The Family Business Lifecycle: Knowing Which Stage You Are In

Every family business evolves. Not always predictably. Not always smoothly. But inevitably. Yet many owners evaluate decisions in isolation and react to immediate challenges without recognizing the broader stage their business is in. Over time, this can lead to misaligned strategies, unnecessary tension, and missed opportunities. Understanding the lifecycle of a family business does not […]

For many family business owners, the idea of forming a board feels unnecessary, if not threatening. After all, the business has survived and grown for decades without one. Decisions are made quickly. Trust is high. Authority is clear. Introducing a board can feel like adding friction where none exists. Yet in well-run family businesses, a […]

Most family business owners think in the long term. They invest patiently, build relationships over decades, and measure success in continuity as much as profit. Yet when it comes to planning over a 20-year horizon, many owners quietly default to a far shorter time frame. Not because they lack vision but because long-term planning is […]

For many family business owners, the idea of acquiring another company feels straightforward. You know your industry. You’ve competed against peers for years. You see smaller operators who look disorganized, undercapitalized, or tired. You assume that with some capital and better management, you could improve the business quickly. On the surface, that thinking is not […]

Most family business owners don’t wake up one morning and decide they’re ready to sell. Instead, the thought arrives quietly. Often uninvited. Sometimes dismissed just as quickly. “I’m not ready.” “Maybe someday.” “That’s not how I think about my business.” These responses are not resistance in the way outsiders often assume. More often, they are […]

In family-owned businesses, decision-making can often happen quickly and informally. The owner might make a call on a significant investment in the time it takes to walk from the front office to the production floor. A key promotion may be decided on over lunch. Important issues are discussed not only in conference rooms but at […]

For many business owners, the decision to sell is not just about numbers on a page – it’s about identity. One of the most common reflections we hear, often years before a transaction is ever seriously pursued, is: “What happens to me once the deal closes?” It’s a deeply personal question, and an entirely valid […]

For many business owners, deciding to sell their company is a complex, personal choice. But one moment tends to stand out as the most emotionally charged: telling their employees. These are the people who helped build your business. The team that trusted your leadership, rallied through challenges, and showed up day after day to push […]

You and your family have worked hard to build a great business. You’ve got loyal customers, consistently healthy margins, and a strong reputation. Then, the day comes when you decide you’re ready to sell and move on to the next phase in life. You go to market expecting to see a healthy demand, only to […]

As a business owner, selling your company has likely never been part of your plan, at least not at this point. Then, out of the blue, a buyer appears and makes a compelling offer to purchase your business. Maybe it’s a competitor, a private equity group, or a customer with strategic interest. Regardless, aspects of […]

If you’re the owner of a family-led business, chances are you’ve spent more time thinking about your next hire than your eventual exit. And who could blame you? Most business owners are so focused on building and running their companies that they don’t have the time—or the appetite—to think about selling. But here’s the truth: […]

When business owners hear the word “sale,” they often picture a clean break: a full exit, a farewell to employees, and a permanent shift into retirement. But in the middle market—especially among privately held and family-owned businesses—that picture rarely reflects reality. Selling a company today is not a one-size-fits-all event. It’s not just about financial […]

When preparing to sell a business, understanding its potential market value is one of the most important early steps. Business valuation goes beyond financials; it involves understanding your company’s position relative to competitors, potential for growth, and operation stability. This process is critical to the long-term success of a transaction, as misunderstandings regarding valuation can […]

Selling a business is one of the most significant decisions a business owner can make. It’s a process that impacts your financial future and carries emotional weight, as it often involves letting go of something you’ve built over many years. Many business owners underestimate the time required to prepare for a successful sale, thinking it’s […]

Selling your business is one of the most significant financial and emotional decisions you’ll make. It’s a complex process that requires careful planning, strategy, and execution to ensure a successful outcome. Unfortunately, many business owners make avoidable mistakes that can reduce the value of their business, delay the sale, or lead to unfavorable terms. This […]

The sale of your business marks the end of one chapter and the beginning of another—for both you and the buyer. Transition planning is a critical aspect of the post-sale process, designed to ensure continuity for employees, customers, and operations while setting the new owner up for success. A well-executed transition plan can protect your […]

The closing process is the final milestone in the sale of your business. After months of negotiations, due diligence, and legal preparations, this is where the transaction is completed, ownership is transferred, and you step into the next chapter of your life. While the finish line is in sight, the closing process requires careful attention […]

Finalizing the sale of your business is an exciting but complex process. After successfully navigating due diligence and finalizing terms with the buyer, several key legal considerations must be addressed to ensure the sale proceeds smoothly and your interests are protected. This article covers essential legal aspects of finalizing the sale, from understanding the purchase […]

When you’re preparing to sell your business, one of the most critical aspects of the due diligence process is the Quality of Earnings (QoE) analysis. This in-depth financial review evaluates the sustainability and accuracy of your company’s earnings, providing potential buyers with a clearer understanding of your business’s true financial health. In this article, we’ll […]

Due diligence is a critical phase in the sale of a business. Once a Letter of Intent (LOI) is signed, buyers conduct an exhaustive review of your company’s financial, operational, and legal aspects to verify that the business is as represented. This phase can be challenging, but understanding what to expect and preparing in advance […]

A Letter of Intent (LOI) is a critical milestone in selling your business. It outlines the preliminary terms of the proposed deal and provides a framework for moving forward to the due diligence phase. While an LOI is typically non-binding, it signals a serious level of interest from the buyer and serves as a foundation […]

Negotiation is probably the most important aspect of an M&A transaction. It is an ongoing process in which you work with the buyer to determine the terms of the deal, the sale price, and other key considerations that will impact both parties. Effective negotiation can make the difference between a successful, profitable sale and one […]

Once you’ve identified potential buyers and shared preliminary information about your business, the next step is conducting buyer meetings and presentations. These meetings provide an opportunity to dive deeper into your business’s value proposition, clarify details, and address any concerns that buyers may have. It’s also your chance to establish rapport and ensure the buyer […]

Marketing your business for sale while maintaining confidentiality is a delicate balancing act. On one hand, you want to reach potential buyers and generate interest; on the other, you need to protect sensitive information to avoid disruptions that could arise among employees, customers, and competitors. If not handled properly, news of a sale can cause […]

When it comes to selling your business, a well-crafted business presentation, often referred to as a Confidential Information Memorandum (CIM), is one of the most important tools you have to attract the right buyers. The CIM serves as the first detailed introduction to your business and must effectively showcase the strengths, financial performance, and growth […]

Once you understand the different types of buyers, the next step is identifying which specific buyer is best for your business. The right buyer isn’t just someone who can offer a fair price — they should align with your goals, values, and vision for the company’s future. This week, we will explore how to identify, […]

When it comes to selling your business, understanding the different types of potential buyers is crucial for a successful sale. Each type of buyer brings unique motivations, expectations, and strategies to the table, and knowing who they are can help you tailor your approach to meet their needs. By understanding the characteristics and goals of […]

If you’re like most business owners we interact with daily, you likely have zero intention of selling your company today; however, a day might come when you identify a catalyst necessitating a sale. If you think there’s even a slight chance you will sell your company in the next five to seven years, there are […]

One of the most critical aspects of selling your business is preparing the financial statements and documentation that potential buyers will scrutinize. Organized, accurate financial records are essential for establishing credibility, building trust with buyers, and ensuring a smooth transaction. In this article, we will explore the types of financial documents you need to prepare, […]

Understanding your business’s value is one of the most critical steps in selling it. A business valuation can set realistic expectations for how much a buyer might be willing to pay for your company and set the stage for negotiations with those parties. In this article, we will explore the different methods of business valuation, […]

When preparing for an M&A transaction, business owners must ensure their financial statements accurately reflect their company’s financial health. This can be achieved through a financial audit, review, or compilation. Each service varies in terms of rigor, cost, and the level of assurance they provide. Understanding the differences can help business owners decide which is […]

When we speak with prospective clients, a common refrain is, “Why should I hire someone to sell my company? I know my company better than anyone and can handle the entire process internally. Why should I pay someone to do what I can do myself?” While this is certainly an understandable perspective, it often overlooks […]

Selling a business is a complex process that requires careful planning and preparation. The initial steps are crucial for setting the foundation of a successful sale. This article discusses the technical steps in preparing your business for sale, including conducting financial audits, getting an initial valuation, addressing operational efficiencies, and performing a legal evaluation. By […]

Selling a business is a monumental decision driven by many catalysts. Understanding these motivations is crucial as they shape the approach and strategy for the sale. In this article, we will explore the most common reasons business owners decide to sell their businesses, delving into the personal, financial, and market-related factors that influence this significant […]

In the world of mergers and acquisitions (M&A), understanding the nuances of a company’s balance sheet is crucial for both buyers and sellers. One common area of confusion is the treatment of cash in these transactions. This article aims to clarify what happens to cash in an M&A transaction. A common misconception during M&A negotiations […]

Selling a business is one of the most significant decisions a business owner can make. It involves careful planning, strategic decision-making, and emotional readiness. This is the first entry in a series that aims to guide business owners through the psychological and technical mechanics of selling a business, ensuring they are well-prepared for every step […]

Assuming that a son or daughter will naturally step into the leadership role can be a comforting but potentially misguided notion in family-owned businesses. While the dream of passing the torch to the next generation is a common aspiration, reality often paints a different picture. The children of business owners may develop their own interests, […]

For many business owners, the decision to sell their business marks a significant milestone in their journey. Whether prompted by financial considerations, personal goals, or market dynamics, selling a company can be a complex and emotional process. However, amidst the excitement and anticipation, it is essential to address the common misconceptions that often cloud the […]

3/17/2024 Update: Last week, President Joe Biden announced his 2025 budget proposal. The plan calls for an increase in the capital gains tax from 20% to 39.6%, along with a package of other tax increases. While this announcement is not surprising, it highlights the need for business owners considering selling their company within the next five […]

In 2021, President Biden proposed a near doubling of the federal capital gains tax rate from 20% to 39.6%, sending shockwaves through the business community [1]. While President Biden’s plan ultimately was blocked by the slimmest of margins in the Senate, there’s a reasonable risk that a similar or pared-down package of tax hikes will […]

Western does not run your business through a “process.” If you want the cookie-cutter approach, you can think of a chicken factory. An egg goes in, and a chicken comes out – there’s a process. The way many businesses are sold is through a broad auction process. This involves taking a company’s most delicate financial […]

Estate planning considerations can be a driving force behind business owners’ decisions to sell their company, introducing a complex interplay of financial, personal, and legacy factors. One primary motivation stems from the desire to efficiently transfer wealth to heirs. Business owners often view the sale as an opportunity to liquefy their assets and ensure a […]

When someone is contemplating selling their company, it’s literally going into the dark night, hoping to find that brighter light. They are looking for a whole host of things, but most people want their lives to be better afterward than before. Business owners have a lot of things that keep them up at night in […]