The Cumberland Business Incubator (CBI) serves all types and sizes of businesses including for profit and non-profit; small, medium and large; start-up, mature and those transitioning to new ownership. Continue reading
More than 60% of U.S. business owners are over 50 years of age (Baby Boomers), and many of them are looking forward to retirement and the process of attracting and vetting potential buyers to take over the reins of their business. The problem for those that have built these companies is that the businesses may not be attractive to a new generation of business buyers. There are three major trends that impact the salability of a business. Understanding these trends can help owners transition successfully in a challenging market, and help identify the buyer who will lead their company into the future. Continue reading
We have a number of people who come to the CBI for help in buying a business or to start their own business. Sometimes it’s a short conversation when they come looking for the grant money they believe we have. We don’t have grant funds or grant applications to buy a business or start a business. We don’t have access to a pool of investors who loan money without a sound business plan, or know of any that will loan 100% of the cost of a business even with a great plan. Continue reading
You are in a group called “big, small business” if you employ at least five people (other than yourself), do over $500,000 per year in annual sales, and have been in business for at least two years. That’s the smallest of the “big, small businesses”. The “large, small businesses” employ 15 or more people (all the way to 500), with annual sales between $2 million and $25 million. That’s a huge range, but according to the Small Business Administration anything under 500 employees is a small business. Continue reading
“If you sold your business today what would it be worth?“.
Chances are the number you have in your head and the number a buyer is willing to pay for your business are not the same. The means to bringing those two numbers closer together isn’t magic…it’s in long-term planning. Continue reading
Thomas C Corley studied the daily habits of hundreds of wealthy people in preparation for his book Rich Habits – The Daily Success Habits of Wealthy Individuals.
Corley’s definition of wealthy people is those earning at least $160,000 annually and owning assets of at least $3.2 million.
Some of the characteristics Corley identified of the wealthy include: Continue reading
You’ve heard it before I’m sure: focus on the benefits to your clients, not the features. When you are writing copy, talking about what you do, or in a sales presentation, it’s the benefits and results of the service or product you provide that people are interested in, rather than its features or how it works. A lot of people struggle to get this right. Continue reading
It’s fair to say that at the Cumberland Business Incubator we do “something different every day.” As examples, a few things that have occurred recently: Continue reading
Lots of small business owners start out thinking they will do everything they possibly can in their business to keep costs low, including doing their own accounting. Some have learned the hard way that small errors can add up to a big mess. Continue reading
No, I’m not suggesting you ignore a quarterly marketing plan, annual financials or your annual business plan, but realize that it’s important to run your business one week at a time as well. Here are a few keys to success that need to be done weekly: Continue reading