Whether you have listed your business for sale or have received a wholly unsolicited offer to buy your business, it is essential to be familiar with the elements of the Letter of Intent (LOI). The LOI outlines an offer’s key terms and conditions, including much more than just a purchase price. Since these elements are the framework of negotiations, it’s …
In order to sell wisely, many of the same principles apply whether you’re fielding an unsolicited offer or proactively marketing your business for sale. It’s critical to have clear sales terms, ensure both parties perform due diligence, identify sources of financing, and have a clear transition plan, among other steps. It’s a complex process, and you don’t have to go …
In this five-part series on selling wisely, we’re here to give you all the info you need to navigate potentially unfamiliar scenarios. Last time, we covered the basics of an unsolicited offer: what it is, why SMB owners receive them, the basics of proprietary deals, and the importance of enlisting a trusted business broker to ensure you maximize your outcome. …
Imagine this scenario: you’ve invested years’ worth of time and energy into building your business, and you receive an email or phone call out of the blue offering to purchase your company. What feelings come up? Excitement? Relief? A mix of emotions you’re not sure how to sort out? Any of these are reasonable responses if someone makes a legitimate …
Data mining is like a treasure map that helps business owners dig into their data to uncover valuable insights, trends, and patterns hiding beneath the surface. The findings can be revolutionary, allowing entrepreneurs to make smarter decisions, better understand their customers, optimize operations, and identify new growth opportunities. In a world where data abounds, leveraging AI for data mining empowers …
Welcome to part four of our five-part series on how artificial intelligence (AI) is changing the landscape for SMBs. Previously, we looked at AI’s benefits for productivity, customer service, and ideation. In this installment, we’ll investigate a topic foremost in nearly every business owner’s mind—sales. Traditionally, sales have been the domain of person-to-person interactions, so you may be skeptical of …
In our ongoing exploration of artificial intelligence (AI), we’ve seen its dynamic applications across various fields. Having previously discussed the significant impact AI has on customer service, this third article in our series shifts focus to another crucial area: ideation. Ideation, or the creative process of generating and developing new ideas, is fundamental to business innovation and problem-solving. With AI, …
As veterans in mergers and acquisitions, Viking M&A often encounters business owners devoted to including hypothetical value in their business’s worth. So, while EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) is a widely utilized metric in the financial world, many business owners prefer EBITDA-HAV. What is EBITDA-HAV? I’m so glad you asked. It is incredibly tempting to believe …
Over the last few years, artificial intelligence (AI) has experienced explosive growth in the public consciousness, with innovations revolutionizing virtually every industry, from the arts to manufacturing. One area where automation with AI has proven immensely beneficial is in customer service. From chatbots and virtual assistants that respond to customer inquiries to predictive analytics that help SMBs target marketing efforts, …
While the meteoric rise of artificial intelligence (AI) may provoke dystopian fears of humans losing their jobs to robots, the reality has been much tamer. Essentially, AI is a tool like the Internet or a calculator that can be more advanced. Astute business owners use AI to foster innovation, unlock new revenue streams, and stay competitive in the digital age. …
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