Preparing for Entrepreneurship – Establishing Operating Capital for Business Longevity – Week 3

By John Lafferty

Everyone knows that starting your own business is not a piece of cake, and sometimes, the pinch at the beginning happens again in the middle of your business’ existence, and again at another point in the future. What isn’t always discussed is ways to get through these rough patches. Week 3: Accounts Receivable Factoring This…

Preparing for Entrepreneurship – Establishing Operating Capital for Business Longevity – Week 2

By John Lafferty

In today’s financial climate, we as Americans have put aside the age-old adage of “Neither a borrower nor a lender be,” preferring instead to make the most out of our opportunities – and when there are none directly in front of us, preferring to create our own opportunities.  In case you missed last week’s blog,…

Preparing for Entrepreneurship – Establishing Operating Capital for Business Longevity – Week 1

By John Lafferty

Welcome to the end of the year. It’s a time for celebration and reflection, a time to determine what went right and what could have gone better, and a time to make bold decisions to do something different. When we ring in the new year, a number of individuals will decide that 2012 is the…

Exit Stage Left – Making a Smooth Transition for the New Generation – Week 4

By John Lafferty

Week 4: Leaving?  Check In Later The big day has arrived. All of your financial documents have been reviewed, your successor has been announced and you are finally able to step back from the rigors of your business. Whether you are serving as the Chairman of the Board or simply the Chairman of Your Recliner…

Exit Stage Left – Making a Smooth Transition for the New Generation – Week 3

By John Lafferty

Week 3: Locate a Professional If you’ve been following this month’s blog series, you have already estimated what your company is worth and you should be in contact with a business broker to transition your business to the right hands. However, even if you have an accountant, broker and a financial advisor on your team,…

Exit Stage Left – Making a Smooth Transition for the New Generation – Week 2

By John Lafferty

Week 2: Who Is Interested In Your Business? If you have considered selling your business, it’s vitally important to do the proper research. My prior post discussed getting a professional valuation of your company, and this post will give you some ideas on how to locate and identify the best possible buyers. I recognize that…

Exit Stage Left – Making a Smooth Transition for the New Generation – Week 1

By John Lafferty

When is it time to step away from your business? Have you achieved all the goals you had in mind? Are you able to retire and pass the torch onto a trusted advisor? These are questions you may want to consider early on in your entrepreneurial career. When business owners have less than a year…

Panning for Gold – How to Increase Cash Flow in a Down Economy – Week 4

By John Lafferty

If you are doing well right now, you should be congratulated. One of the best things you can do for your business is prepare for the unexpected by storing away surplus funds. Week 4 – Invest Extra Cash Consider the short-term investment Short term Investments become important when a company has a great deal of…

Panning for Gold – How to Increase Cash Flow in a Down Economy – Week 3

By John Lafferty

The largest expenses for a business are (in no particular order) labor, variable overhead and marketing. We need employees to keep our companies performing and we need marketing to stay relevant in a changing marketplace, but do we need to continue paying exorbitant overhead expenses? Some expenses can’t be helped (such as rent, equipment rentals…

Panning for Gold – How to Increase Cash Flow in a Down Economy – Week 2

By John Lafferty

In case you missed last week’s post, this month, I am introducing four quick ways for you to increase your company’s cash flow in tough economic times. This week’s suggestion may be easier said than done, but it is the best way to build wealth over time. Week 2 – Save a Set Amount Each…