Top 10 tips for buying the right business for the right price and terms

These buyers found their right business

Statistics show that owning your own business is the fastest way to financial independence, while also creating the lifestyle and liberty that goes with successful business ownership.

And if you buy an existing successful business, there is a 90 to 95 per cent chance that the business will still be in business after five years (provided, of course, that you buy it right).

To mark our 50th post and to help you “buy it right”,  we’ve pulled together a top 10 list  of tips.

Top 10 tips for buying the right business for the right price and terms

1. Purchase a business that you will enjoy. To make that decision you need to realistically assess what you do enjoy, your personal goals for the coming years, your personal strengths and your weaknesses. Make sure that the day-to-day effort in your business will be fun for you.  Getting up every morning and being excited about the coming day makes the work load seem light.
2. Never confuse a business that doesn’t show a profit for tax purposes with a business that isn’t profitable.  Private businesses prepare tax returns to minimize taxable income.  Minimizing taxable income is part of the normal activities of private businesses.  Small businesses don’t have (or want) the level of detailed record keeping usually seen in larger companies.  The taxable income reported on a small business tax return is rarely an indicator of the true earnings realized by the business owner.
3. Expect and respect confidentiality.  Knowing that a business is for sale can set off alarms with employees, customers and suppliers and do permanent damage to an operation that might become yours.  How so? For one thing, customers and skilled staff could go elsewhere, reducing sales and profits. Be aware of this if you see a business that’s advertised publicly.  If you’re dealing with a business broker, you’ll be asked to sign a non-disclosure agreement (NDA) protecting confidential and proprietary information about the business for sale and what might be your future prospects.
4. Be prepared. Timing is everything, so being prepared in advance to make a serious offer once you have found what you are looking for is critical. Get financial and credit facilities in order before you consider buying.  Make sure that “soft” financial commitments from friends and family are firm before you start negotiating and include these people in the process as appropriate. Define and refine your interests, capabilities and budget in advance, so you’ll recognize the right opportunity when it comes along – then act!
5. Be patient.  Negotiating the right deal takes time and effort, typically some three to nine months.  Commit the time to accomplish the many tasks.  Don’t  get discouraged if the deal doesn’t work out. You may need to find more than one business to pursue.
6. Don’t over spend. Negotiate only for terms that you can realistically afford.  Don’t overstretch yourself to your financial capacity.  Leave sufficient rainy day and transition capital to ensure a cushion of safety.
7. Insist on seller financing.  Make sure that your seller is providing a reasonable portion of financing. This allows you to buy a more valuable business with less money down.  It also keeps the seller honest regarding financial projections and business potential.
8. Choose the right professionals.  Every buyer needs a good lawyer and accountant on their team. Choosing the right professionals means finding experts who have actual experience in buying and selling businesses and who understand their role in the process. Recognize that MOST lawyers and accountants are not entrepreneurs or business experts. Understand that because their job is to protect your interests against all conceivable risks, the safest recommendation they can make in every situation is to not take a risk. Remember that you are ultimately the one who makes the business decision based on your talents, expertise, instincts and entrepreneurial goals.
9. The terms of the deal are always more important than the actual purchase price. Negotiating the right deal can take a considerable amount of time and effort. Understanding your seller’s objectives and reason for selling is a critical part of finding the right opportunity and structuring the right deal. Above all, do NOT take the negotiating tactics of the seller personally, or get caught up in the emotion of the situation. Rely on the professional expertise of your intermediary to negotiate well and create win-win terms that work for both parties.
10. Secure a non-compete/non-solicit agreement and a training and transition program. You want to keep the seller around long enough to train you and to ensure a smooth transition for clients, suppliers and staff. If seller training is critical to your success, protect yourself by putting life and critical illness insurance payable to the business in place for the required training and transition period or use the seller financing to self-insure.

Anything else you would add? We’d love to hear from you.

And if you liked these tips, you can get more  (on buying, building or selling a business) by signing up for our free monthly newsletter.  You can see an example here. So go ahead!

Can this business be saved: buying a business in distress

Would you buy a struggling business? Should you?

Turn on your television any day of any week and you are bound to find at least one “rescue” show where an expert whips a struggling individual, a family or small business into physical, emotional or financial shape.  Oh, and let’s not forget the tough talk for owners of out-of-control pets!

In Kitchen Nightmares, for instance, Chef Gordon Ramsay visits troubled restaurants, offering their owners his expert advice to turn their business around. They are given one week to do so.

The transformations are dramatic. But they only happen when the individuals are willing to turn their business or life over to the experts and follow the blueprint they are given for success.

The “winners” are those that are willing to put in the effort required to keep their dreams alive.

But most small businesses don’t have such access to professionals. And some struggling owners give up and put their business on the market.

Would you buy a struggling business? Should you?

A recent state-of-the-industry survey found that four out of ten buyers would purchase a struggling business if it was realistically priced.

Buy an existing business and advance to GO

If you’re anywhere near my age, odds are you’ve played many rounds of Monopoly with your kids or grandkids. Or maybe you grew up with the game.

Everyone loved drawing the card that let you “Advance to GO”, where you would collect $200.

Who doesn’t want the fast track to success!

There are “Advance to GO” cards in the real world. For someone wanting to go into business, buying an existing profitable business is its equivalent. Compared to starting a business, such a purchase provides less risk and more potential for success.

As with a start-up, the purchase of an existing business may require significant effort and long hours over the first few years of ownership, however you do have a head start and very low risk. On the other hand, some 65% of start-ups fail.

The Sunbelt Texas office recently published a very good article about “what you buy when you buy an existing business”, where they showed the difference between buying a business and buying assets, using an actual business sale as an example.

Seasonal businesses: your pace or mine

What about owning a small business that only operates at certain times of the year—say a tour boat line in Canada?

I saw an article recently about owning a seasonal franchise and it prompted me to put together my own list of pros and cons to owning a seasonal business that buyers should be aware of.

Being the former owner of a tour boat line in Canada I have lived through them.

Owning a seasonal business: the pros

1. During the off season the owner can work on business planning, marketing programs, operating systems and procedures, documentation, research and so on without the pressure of managing the day-to-day operations.
2. The off season provides time for rest, contemplation, leisure travel and activities, and to get re-acquainted with family and friends.
3. The off season provides time for meeting with industry peers, trade associations, suppliers, strategic partners, and for traveling to research potential business improvements.
4. The off season may allow the owner to escape unpleasant weather conditions.
5. Recruiting and training can be done in advance of the busy season when there is time to do it well.
6. Servicing and upgrades to systems and equipment can be done during the off season without time pressure.
7. Some people thrive on being the hare rather than the tortoise.

Owning a seasonal business: the cons

1. Start up at the beginning of the season requires working capital in excess of what a non-seasonal business would require.
2. Start up requires a significant expenditure of energy is a short period of time.
3. The resources allocated to the business are only earning a return during part of the year.
4.  A system or machinery breakdown during the busy season is more costly and thus the risk is higher.
5. It is more difficult to retain good employees in a seasonal business.
6. The level of activity in a seasonal business must be much higher during the season to offset the slow or down time and so may require long hours and greater endurance from the owner.
7. The level of stress dealing with a flurry of activity during the season can be higher.

In the end it is a personal choice based upon the owner’s values and what he or she enjoys.

How about you? Have you operated a seasonal business? What did you like best about it?

Expect an exciting year for small business ownership in Canada

Exciting ride ahead

This is the first Friday of 2012 and as I work through my e-mails, I’m weighing this brand new year and what it will bring. I expect it to be much better for most business owners than 2011.

The American economy is showing signs of improvement, there is increasing demand for Canadian oil and gas, the potash industry in Saskatchewan is doing well and it would appear that the U.S. housing market has finally bottomed out.

Canadian banks have become more aggressive in the provision of Canada Small Business Loans, employment here is forecast to improve and small business owners are anticipating a better year in Canada.

At the same time, the economy in Europe is shaky and is probably in for a very tumultuous year.

Our current government in Canada has not provided any indication of support or programs that would have a positive effect on small business, but they have maintained low interest rates and a sound banking system. At the same time, we have many business owners past 65 and looking to retire, with many leading edge baby boomers in the same frame of mind.

I expect this to be an interesting and exciting year for small business owners.

With volatility comes opportunity for those who recognize it and are able to act quickly on the changes in the marketplace. For business owners who are considering selling their business this year or the next, now is the time to get focused on the value drivers that will increase the value of your business.

Whether it is increasing sales/profits, eliminating customer or supplier concentration issues, improving the systems that operate your business, or improving hiring and training practices, the time to focus on these factors is now.

Many of us make New Year’s resolutions.  Few keep them.  If your New Year’s resolutions did not include a goal for your business, make this goal now. Ensure that your goal is a SMART goal— Specific, Measurable, Achievable, Realistic and Time-Based.

If you are thinking of selling your business, focus your goals and resolutions on the value drivers for your business. Sunbelt can help you with the process of selling and while we will maximize the amount you receive, it will be related to how well you have addressed your value drivers.

Great time to buy a business

For those thinking of getting into business, there couldn’t be a better time. We are at the beginning of a long uphill climb in small business.

Small business buyers generally fall into three categories:

• those who want to purchase a business in order to secure employment and build wealth and security for their family;
• those who want to purchase a business they can substantially improve and then resell;
• those who are seeking rapid expansion or synergies to increase margins and sales for companies they already own.

For individuals looking to purchase a business to provide their own job security and income, the beginning of an up cycle in the economy is a great time to buy. With many businesses underperforming, the cost to purchase is less than it will be two or three years from now. At the same time, you would be buying at the beginning of economic recovery so your odds of success are great. The success rate for Sunbelt clients who buy a business is greater than 98%, however buying at the beginning of a positive economic cycle results in greater success.

For those wanting to purchase a business that they can substantially improve then resell, there couldn’t be a better time to buy. There are currently many under-performing yet fixable businesses available for purchase. This strategy of buy, build and sell has made many entrepreneurs wealthy. Timing is an issue, though, so I would embark on this now.

Companies seeking rapid expansion or synergies are facing many opportunities. Private equity groups are looking for such investment prospects.  Many business owners who are preparing to retire have businesses that are not performing at peak levels; these same businesses would provide the growth and synergies the purchasing companies are seeking. The result is that there are significant opportunities in the small end of the midmarket and capital is available to take advantage of these.

We are anticipating a raft of small Merger & Acquisition (M&A) transactions with financing coming from private equity investors. The very low interest rates and volatility in the stock markets are making M&A investments look far more attractive and in Canada, real estate is already priced at the high end based upon current ROI and forecast interest rates.

Putting all this together, 2012 should be an exciting year for both business sellers and business buyers.

At Sunbelt Canada, we are looking forward to the busiest year we have had in a decade and it’s about time. The systems and people are in place. The training has been done.  The marketing is at hand. We are ready.  And we are pumped!

There will be wild ups and downs in 2012 that will create outstanding opportunities.

Hold on to your hats and enjoy the ride!

No double dipping at our table: how dual agency works in Canada

No double dipping at our table

Business brokers bring buyers and sellers together.  The rules around “who acts for whom” change with the Canada/U.S. border.

In Canada, individual business brokers often represent the interests of both the buyer and the seller of a business. This is known as dual agency.

Dual agency is not the standard in the U.S., although some states do allow a broker and one agent to represent both sides of the transaction as dual agents.

Normally, buyers pay no fees to us.  The broker is paid on a commission basis by the seller when a business transaction is successfully completed.

It seems that some don’t understand this.  Like this individual from an American financial services firm that wrote:  “I hate double-dipping business brokers”.

And he wasn’t referring to our practices with chips or vegetables.

His statements are misleading.

Let me explain.

Financing the sale of a business, part 2

Earn-outs can put more money in the seller's pocket

In the last post, we talked about financing the purchase of a business through a bank loan (unlikely), through a Canada Small Business Loan (CSBL), a hybrid structure using a CSBL, and a seller note (preferred choice).  Today we’ll explore other approaches.

Business Development Canada (BDC) provides a lending facility—albeit expensive–for business acquisitions. There is a bureaucracy to work through, but BDC does finance some sales. They generally require the seller to finance some of the transaction behind their loan and the seller doesn’t usually receive principle payments on his/her note until the BDC debt is repaid.  Most sellers aren’t willing to wait that long to get paid out, and being behind the bank adds to their risk.

Selling assets of the business to a leasing company then leasing them back is another approach that can provide additional cash to the seller at closing.

Partnerships where the purchaser has an option to acquire the rest of the business in time are sometimes used, but these can be fraught with problems.

Earn-outs

Earn-outs can be a rewarding way for sellers to get around many issues

A seller and purchaser may disagree over projected earnings or other factors affecting the value of the business. Historical financial information may not be enough to offset the perceived risk to a purchaser determining a purchase price. An earn-out that bases a portion of the valuation on actual future performance can soften the risk of speculative projections to the purchaser and put more money in the seller’s pocket.

Financing the sale of a business: part 1

Financing the sale of a business with or without the bank

There is a general misconception about the availability of financing for the purchase/sale of a small business, especially where the purchase price includes significant goodwill:  banks do not want to finance these transactions.

Your banker may play golf with you and suggest that their bank would be happy to provide financing for you at any time.  A good client for many years, you assume that when you are purchasing a business for $100,000, or for $3,000,000, you could structure the deal with 30% cash from you, a 20% loan from the seller and 50% from your bank.

Think again.  Your bank was willing to lend you money while you had a steady income, but in lending for the purchase of a business the bank fears its security is insufficient.  If the business fails you have no income to service the debt and the assets of a failed business have questionable value to the bank.  They do not know how to and do not intend to run the business.  In a bankruptcy sale the assets may go for 10 cents on the dollar.

Your bank may be willing to give you a home equity loan or a loan against other assets to cover part of the down payment.  They may agree to process a Canada Small Business Loan (CSBL), but it will be limited to 75% to 90% of the value of Furniture Fixtures and Equipment with an upper limit of $350,000.  If real estate is part of the transaction, the upper limit is $500,000.  You must provide a Certified Appraisal of the assets. Sunbelt has Certified Machinery and Equipment Appraisers (CMEAs) on staff and can provide the appraisal for you.

The catch–the loan must be for the purchase of assets, not shares.  The first problem is that the tangible assets may represent a small part of the purchase price. The second problem is that the seller will likely end up paying more tax. There will typically be a recapture of depreciation, which is taxable as corporate income and a taxable capital gain on the sale.  As a result, the seller ends up with less money.

There are two ways to offset this. 

Selling a business: understanding what buyers are looking for

So what are buyers looking for?

Whether it’s their first purchase of a business or their 10th, buyers are looking for an ongoing income.

Not surprisingly, then, they’ll be attracted by businesses with a proven track record of consistent financial performance with solid/growing revenue and earnings.

Will the buyer be able to see himself/herself in the business?

Let’s follow a prospective buyer;  we’ll call him Tom.  We’ve met with Tom to assess his skills, interests, financial resources and experience as well as his personal and financial goals.  That lets us pre-screen businesses to find the ideal fit.  If we do not have it now, we may find it in the near future.

Tom is quite taken with one business in particular — an automotive parts store. Let’s say you’re its owner.  Tom’s been tinkering with his own and his friend’s vehicles since his teens so a somewhat-related business is appealing.  He manages a call centre so he has a skill set that’s transferable.

The store’s cash flow looks good.  It might be enough to give him a decent salary and cover financing payments.  But the purchase price is higher than Tom thought it would be.  He knows you’re willing to take back a note for part of the cost, but is concerned you’ll want too much for a down payment.  He can’t overspend as he needs working capital after the purchase.

He really wants to see the business though.  We set that up.  We may send him as a mystery shopper.

Preparing for the walk down the business aisle

So now our potential buyer is about to make his first visit to your business.  He’s signed a confidentiality agreement and he’s serious. Are the premises clean?  Is the equipment well-maintained?  Is the inventory current?  How do you think he’ll be treated?  Remember, first impressions matter.

He’ll want to know more about operations and opportunities:

• Does the business have a wide range of clients/customers or is there a concentration of accounts in any one area?  A concentration is a risk.
• What about suppliers?  Do you depend on a select few?  How long are their contracts for?
• How involved are you, the existing owner?  If you’re involved in most every aspect of daily operations, then how will the business function without you?
• Do you have a good operations manual and staff training program?
• Have you protected your intellectual property?
• Are the staff and clients likely to stay?

Buyers need assurances;  sellers need to find ways to provide them.  Staying on a few months to assist with transition or training is one way to alleviate concerns and help a new owner get acquainted with staff, clients and suppliers.

Back to Tom.  He’s still nervous, but wants to make an offer, understanding he can retract it for any reason up to the last day of due diligence.

A business is only worth what a buyer is willing to pay and what a seller is willing to accept

Both parties need to be comfortable with the other’s ability to deliver what is promised.  The detailed work of verifying financial and legal matters happens at due diligence.  That’s when the lawyers and accountants play key roles. But getting to that point requires give and take on both sides.

In negotiating a business deal there are many things that are important, but none more so than the price and terms.

Tom understands that we’ll need concessions from both sides to arrive at a deal that works for both parties.  He may not get the price down by much, given the value it represents in the market and his own need to secure financing.

In most cases buyers will need the seller to take back a note for a portion of the purchase price to be paid off over time. This “vendor take back” bridges more than financing, reassuring buyers that the seller is confident the business will pay for itself, mitigating potential unknown future liabilities and providing assurance that the seller believes this buyer will be successful.

Another part of the price and terms is the all-important down payment.  Tom can’t let the down payment take him right out of cash.  Even with an immediate cash flow, he’ll need working capital to keep the business going.  He’ll also want to keep something aside for the unexpected.

With our help, you and Tom work out the deal.  Tom is satisfied he’s getting a good business that will meet his current and future needs.  You’re continuing preparations for the next phase of your life, knowing you’re leaving your business in good hands.

Provided nothing takes you and Tom off course at due diligence, we’ll be toasting your success at closing.

If  you have questions about anything I covered above, feel free to ask them  in the comments section below.

You might want to sign up for Sunbelt’s monthly newsletter to get tips and hints on buying, valuing or selling a small business. You can see a sample here.

Our next post in the “selling a business” series will be on  “managing confidentiality”.

So what are buyers looking for?
Whether it’s their first purchase of a business or their 10th, buyers are looking for an ongoing income.  Not surprisingly, then, they’ll be attracted by businesses with a proven track record of consistent financial performance with solid/growing revenue and earnings. 

Will the buyer be able to see himself/herself in the business?
Let’s follow a prospective buyer; we’ll call him Tom. We’ve met with Tom to assess his skills, interests, financial resources and experience as well as his personal and financial goals.  That lets us pre-screen businesses to find the ideal fit. If we do not have it now, we may find it in the near future.
Tom is quite taken with one business in particular — an automotive parts store. Let’s say you’re its owner.  Tom’s been tinkering with his own and his friend’s vehicles since his teens so a somewhat-related business is appealing. He manages a call centre so he has a skill set that’s transferable.
The store’s cash flow looks good. It might be enough to give him a decent salary and cover financing payments. But the purchase price is higher than Tom thought it would be.  He knows you’re willing to take back a note for part of the cost, but is concerned you’ll want too much for a down payment. He can’t overspend as he needs working capital after the purchase.
He really wants to see the business though. We set that up. We may send him as a mystery shopper.

Preparing for the walk down the business aisle
So now our potential buyer is about to make his first visit to your business. He’s signed a confidentiality agreement and he’s serious.  Are the premises clean? Is the equipment well-maintained? Is the inventory current? How do you think he’ll be treated? Remember, first impressions matter.
He’ll want to know more about operations and opportunities:
* Does the business have a wide range of clients/customers or is there a concentration of accounts in any one area? A concentration is a risk.
* What about suppliers? Do you depend on a select few? How long are their contracts for?
* How involved are you, the existing owner? If you’re involved in most every aspect of daily operations, then how will the business function without you?
* Do you have a good operations manual and staff training program?
* Have you protected your intellectual property?
* Are the staff and clients likely to stay?
Buyers need assurances; sellers need to find ways to provide them. Staying on a few months to assist with transition or training is one way to alleviate concerns and help a new owner get acquainted with staff, clients and suppliers.
Back to Tom. He’s still nervous, but wants to make an offer, understanding he can retract it for any reason up to the last day of due diligence.

A business is only worth what a buyer is willing to pay and what a seller is willing to accept
Both parties need to be comfortable with the other’s ability to deliver what is promised. The detailed work of verifying financial and legal matters happens at due diligence. That’s when the lawyers and accountants play key roles. But getting to that point requires give and take on both sides.
In negotiating a business deal there are many things that are important, but none more so than the price and terms.
Tom understands that we’ll need concessions from both sides to arrive at a deal that works for both parties. He may not get the price down by much, given the value it represents in the market and his own need to secure financing.
In most cases buyers will need the seller to take back a note for a portion of the purchase price to be paid off over time. This “vendor take back”  bridges more than financing, reassuring buyers that the seller is confident the business will pay for itself, mitigating potential unknown future liabilities and providing assurance that the seller believes this buyer will be successful.
Another part of the price and terms is the all-important down payment.  Tom can’t let the down payment take him right out of cash.  Even with an immediate cash flow, he’ll need working capital to keep the business going. He’ll also want to keep something aside for the unexpected.
With our help, you and Tom work out the deal. Tom is satisfied he’s getting a good business that will meet his current and future needs. You’re continuing preparations for the next phase of your life, knowing you’re leaving your business in good hands.
Provided nothing takes you and Tom off course at due diligence, we’ll be toasting your success at closing,

Our next post will be “managing confidentiality”.

So what are buyers looking for?

Whether it’s their first purchase of a business or their 10th, buyers are looking for an ongoing income. Not surprisingly, then, they’ll be attracted by businesses with a proven track record of consistent financial performance with solid/growing revenue and earnings.

Will the buyer be able to see himself/herself in the business?

Let’s follow a prospective buyer; we’ll call him Tom. We’ve met with Tom to assess his skills, interests, financial resources and experience as well as his personal and financial goals. That lets us pre-screen businesses to find the ideal fit. If we do not have it now, we may find it in the near future.

Tom is quite taken with one business in particular — an automotive parts store. Let’s say you’re its owner. Tom’s been tinkering with his own and his friend’s vehicles since his teens so a somewhat-related business is appealing. He manages a call centre so he has a skill set that’s transferable.

The store’s cash flow looks good. It might be enough to give him a decent salary and cover financing payments. But the purchase price is higher than Tom thought it would be. He knows you’re willing to take back a note for part of the cost, but is concerned you’ll want too much for a down payment. He can’t overspend as he needs working capital after the purchase.

He really wants to see the business though. We set that up. We may send him as a mystery shopper.

Preparing for the walk down the business aisle

So now our potential buyer is about to make his first visit to your business. He’s signed a confidentiality agreement and he’s serious. Are the premises clean? Is the equipment well-maintained? Is the inventory current? How do you think he’ll be treated? Remember, first impressions matter.

He’ll want to know more about operations and opportunities:

* Does the business have a wide range of clients/customers or is there a concentration of accounts in any one area? A concentration is a risk.

* What about suppliers? Do you depend on a select few? How long are their contracts for?

* How involved are you, the existing owner? If you’re involved in most every aspect of daily operations, then how will the business function without you?

* Do you have a good operations manual and staff training program?

* Have you protected your intellectual property?

* Are the staff and clients likely to stay?

Buyers need assurances; sellers need to find ways to provide them. Staying on a few months to assist with transition or training is one way to alleviate concerns and help a new owner get acquainted with staff, clients and suppliers.

Back to Tom. He’s still nervous, but wants to make an offer, understanding he can retract it for any reason up to the last day of due diligence.

A business is only worth what a buyer is willing to pay and what a seller is willing to accept

Both parties need to be comfortable with the other’s ability to deliver what is promised. The detailed work of verifying financial and legal matters happens at due diligence. That’s when the lawyers and accountants play key roles. But getting to that point requires give and take on both sides.

In negotiating a business deal there are many things that are important, but none more so than the price and terms.

Tom understands that we’ll need concessions from both sides to arrive at a deal that works for both parties. He may not get the price down by much, given the value it represents in the market and his own need to secure financing.

In most cases buyers will need the seller to take back a note for a portion of the purchase price to be paid off over time. This “vendor take back” bridges more than financing, reassuring buyers that the seller is confident the business will pay for itself, mitigating potential unknown future liabilities and providing assurance that the seller believes this buyer will be successful.

Another part of the price and terms is the all-important down payment. Tom can’t let the down payment take him right out of cash. Even with an immediate cash flow, he’ll need working capital to keep the business going. He’ll also want to keep something aside for the unexpected.

With our help, you and Tom work out the deal. Tom is satisfied he’s getting a good business that will meet his current and future needs. You’re continuing preparations for the next phase of your life, knowing you’re leaving your business in good hands.

Provided nothing takes you and Tom off course at due diligence, we’ll be toasting your success at closing,

Our next post will be “managing confidentiality”.

Buying or selling a business: keeping the trust

Doing what is right

Every day or two there’s news about yet another person in sports, business, or government that’s breached personal or public trust.  Or so it seems.

It stands to follow that the public is losing faith in companies doing what is right.

Some turn their ethics on and off like the lights in their offices or buildings.

As an individual, you have integrity or you don’t.  You can’t just pick and choose according to the circumstances.  It’s the same in business.  Ethical conduct has to apply to everyone in your business and extend to everyone you do business with.  In our case, the behaviours relate to the buying or selling of a business.

You’re either ethical 100% of the time or you’re not ethical.