Synergy in business can be defined as the cooperative action of two or more entities for purposes of increased cash flow beyond what each entity could accomplish by itself. When considering your mergers and acquisition strategy, don’t let wishful thinking get in the way; realizing synergies without negatively impacting the business can be difficult to achieve. Have a plan for identifying and then realizing true profit building synergies. Your primary objective in merging or acquiring … [Read more...]
Negotiating a Sale: Skills You Will Need
July 21, 2011 By Leave a Comment
Negotiation is not a skill that most of us are born with, but rather it is acquired over years and years of facing difficult challenges and situations. The key to any negotiation is the ability to bring more data and information to a discussion than the other party. When negotiating a sale, you never want to be the side that runs out of data in order to support your case. In addition to being well prepared there are many other negotiating tips that we have picked up along the way. … [Read more...]
Strategic Planning: Does Yours Answer These Three Questions?
July 20, 2011 By Leave a Comment
Developing a strategic plan for your business is a necessary step every owner must take to ensure success for your company. While there are many ways to go about the process, all strategic plans must answer the basic questions: Where are we now? Where are we going? How will we get there? Where Are We Now? I find it best to look at strategic planning as a cycle. Assuming you work on a calendar fiscal year, start your planning in early October, develop your budgets (based on your … [Read more...]
