t second nature to the buyer. There not second nature to your staff, which is why a business plan, job descriptions, and delegation are so important.

As I’ve written many times before, the buyer is buying your people as much, or more, than they are buying your “company.” Employees are the lifeblood of any business so treat them well, pay them well, let them grow, and trust them.

Financial people will tell you to measure everything. Those numbers are the buyer’s (and the bank’s) insight into your business. The abovementioned buyer bought a good business that didn’t follow normal accounting practices (not even GAAP, just normal). This is a project-based business and work in process was not being recorded on the balance sheet. How do you know how profitable a project was if you don’t track things correctly? This means have a good accounting system and pay attention to it.

I could go on but you get the point. Take the little extra time it takes to do things right, not just run from project to project.

“If the highest aim of a captain were to preserve his ship, he would keep it in port forever.” Thomas Aquinas

Hobbies of any kind are boring, except to people who have the same hobby.” Dave Barry

Questions and Confidentiality When Exiting

By Jessica Martinka

There’s an old song that starts out, “Signs, signs, everywhere a sign.” What about, “Questions, questions, everywhere a question,” when it comes to planning to exit a business?

  • Why am I thinking about selling my business and do I really want to sell? 
  • Will it be enough money?
  • What does my spouse think about it?
  • Who do I let know? Is it employees, vendors, customers?

Jim told his two (very) key employees he was planning to sell to a company in the same industry. This was all of a sudden, they panicked, and within days both turned in their two-week notice. Yikes!

Owners are scared because a confidentiality breach will scare employees, vendors, customers, and competitors. And potentially drive down the value of the business.

Last month I wrote about what happened when corporate took over the company I was working for. I didn’t give notice, but should have. I can tell you all the worry affected my productivity, especially once I found out I was training my replacement.

At the management level, consider letting your team know about a potential sale as you’ll need them during the process. Have them sign an NDA and consider giving them a retention bonus, post-close as an incentive to stay. 

Customers finding out can create problems. Competitors finding out can be a disaster. Even suppliers, as they may put you on C.O.D. But it’s mainly about the employees because buyers are buying the people not just the business.

I was naïve when corporate took over. Most people will look for a way out which is the number one reason why owner’s keep the potential sale of their business quiet. And a business buyer doesn’t want to come into a business with no management team or missing employees. Hiring an advisor familiar with buy-sell deals who understands the importance of confidentiality will be beneficial through the process.

A good place to start planning your exit is with our book: If They Can Sell Pet Rocks Why Can’t You Sell Your Business (For What You Want?)

“The size of a planet doesn’t strike you until you start looking for something.” David Sedaris

Texas Energy Screw-up and Small Business Impairments

The headlines about the Texas freeze and energy disaster caught my attention. I read two long articles, one in the Seattle Times and the other in the Wall Street Journal. Both had the same conclusion; Texas took the easy way out (again) and paid for it.

The bottom line is Texas officials had been warned many times over the last 30 years about their energy infrastructure not being winterproof. They ignored the advice because deep freezes rarely happen in Texas and by ignoring it they kept their electricity rates the lowest in the country. But enough about those details, let’s discuss how too many businesses are like Texas electricity and wishful thinking.

A lot of business owners are like Texas and ignore the planning part of exiting their business. They flip the switch and say they want to sell. Like the Texas utilities, there’s no preparation for the actual event. So here are some thoughts on the subject.

Mr. or Ms. business owner, your company is not the greatest thing ever. There are a lot of other businesses out there, all wanting the best buyer possible to buy them. I mean, who wants to sell to someone who won’t be successful. That means you have to look at your business like a buyer will look at it. Better yet, get an independent set of eyes to look at it. Perform a mock due diligence (self-promotion here: as in our book If They Can Sell Pet Rocks Why Can’t You Sell Your Business (For What You Want?). Have a banker who does buy-sell loans look at it also, because they’re the ones who will provide the money.

Once you’ve done this 30,000-foot overview it’s time to put a plan in place so you can exit with style, grace, and more money.

Don’t try to do everything at once. There’s a reason experts say start this three to five years in advance. Things take time. And three to five years allows you to show the results on your financial statements.

Have a list of tactics, whether it’s for growth, margin improvement, expense reduction, process improvement, an improved culture, or something else. Know what you are going to do.

Get into the details.

Implement the darn thing. Don’t have it be a shelf plan, make it an action plan (see my blog for my ACTION™ plan to sell a business).

Get your team involved. Everybody wants to do better and they don’t have to know it’s exit planning. They’ll think it’s a growth strategy at work.

Cover the basics first, and as I’ve written many times, the basics include:

  • Solid financial systems and accurate financial statements. Don’t emphasize minimizing taxes. Show profit because banks and buyers like profits. Don’t blend your personal and business checkbooks.
  • Grow. Prove you can do it versus saying how it can grow in the future.
  • Shed your ego. Get to the point you do as little as possible with the day-to-day operations. Concentrate on strategy and vision.
  • Hire and be able to retain great people. Buyers are buying your people as much as anything else.
  • Like searching for customers, you have to keep doing the things you’re supposed to do. Do so and good things will happen.

Don’t be like the Texas utilities and ignore all the preparation until it’s time to exit. Because “things” happen, as per the example below.

Lesson: A client lost a deal to sell his company (for more than it was really worth). He wasn’t prepared to provide the buyer what the buyer needed, which was the usual and customary information. While regrouping, the company got hit by a cyberattack, closed operations for days, lost customers, and now his business might not be worth much of anything. And he’s got a handful of leases on which he’s obligated (in a tough office real estate market). 

Tip: He thinks the cyberattack was like what happened with Solarwinds, via a third party. His attackers got in through his previous managed service provider that had not deleted access to his system. Do disaster planning on anything that can interrupt your operations, and cyber is on the top of the list, way ahead of any natural disaster.

Our podcast channel has discussions on cybersecurity, disaster planning, and much more.

A Job Disguised as a Business

We’re working on a client grow-by-acquisition project and have found the industry is not only very fragmented, with a lot of small companies, but too many of them are “A job disguised as a business.”

These owners are so busy bidding, selling, designing, installing, doing service work, etc. they don’t have time to pay attention to the business itself. They can’t answer basic questions every owner should know, and it overwhelms them to fill out a short questionnaire that should take no longer than 10 minutes (most are check the box type questions).

A big question is, “Is there value and if so, how much?” The only (real) buyers for these businesses are companies in the same industry who can handle all the functions the owner is doing. There’s not nearly the equity there would be if the owner worked on the business versus in the business.

My advisory business doesn’t have much value. A CFO for hire, on his or her own, doesn’t have much value. A firm with multiple advisors (of any kind) has value, either to an outside buyer or via an internal succession like law firms, CPA firms, construction firms, and others. It comes down to an owner doing the basics:

  • Create a capable team.
  • Delegate responsibility not only tasks to them.
  • Realize your employees might not do it as well as you, or as fast, but three people at 80% is better than just you at 100%.
  • Let them grow so the business can grow.
  • Be organized with processes and especially with the financial systems and statements.

In a recent deal the business buyer said while he’s never managed 50 people before he feels comfortable because of the middle-management team. That’s a heck of a lot better than when the owner has their fingers in every aspect of the day-to-day operations.

“If you attack the establishment long enough, they will make you a member of it.” Art Buchwald

When the Corporate World Attacks You

By Jessica Martinka

Horror stories abound! Both parents working from home, kids taking virtual classes, and bandwidths stretched thin, both internet and personal.

The virtual work world makes it much more difficult to know what’s going on. Unlike the schmoozing, collaboration, and gossip we used to do in person. 

Not knowing what changes and/or decisions are being made that could affect your employment and life can bring the fear of the unknown, and I can surely relate to that.

I was working at Online Trading Academy when corporate bought out the local owner and started “taking over.” The next day corporate employees swarmed the place and we were left in the dark wondering if we would still have our jobs.

Every night I went home worried sick. Soon after the takeover, everyone was gone except for me. They had brought in a new GM and my job was to get her up to speed. Once I did, they let me go. I had convinced myself they were going to keep me, not realizing I was training my replacement. Pretty naïve.

We see this corporate maneuvering all the time and it’s why executives choose to escape the corporate world and buy a business. They are fed up and want to be more in control of their future.

So, what makes a qualified buyer?

  • Experience – To buy a mature profitable business, a buyer must have the appropriate experience and skills in managing people, processes, money, and enthusiasm.
  • A good personality – A person will never buy from or sell a business from someone they don’t like. The buyer and seller must trust and feel comfortable with each other. Business buying and selling is a life-changing decision for both parties. Relationships rule.
  • Capital – the cash needed is tied to the size of the business and the fair market salary for the job of running the business. For an individual buyer, figure at least two times that fair market salary from the buyer.

A smart buyer will hire a great team of advisors and make sure they have experience in buy-sell transactions of the size and type he or she seeks. This will give you a better chance of getting the deal done, which happens to be the title of our new book.

Owning your own business puts your future in your own hands.

Your chances of success are clearly best when you buy an existing, profitable business for many reasons.” Richard Parker

“Owning a business is risky but if you buy a mature, profitable, and fairly priced business your leap of faith is off a chair not the roof.” John Martinka

Getting Your Deal Done

Originally published on ibainc.com blog in February 202!

I was honored to have IBA team members Gregory Kovsky and Curt Maier contribute a chapter to my latest book, Getting the Deal Done. The book is 61 short chapters, 50 of them written by me and 11 by other deal pros like Gregory and Curt. The title is the theme of the book with each chapter being a deal tip or strategy (and it’s available on Amazon).

This post is an abbreviated overview of the book, broken into three sections:

  1. Preparation 
  2. Deal making
  3. Due diligence

Preparation starts with thinking through what you want to do, when you want to do it, and why. Business buyers need to do the following (among other things):

  1. Get our spouse on board if you’re married. This is so important. In 2020 I was introduced to a very qualified guy who said he wanted to buy a business. On our first call I asked what his wife thought about it and was told they hadn’t discussed it. On our second call I asked again and got the same answer. I told him we would not meet in person until he talked to his wife about it. Guess what? We never met.
  2. Know how much money you can put into a deal and how much you’re comfortable putting in, as your share of the down payment. These are often different numbers. How much of your investments will you use? Will you use qualified plan funds (you can use them without tax or penalty and your new 401k plan will own shares of your company)?
  3. Determine your criteria. Know what you don’t want and be open. It’s important you know what you want to do on a daily, weekly, monthly basis. I’ll know it when I see it doesn’t work. You may think it sexy to make something but if you’re a sales type with no manufacturing experience it’s probably a road to disaster.
  4. Have a search plan and implement the darn thing. This is a contact sport; the more contacts you make the greater your chance of success and in a shorter period of time.

Business sellers please make it easy on your buyer, the bank, and your intermediary. Concentrate on the following (and there’s a lot more but I have space limitations):

  1. Clean up the books. Show profit, no matter what your CPA says. Have a strong balance sheet. Have accurate and consistent financial statements (this often means don’t blend your business and personal checkbooks). For example, a client of mine had, over three years, four expense items I determined were owner compensation (officer salary, owner salary, management wage, and shareholder wages). 
  2. Don’t just say the business can grow, grow it.
  3. Reduce dependencies like customer concentration, supplier concentration, a uber-key employee, and especially any dependency on you, the owner. I recently saw a business for sale and on the surface it looked great, with $1 million of earnings. However, they designed and installed very complicated systems and guess who was the only person on staff who could do the bids? Yep, the seller.
  4. Show you can attract and retain good people. Pay them a fair wage, have a good culture, and keep productivity high.

Getting to a deal is similar for both buyer and seller.

  1. Both have to be active searchers. Buyers want to see as many opportunities as possible and sellers need to find the right buyer to preserve their legacy (and pay any seller note). A couple years ago I asked a buyer if he was calling the brokers every month. He said, “No, they know I’m out here.” No, if they hear from you once they figure you’re one of 70% of (supposed) buyers kicking tires.
  2. Make a great first impression. 
  3. Do a thorough analysis without getting analysis paralysis.
  4. Use deal pros to determine a fair price, buyers, make an offer, and sellers, if it’s the right buyer, get it done.

Due diligence is a time for confirmation not surprises. Sellers, do some background checking on your buyer, get a financial statement, don’t be afraid to ask for references, and realize your gut feel is very important (as it is for buyers).

  1. For buyers, the financial statements are the starting point but they’re a long way from the end. Look for abnormalities year-to-year. Your accountant or CFO can help and depending on the size of the deal you may want a quality of earnings report, which is a fancy name for a mini-audit and proof of cash (flow).
  2. Put a lot of time in on the non-financial factors. The customers, suppliers, employees, market conditions, competition, the lease, and anything else that influences the numbers. 
  3. As I write this it’s early 2021 so don’t forget the Covid non-financial factors. Can the business be shut down (it wasn’t just restaurants it was wide reaching, so were many factories, which is why if you order a hot tub now, you’ll probably get it in 2022), can your customers be shut down, do your employees feel safe, what precautions does the business have to take, and what’s the liability.
  4. Realize there are no perfect businesses and no perfect deals.
  5. Don’t forget the transition plan. You don’t want to be like one buyer and seller who, because they ignored this, went back and forth the day after closing with, “Tell me what I need to know” followed by, “Tell me what you want to know.” It took a phone call and a lecture to get them on the same page.

There’s, obviously, a lot more to it than what’s in these 1000 or so words. Let me finish with the three key factors to getting a deal done and they’re not price, terms, and conditions. They are motivation, relationship, and education. Both buyer and seller must be motivated. It can’t be, “I’ll sell if you grossly overpay me and it’s all cash at closing” and it can’t be, “I’ll give you a little cash, a note, and an earnout so if I’m as good as I say I am you get full price.”

Relationship is the key though. Buyer and seller must get along, must trust each other, and must have confidence in each other. As one client, who had started, sold, and then bought two businesses, said, “I would never buy from or sell to someone I don’t like.” Finally, you must educate yourself (your advisors will help) on what businesses of your type and size sell for, that it is a process, you will get frustrated, and it’s tough to find a match so when you do, make it happen. Have an experienced guide, pay attention to the details, and stay on track. 

When Football, Covid, Protocols, and Systems Collide

The NFL is down to the final four teams. On at least one of the games this past weekend the announcers talked about how successful the season has been. They said, and I paraphrase, back in July when training camps started nobody knew if they’d get the season in, but they did, with no cancelled games and only a few rescheduled games. They did much better than college football, which was a mess.

This newsletter is not about Covid, but it’s Covid that sets the tone for the business message below. The NFL did it by implementing some protocols we all can follow. They state high-risk close contact as:

  • Less than six feet of proximity.
  • For five minutes or longer in duration.
  • Indoors.
  • Unmasked.

Things we all can’t do are:

  • Daily testing.
  • Having players wear trackers and then investigating any potential close contacts.
  • Using surveillance video.

What it shows to me is diligence can suppress Covid. And before you think I’m in agreement with the Governor of Washington (New York, California, and others) on all the shutdowns, I’m not. My friend Pete McDowell sent me a University of Oregon study saying people don’t catch Covid in (reduced capacity) gyms (I agree based on my going to the gym last fall). I’ve followed contact tracing results a bit and there’s no way people get the virus in (reduced capacity) restaurants.

It makes me think that following the right protocols and having proper systems works, with Covid and other areas in our lives, including:

  • Business buyers who have a plan, set up systems, and follow their protocols will do better at locating, analyzing, and closing a deal on the right business at the right price.
  • Business sellers who take the time to think about what they’ll do if they sell and also get professional input on if the net price of the business is enough for their next great adventure in life will have less seller remorse.
  • Employees who follow the proven plan will advance quicker and be more productive. And if they show how to add value to the current plan all the better (instead of thinking they know more than anybody else and get disengaged).
  • Owners who are willing to listen, act, and delegate have better businesses with more value. It’s not how important the owner is to the day-to-day, it’s how little are they needed in the day-to-day.

It really is pretty simple. If you have a plan that works, and you follow the plan, you’ll be successful. In business, health, and life.

“We are pathetically eager to believe that, if human affairs are managed right, nothing unpleasant need befall anyone.” (Journalist) Max Hastings

Is Your Business Ready to be Sold?

The first and most common set of questions having to do with the owner’s readiness to sell his or her business tend to be about the owner. And, they’re a lot easier to answer than questions about the business’s readiness. For reference, my first three questions to owners are:

Have you worked with a financial advisor to see how much money you need from the sale to support your next great adventure in life (and do you know what your business is worth – not just what you want for it)?

What will you be doing after the sale?

If this means retirement does your spouse want you around 24/7?

Pretty straightforward, right? But what about the business, not the owner? Keep in mind, every owner thinks their business is so very special, especially when compared to all the other companies out there. But what really needs to be asked and done? Let’s start with a recent Seattle Executives meeting where five members talked about multi-generation businesses, succession, transition, and selling. The most powerful message came from Brian Quint with Aqua Quip, who sold to Leslie’s Pools a couple years ago (hear more from Brian on his podcast interview with me). I sent him an email during his talk saying he must be reading from my book, If They Can Sell Pet Rocks Why Can’t You Sell Your Business (For What You Want?). Here are the intermixed highlights from Brian and the book, with Brian’s direct comments in quotation marks.

  • “Start thinking about selling, think creatively, and do so well before its time.” This fits with my saying, “Most owners don’t get up and drag down the business’ proverbial dimmer switch to prepare over a few years before selling, they flip the switch and say, ‘Sell now’.”
  • “Know the realistic value of the company sooner versus later” (Brian emphasized the word realistic). It’s not based on your best year or wishful thinking; it’s usually based on the last three years of financial performance plus an analysis of the non-financial factors.
  • “Understand what drives the business and its value. Is it expertise, the products, services, process, or IP? Know these things. Drill down on them with an advisor.” I say you need to exploit your value drivers as they’re your competitive advantage, which you leverage to grow.
  • “Know the best buyer for your business.” In my book I cover seven types: individuals (or partners), search funders, family or management team, other small business owners, larger (strategic), companies, private equity, and family offices.
  • “Know the number at which you’re willing to walk away (from the business). This takes some soul searching as it’s a huge decision. If your business isn’t worth what it needs to be now you’ve got some work to do.”
  • Understand it’s not what you get but what you keep. Look at the deal costs and taxes. If your deal is large enough, consult with a tax attorney sooner rather than later.
  • “Understand the risks of selling.” Is there a note? Is there an earnout? Are you expected to, and do you want to, work for the buyer?
  • Brian recommended getting your advisors involved before you sign an NDA. Definitely get them together before you discuss an offer, i.e. Letter of Intent.
  • “Have accurate and timely financial information that accurately reflects your expenses. Minimize your personal expenses run through the business.” Things like car, travel, non-market rent, etc. Also, “Minimize your recast expenses because buyers don’t want to see a lot of them.” If there are too many of these add-backs (to profit) the buyer and banks will discount some of them. And make them realistic. The buyer will have a salary, medical benefits, pension contributions, a mobile phone, etc. 
  • He followed up by saying you should, “Expect a financial colonoscopy as the buyer will want to trace every dollar through the company.” I say expect a business colonoscopy as the buyer will do a detailed scope of the non-financial factors (customers, employees, suppliers, etc.) as well. Expect the buyer to (blindly) talk to customers, meet key employees, and they’ll have to talk to suppliers to get credit terms solidified. And don’t forget the landlord and the buyer’s lease, which needs to be at least as long as any note (bank or your financing) as nobody wants the buyer forced out while owing money.
  • “Do you have a team in place?” The larger the deal, the more the buyer will want a team. Will the team stay, will there be retention agreements, will they be asked to sign a non-compete agreement? A good team will be able to run the business if you’re not there (maybe not grow it like you can but keep it running).
  • Brian had a three-year strategic plan, which buyers like. This shows a sustainable business model.
  • “Realize even with an advisory team you, the seller, will be infinitely involved with driving the deal and driving business growth during due diligence. If the business suffers or stutters the price will go down.”
  • “Once the Letter of Intent is signed the real work begins.” Very true and most sellers don’t understand the amount of information a seller must provide the buyer, the bank, and written proof of everything for the purchase and sale agreement. A client recently told me, “We really aren’t prepared for providing all the information required for a deal.”

Conclusion

Selling a business is like selling a house in some ways. In both cases the more prep time you put in the better the results. Homeowners clean, paint, fix things, and give it “curb appeal.” Business owners need to do the same. It takes longer, a lot of the work has to be done or directly supervised by you, the seller. It’s not like hiring a landscaper, painter, or cleaning service. It requires having the right processes, metrics, documentation, and culture.

Where they differ is home sellers put a sign out front, open the doors, and welcome people in. Business sellers’ shudder at the thought of customers, competitors, employees, and even suppliers finding out they’re (even thinking of) selling. Advice on this – when you get close to the time let people know. Believe me, if you’re 73 years old and taking a dozen weeks of vacation a year, they’ll figure something is up.

Business Buy-Sell and 2021

It’s 2021 and I sense a lot of optimism, or at least hoped-for optimism. Of course the vaccines are a huge factor in this and there’s good and bad news on this subject.

Good news: Reports are while two doses give 95% protection one dose gives protection in the 80-85% range (and arguing about it among experts takes off), meaning the same amount of vaccine can treat a lot more people. And the hospitalization rate of those vaccinated is near zero and the AstraZeneca product was at zero for the first 30,000 recipients.

Bad news: The government is in charge of the distribution and it’s another case of the left hand not knowing what the right hand is doing. Bottom line, both Democrats and Republicans are really good at self-promotion and really ineffective at getting anything done.

So what do I see in the buy-sell world? Here are three thoughts:

I expect it to be busy at all levels. From micro-businesses like deli’s, dry cleaners, and other small retail to businesses where the owner can actually work “on” the business versus “in” the business to middle market firms.  

Why? It’s still a demographic thing. There’s still a disproportionate share of (non-tech) companies owned by people 55-75 (as regular readers know, I believe most owners still working at 80 or close to it want to die at their desk). Things happen as we get older, health issues, burnout, death, etc.

I’m interested in seeing the deal stats for 2020 from bizbuysell.com, Pitchbook, and others. I don’t know what to expect but guess the numbers will be a bit lower than in 2019. That’s one reason I think 2021 will be busy. And that leads me to two sub-points. 

First, buyers are going to be fussy (fussier than before) and really digging deep (or at least should be). Banks will be more inquisitive than ever, and both should be concerned with the Covid non-financial factors as much as the standard non-financial factors.

To put up with the increased scrutiny sellers really need to be prepared. I wrote recently about one client who said he realized his firm was not ready for the diligence requirements demanded by the buyer. It starts with the financial systems and statements (get an outsourced CFO if you need to up your game in this area) and move on to all aspects of the business, especially the people.

Bottom line, while it will overall be busy it will be busier for those who are pro-active.

“I feel that it is healthier to look out at the world through a window than through a mirror. Otherwise, all you see is yourself and whatever is behind you.” Bill Withers