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Tag: Business Ownership

  • Joan Branson, wife of British billionaire Richard Branson, dies at 80

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    Joan Branson, the wife of British billionaire Richard Branson, has died at age 80.

    Branson announced her death Tuesday on Instagram and LinkedIn. No other details were disclosed.

    “Heartbroken to share that Joan, my wife and partner for 50 years, has passed away,” he said. “She was the most wonderful mum and grandmum our kids and grandkids could have ever wished for. She was my best friend, my rock, my guiding light, my world.”

    Richard Branson is the founder of Virgin Atlantic airline, space tourism company Virgin Galactic and satellite launcher Virgin Orbit.

    In a 2020 blog post, he said he met Joan in 1976 at The Manor, a recording studio in Oxfordshire, England.

    “Joan was a down-to-earth Scottish lady and I quickly realised she wouldn’t be impressed by my usual antics,” Branson wrote.

    He said she worked at an antique shop that sold old signs and advertisements.

    “I hovered uncertainly outside the shop, then built up the courage to walk in. … Over the next few weeks, my visits to Joan amassed me an impressive collection of old hand painted tin signs, which advertised anything from Hovis bread to Woodbine cigarettes,” Branson wrote.

    The couple had three children, Holly, Sam and Sarah Clare. Sarah Clare died shortly after birth in 1979.

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  • Why College No Longer Has a Monopoly on Success | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    For decades, college had no real competition. It wasn’t just an educational path; it was the most powerful brand in American life. Parents, schools and employers marketed it as the only safe route to the American Dream. Glossy brochures, billion-dollar ad campaigns, alumni prestige and rankings in U.S. News & World Report kept reinforcing the message: College equals success.

    But today, that monopoly is cracking. Aviation schools, trade programs and trucking startups are mounting their own branding campaigns — promising high pay, entrepreneurial freedom and faster, cheaper paths to prosperity. The reality is already here: Pilots, aircraft mechanics, electricians, independent truckers and others can earn as much or more than many college graduates. What lags is perception. And that’s why the branding war between college and the trades is just beginning.

    Related: Do You Really Need a College Degree These Days?

    The college brand: Once untouchable

    Universities built their dominance the same way top consumer brands do: with relentless marketing. From campus tours that feel like product demos to billboards touting alumni salaries, college was positioned as both a rite of passage and a must-have credential.

    For years, the competition barely showed up. Skilled trades and technical careers weren’t marketed at all — they were stigmatized. A student who skipped college was seen as someone who had “settled.” Even as tuition soared and student debt ballooned, the idea that “college equals success” remained sticky because it was backed by decades of consistent PR.

    But perception is shifting. A recent Workforce Monitor poll found that 33% of U.S. adults recommend trade school for high school grads, compared to just 28% who recommend a four-year degree. Parents and Gen Z may still default to college, but more are starting to see skilled paths as respectable, even aspirational.

    This shift isn’t just economic. It’s the result of smart PR and branding by industries that know they need to win the perception battle if they want to fill critical jobs.

    Aviation: Pilots and mechanics in the spotlight

    Nowhere is the branding battle more visible than in aviation. Airlines face a pilot shortage so severe that Boeing projects the need for 804,000 new pilots by 2037. To meet that demand, they’ve leaned heavily into PR and marketing.

    Take Thrust Flight’s “Zero Time to Airline” program. The name itself is a masterstroke of branding. It tells a clear story: You can go from zero flight hours to the cockpit of a regional airline in just two years. It’s essentially packaged like a startup accelerator for aviation careers — fast, focused and aspirational.

    Airlines themselves are part of the rebrand. In 2022, Delta made national headlines by dropping its four-year degree requirement for new pilots. That move wasn’t simply a policy change — it was a deliberate PR campaign designed to tear down the perception barrier that only college grads could fly for major carriers.

    The economics reinforce the messaging. The average U.S. airline pilot earns around $220,000 a year, and with recent wage hikes, new pilots can now recoup training costs in four years or less. For a teenager weighing options, the soundbite is irresistible: “$200,000 without college.”

    But it’s not just pilots. The aviation industry is also reframing careers for aircraft mechanics and technicians. With a median salary of around $75,000 and specialized certifications available in two years or less, mechanics are now marketed as tech professionals critical to safety and commerce. Rather than “wrench turners,” they’re positioned as guardians of billion-dollar fleets, a message designed to elevate status and respect.

    The combined narrative is powerful: Whether you’re flying planes or maintaining them, aviation offers high salaries, critical skills and prestige — without requiring a bachelor’s degree.

    Related: Trade School vs. College: Which Is Right for You? (Infographic)

    Trucking: From job to business ownership

    Trucking has undergone an equally dramatic makeover. For years, it was branded as hard work with modest pay and little respect. But startups like Billor and CloudTrucks are reframing it as entrepreneurship on wheels.

    Billor’s pitch is simple: lease-to-own programs that put drivers in trucks with no credit check, giving them full ownership in four years. That changes the narrative from “job” to “asset ownership” — a driver isn’t just hauling freight, they’re building wealth.

    CloudTrucks takes a tech-first approach. Branding itself as a “virtual carrier,” it equips independent drivers with the same back-office tools, compliance systems and load-booking capabilities that large fleets use. The economics are compelling: Independent drivers keep 82% of revenue, often out-earning company drivers while enjoying the freedom to choose their own routes and schedules.

    The contrast in branding is stark: A company driver is positioned as a steady employee, while an independent operator is sold the dream of being a small business owner. That story is working. The U.S. now has more than 900,000 owner-operators, more than double just a few years ago.

    The trades: From backup plan to entrepreneurial path

    Construction trades are in the midst of their own rebrand. Once considered fallback careers, they’re now marketed as modern, entrepreneurial and future-proof.

    Electricians illustrate the shift. The median wage is $62,000, with six-figure potential for those who advance. The field is expected to grow 11% over the next decade, creating about 80,000 openings each year. Unlike college, apprenticeships let people earn while they learn, avoiding student debt.

    Companies like Mobilization Funding add fuel to the story by helping subcontractors secure financing upfront, allowing them to scale and compete on larger projects. The implicit message: You’re not just a worker; you’re a business owner capable of growth.

    Meanwhile, social media influencers in the trades are helping to reframe these careers as skilled, respected and even aspirational. The stigma is fading — and branding has everything to do with it.

    Data as PR’s secret weapon

    Behind every one of these rebranding efforts lies data packaged as stories.

    • “Pilots make $220,000 without college.”

    • “Aircraft mechanics earn $75,000 with two-year certifications.”

    • “Independent truckers can own rigs in four years and out-earn company drivers.”

    • “Electricians are adding 80,000 jobs annually.”

    These aren’t just statistics; they’re headlines, crafted to challenge assumptions and shift public perception. For decades, universities mastered this playbook by touting alumni earnings. Now, trades and technical careers are using the same strategy — and it’s working.

    The perception gap

    Despite the progress, perception still lags reality. Gen Z students remain more likely to pursue college, and parents still see degrees as symbols of status. The economics of alternatives are clear, but the branding battle is far from over.

    Colleges had a century-long head start in marketing themselves as the default choice. Aviation, trucking and the trades are only now mounting a counteroffensive. But thanks to startups, social media and data-driven PR campaigns, they’re closing the gap faster than ever.

    Related: These Are the 10 Best-Paying ‘New Collar’ Jobs, Prioritizing Skills Over Degrees

    Why the branding war matters

    The American Dream has always been about opportunity. But opportunity doesn’t sell itself — it has to be framed, packaged and communicated. That’s what’s happening now in fields like aviation, trucking and the skilled trades.

    The branding war between college and alternative paths is still in its early rounds. Universities will keep promoting degrees as the safest option. But industries hungry for talent are telling a new story: one of accessibility, ownership and financial freedom without the burden of student debt.

    For entrepreneurs and marketers, the lesson is clear: Economics may create the opportunity, but branding determines how it’s perceived. If piloting can be positioned as a direct, high-ROI career path, if truckers can be reframed as business owners, and if tradespeople can be reframed as entrepreneurs, then any industry can reshape its image. The future of work will be defined not just by what jobs pay, but by which stories win.

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    Scott Baradell

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  • When’s the Best Time to Sell Your Business? Here’s What I Tell My Clients (And It’s Not When You Think) | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Over the past 10 years, when do you think was the best time to sell a business?

    Believe it or not, it was just after the pandemic. In June 2024, the U.S. Department of the Treasury reported that American business investment had exceeded expectations, outperforming pre-pandemic projections by $430 billion. “The outlook for future business investment growth is encouraging,” the report stated. “Firms are observing persistently high returns to their capital, and founders are starting new businesses at historic rates.”

    Across industries, 2020–2022 outperformed even 2019 in many metrics. Manufacturing, for example, “surged back” in Q3 2020 with record gains in output and hours worked, according to the U.S. Bureau of Labor Statistics.

    The real lesson: It’s not about timing the market

    You don’t sell based on headlines. You sell based on your business, your industry, and your momentum.

    Company valuations have stayed remarkably consistent over the past 25 to 30 years — even during recessions like 2008–2009. Waiting for the “perfect” economic moment to exit is a common mistake that often leads to missed opportunities.

    One of our software clients was nearly ready to sell last year. But their industry began heating up so fast, we advised them to hold off. They now have a 10-year growth runway — and a chance to exit at a significantly higher valuation. On the other hand, we had a client in the print-and-postage business who waited too long. They ignored clear signs of declining demand. By the time they were ready to exit, their window had closed — and so had their leverage.

    The point: There’s no universal “right time” to sell. There’s only the right time for your business, in your industry.

    Related: When Should You Get Your Business Ready to Sell? The Best Time to Start Is Now — Here’s Why.

    Three steps to build value in uncertain markets

    Economic volatility causes many owners to second-guess their exit plan. Should I move faster? Should I take the first good offer?

    In most cases, the answer is no. Instead, refine your original plan with three key adjustments:

    1. Prioritize profitability over revenue

    Buyers don’t pay for top-line growth — they pay for what drops to the bottom line.

    One of our marketing clients was bringing in $5 million in revenue but losing $200,000 annually. After focusing on profitability, they trimmed revenue to $3 million but turned a $220,000 profit. That leaner, more profitable business was ultimately worth more — and attracted better buyers.

    2. Build operational efficiency

    A well-run business is more attractive, more resilient, and easier to sell. Aim for:

    • Fewer people delivering the same output
    • Documented, replicable systems
    • A team that can run the business without you

    Buyers want to see a machine that works — and still has room to grow.

    3. Stay realistic about valuation

    Remember Quibi? The mobile streaming platform launched with $1.75 billion in funding — and folded in six months. Or any Shark Tank episode where founders get laughed out of the room for unrealistic projections.

    Valuation isn’t about hype. It’s about performance, predictability and market reality.

    So when is the right time to sell?

    Here are two signs we see consistently:

    • Growth takes more effort for less return.
    • You start thinking, “I’ve got a couple good years left in me.”

    Those thoughts are signals. Don’t ignore them. They’re often the earliest signs that it’s time to plan your exit.

    The market moves, but your strategy shouldn’t

    Selling a business takes time — sometimes years — especially if you want to maximize value. Public markets fluctuate daily. But private business sales operate on a different timeline and follow different rules.

    The buyers are different. The financing is different. The valuation metrics are different.

    So don’t rush. Don’t panic. And don’t let headlines distract you from your long-term strategy.

    Related: Sell Your Company When You Least Expect It — How to Properly Scale and Sell Your Business

    Final thought: Focus on what you can control

    The best time to sell isn’t about market timing — it’s about business readiness.

    Ignore the noise. Focus on profitability, operational health, and what’s actually happening in your sector. That’s where real value lives — and where the best exits are made.

    Stay strategic. Stay grounded. And don’t sell your business short.

    Over the past 10 years, when do you think was the best time to sell a business?

    Believe it or not, it was just after the pandemic. In June 2024, the U.S. Department of the Treasury reported that American business investment had exceeded expectations, outperforming pre-pandemic projections by $430 billion. “The outlook for future business investment growth is encouraging,” the report stated. “Firms are observing persistently high returns to their capital, and founders are starting new businesses at historic rates.”

    Across industries, 2020–2022 outperformed even 2019 in many metrics. Manufacturing, for example, “surged back” in Q3 2020 with record gains in output and hours worked, according to the U.S. Bureau of Labor Statistics.

    The rest of this article is locked.

    Join Entrepreneur+ today for access.

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    Jessica Fialkovich

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  • Broadcom planning to complete deal for $69 billion acquisition of VMWare after regulators give OK

    Broadcom planning to complete deal for $69 billion acquisition of VMWare after regulators give OK

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    SAN JOSE, California — Computer chip and software maker Broadcom has announced it has cleared all regulatory hurdles and plans to complete its $69 billion acquisition of cloud technology company VMware on Wednesday.

    The company, based in San Jose, California, announced it planned to move ahead with the deal after China joined the list of countries that had given a go-ahead for the acquisition.

    Broadcom is paying $61 billion in cash and stock for VMware and taking on $8 billion of its debt, making this one of the biggest technology deals ever.

    The announcement came soon after Microsoft acquired video game-maker Activision Blizzard for $69 billion, also one of the most expensive tech acquisitions in history.

    It took 18 months for Broadcom to get all the regulatory approvals, just days before the merger agreement was due to expire.

    The acquisition was able to go ahead after China’s State Administration of Market Regulation said Broadcom’s commitments, submitted Monday, would reduce the impact of the merger.

    The massive buyouts are occurring at a time of heightened anxiety because of turmoil on the global supply chain, war in Europe and the Middle East, and rising prices that have the potential to cool both business and consumer activity.

    Broadcom’s acquisition plan earlier gained approval from Britain’s competition regulator.

    Countless businesses and public bodies, including major banks, big retailers, telecom operators and government departments, rely on Broadcom gear and VMware software. The European Commission, the EU’s executive arm and top antitrust enforcer, cleared the deal after Broadcom made concessions to address its concerns about competition.

    Broadcom wants to establish a stronger foothold in the cloud computing market, and VMware’s technology allows large corporations to blend public cloud access with internal company networks. VMware, which is based in Palo Alto, California, has close relations with every major cloud company and provider, including Amazon, Google and Microsoft.

    In a statement, Broadcom said it had legal greenlights in Australia, Brazil, Canada, China, the European Union, Israel, Japan, South Africa, South Korea, Taiwan, the United Kingdom, and “foreign investment control clearance in all necessary jurisdictions.”

    “There is no legal impediment to closing under U.S. merger regulations,” it said.

    There has been a flurry of such deals after technology companies’ shares fell from stratospheric levels attained during the pandemic, making such acquisitions more affordable.

    But Broadcom’s CEO, Hock Tan, has been pursuing such deals for years, building out the company with big acquisitions like Symantec for close to $11 billion in 2019, and CA Technologies for about $19 billion the year before.

    In an earnings call not long after the deal was announced, Tan described the plan to acquire VMWare as a “very unique opportunity to take our company and its business to the next level.”

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  • Jewelry Store Owner to Give 60-Year-Old Business to Employees | Entrepreneur

    Jewelry Store Owner to Give 60-Year-Old Business to Employees | Entrepreneur

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    The owners of an upscale jewelry store chain are handing ownership over to their employees.

    Harvey and Maddy Rovinsky have been the owners of Bernie Robbins Jewelers for 57 years, but when they started to think about retirement to spend time with their grandchildren, they realized no one would be better to take over the business than their staff, some of whom have been with the company or 20 and 30 years.

    The jewelry business, which has three stores in New Jersey and Pennsylvania, was founded by Maddy’s parents in 1962, according to the company’s website.

    RELATED: ‘Wolf in Cashmere’ Bernard Arnault Has a Cutthroat Reputation. In a ‘Succession’-Like Drama, He’s Eyeing His Replacement — and It Might Not Be Family.

    Courtesy of Bernie Robbins Jewelers | Owners Harvey and Maddy Rovinsky.

    The Rovinskys told Fox Business that they don’t have any family involved in the business, and they needed a “path for succession” if the company were to continue after they retire.

    “We said, ‘You know, this has been right in front of our faces all this time. Instead of trying to find a qualified buyer, why not give it to people that are successfully running it now,’” Rovinsky told Fox Business. “They understand our culture, they understand what we want. They’ve been doing it, they’ve been running it and we’ve been fortunate that money aspect was not a motivation. So we’re going to continue the business with the people that know how to run it.”

    Harvey Rovinsky said employees asked him to be the company’s CEO as the business transitions to the new, employee-led ownership in early 2024.

    RELATED: A 4th-Generation CEO Reveals How to Avoid ‘Succession”s All-Too-Real Dysfunction in Your Own Business — Family-Run or Not

    “I’m flattered and honored that they’ve asked me to stay on, which I will be happy to do until I annoy them enough and they fire me,” Rovinsky joked.

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    Sam Silverman

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  • Every Business Owner Needs an Exit Plan — It’s Time You Develop Yours. | Entrepreneur

    Every Business Owner Needs an Exit Plan — It’s Time You Develop Yours. | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Have you considered how your successful business venture will end?

    It might seem counterintuitive, but planning your business exit strategy from the start can significantly improve your entrepreneurial journey. When you set out on a road trip, you don’t drive around aimlessly — you have a destination in mind. Similarly, as an entrepreneur, having a clear end goal in mind guides your decisions and actions, leading to a more satisfying outcome for all stakeholders.

    Let’s explore why looking at the end from the beginning is a strategy that pays off, how to consider various exit options and what steps to take in preparation for a fulfilling and profitable exit.

    What is an exit strategy and why do you need one?

    An exit strategy is like the GPS guiding your entrepreneurial journey. Often thought of as a way to end a business, its core purpose lies in propelling it closer to its long-term goals and facilitating a smooth transition into a new phase or venture.

    Envisioning your exit isn’t just about business but also about harmonizing your professional aspirations with your broader life objectives. Whether it’s financial independence, travel or creative fulfillment, your strategy should mirror these objectives. Additionally, proactive exit planning attracts, builds credibility with, and encourages the loyalty of stakeholders (investors, partners and employees) who share your vision.

    Even if an exit isn’t imminent, constructing your business with a future exit plan promotes a continuous drive to elevate operations and forecast potential exit valuations. Much like assessing a home’s value, getting an inspection, and making improvements before listing it for sale, an exit strategy applies similar principles to increase the value of your business. Gaining insights into its potential exit value provides a heightened market perspective, influencing your strategic choices and supporting your credibility.

    Crafting your exit strategy, you also project what comes next: What’s your next venture? Where can you put your wealth to protect it and ensure growth? A well-thought-out exit plan carries you effortlessly to your next entrepreneurial or personal endeavor.

    Related: When Should Business Owners Start Developing an Exit Plan? Here’s What You Need to Know.

    Exit options: Picking your path

    In defining your exit strategy, you have various options to consider. There are as many unique paths as there are entrepreneurs; however, here are the typical high-level approaches:

    • Selling outright: While not always the goal, selling might be strategically advantageous, especially if a business is declining. Exiting before financial troubles worsen can protect your investment and prevent further loss.
    • Keeping it in the family: Passing the business to heirs can create a meaningful legacy. It’s important to ensure they are prepared to take on this responsibility and have the necessary skills or management support required to operate a business.
    • Initial public offering (IPO): An IPO generates substantial funding and rapid visibility, advantageous for fast-growth firms.
    • Mergers and acquisitions: These deals involve another entity purchasing either a majority or all of your company’s assets, driven by strategic and financial objectives.
    • Private equity investment: This route involves private equity firms purchasing companies, granting capital inflows and specialized resources to maximize profits.

    In my business practice, in which I’ve sold several well-established companies, I’ve learned another thing to consider: How your financing impacts your exit strategy. Self-funding gives you more control over your exit strategy and may encourage you to remain independent. In contrast, outside equity can come with investor expectations for specific ongoing or exit outcomes.

    Before bringing in any partners or investors, consider how the additional stakes may influence your long-term objective. If you bring in capital partners, have an open discussion with them about what the possible exits could look like and what they can expect.

    Related: How to Prepare a Company to Go Public in a Volatile Market

    Preparing for the grand exit

    As you move closer to operation exit, careful preparation is essential. You’ll need to ensure the approach you’re considering is feasible for your organization and business model, and that all stakeholders share the same vision.

    Here are best practice steps to take:

    • Retain expert council: Bring in legal, strategic and tax advisors to ensure you’re making informed decisions. Hiring a business broker can also prove invaluable in finding the right buyers or investors who align with your goals.
    • Get your financials ready: Having organized financial records increases transparency and makes the due diligence process smoother for interested parties.
    • Optimizing revenue and expenses: To maximize your exit valuation, focus on optimizing your revenues and managing expenses.
    • Negotiate for the best terms: Effective negotiation ensures you get the best deal and your interests are protected. Aim for terms that align with your objectives and minimize economic risk.
    • Vet your buyer/investors: Ensure that whoever acquires your business will maintain your vision and treat your team well.
    • Determine post-acquisition management: Will you still be involved? What happens to your team? Clarify what the management structure will look like post-acquisition.

    In 20-plus years of founding and operating successful businesses that naturally scale up and lead to profitable exits and observing the wins and failures of peers and competitors, I’ve distilled a crucial principle that applies to all businesses: Innovation fuels efficiency, growth, credibility, and operational sustainability. This applies even more to dynamic industries subject to significant social, technological, regulatory, and economic change.

    Always being open to (and embracing where appropriate) innovation in tech, business models, production/fulfillment methods, marketing, compliance and other areas of operations helps you thrive in a competitive landscape, demonstrates your resilience and potential longevity, and supports the interest and trust of stakeholders.

    Diligence and advance planning ensures you’re taking the most strategic approach to transition into the next phase of your journey.

    Related: 10 Mistakes I Made While Selling My First Startup (and How You Can Avoid Them)

    Carving out your entrepreneurial legacy

    As you navigate business ownership, be mindful that a successful journey involves more than focusing on the present. Working backward and planning your exit strategy from the start enables you to create a roadmap that aligns your business endeavors with your personal, organizational, and financial goals. Consider where your path will lead and plan your exit strategy accordingly. In doing so, you’ll enhance your chances of success and ensure your entrepreneurial legacy endures.

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    Robert Finlay

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  • Daimler Truck finance chief dies in “tragic incident,” company says

    Daimler Truck finance chief dies in “tragic incident,” company says

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    The chief financial officer of Daimler Truck has died in a “tragic incident,” the company said Sunday

    The chief financial officer of Daimler Truck has died in a “tragic incident,” the company said Sunday.

    Jochen Goetz, 52, died Saturday, according to a company statement that didn’t specify what happened to him.

    Goetz spent more than three decades working at the Daimler Group, the Stuttgart, Germany-based automotive giant best known as the maker of Mercedes-Benz luxury cars.

    The company said Sunday he was “decisively responsible for the successful spin-off” in 2021 of Daimler’s truck division, which is the world’s largest maker of trucks, from the rest of the company that renamed itself Mercedes-Benz Group AG.

    “The death of Jochen Goetz is a tremendous loss for Daimler Truck, both personally and professionally,” said a statement from Martin Daum, chairman of the company’s board of management, of which Goetz was also a member.

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  • 3 Solutions That Help Alleviate Everyday Pressures Small Business Owners Face | Entrepreneur

    3 Solutions That Help Alleviate Everyday Pressures Small Business Owners Face | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Running a small business is no easy feat. While the concepts of flexibility, financial independence and personal fulfillment create a glamorized perception of what it’s like to be a small business owner, the role usually isn’t always rainbows and butterflies – particularly given often-rocky economic climates.

    Small business entrepreneurs often wear several hats, operating as the sales, marketing, finance and product development leads all at once. On top of juggling multiple roles, the global pandemic, followed by a turbulent economic environment, has further exacerbated existing challenges small business owners face by creating an even more unpredictable future.

    Decade-high inflation, rising interest rates and labor shortages have also played a substantial role in fueling concerns about a potential recession. These factors bring into question whether small businesses are resilient enough to weather the storm. And small businesses may be small individually, but they account for two out of every three jobs added in the past 25 years and constitute 99.9% of all businesses in the U.S. It’s safe to say their role in the economy is meaningful.

    If you run a small business, all of this likely resonates with you. We live in a world with increasing pressures from stakeholders, constantly changing customer expectations and volatile financial conditions — which for many, especially business owners — can make it hard to create clear distinctions between professional and personal emotions.

    However, despite current conditions, small business owners don’t need to forgo their personal lives to experience professional success. Knowing the emotional impacts of running a small business, identifying solutions to help lessen the burden and learning how to create (and enforce) a healthy work-life balance can help to alleviate pain points and allow entrepreneurs to forge a clear path forward.

    Related: 7 Ways Successful Entrepreneurs Deal With Stress and Pressure

    1. Utilize business advisors and technology solutions to supercharge business growth

    Let’s face it — as small businesses grow, the likelihood of being able to manage all operations as a one-person show doesn’t seem feasible. Trying to juggle product development, various social media accounts, balance sheets and operations all in one as the business grows will eventually prove to be impossible.

    Leaning on external solutions and support is one way to expand a business and alleviate the added – and often unnecessary – pressures felt as a small business owner. These solutions can come in the form of either a trusted business advisor, an efficient technology solution or both. Leveraging external support often means getting the job done better, faster and more efficiently than you could on your own.

    Some examples of technology solutions business owners can utilize to help streamline the growth of their business include tapping into a CRM platform like HubSpot, which can automate follow-up reminders for current and prospective customers, manage a small business’s pipeline, and effectively generate new streams of revenue. Additionally, cloud accounting platforms like Xero can provide the financial tools necessary to run a business and help automate tedious tasks, freeing up time for business owners to put towards other business operations. For more efficient marketing and social media management, platforms like Hootsuite can help to streamline social media accounts and allow users to preemptively schedule content. Canva, an online design platform, helps business owners (even those who aren’t experts in design) create graphics with ease to utilize for social media, their website and more. Platforms like Shopify and Etsy are great for small business owners as well, as they allow merchants to create an online storefront to market and sell their products.

    According to recent data, a whopping 30% of small business owners still use spreadsheets to manage their accounting books, rather than utilizing software or an outside advisor. Research suggests that small businesses spend, on average, 30 days — an entire month — per year on accounting and administrative-related tasks. By digitizing the accounting function, business owners will not only free up more time to devote to business and personal ventures but there are benefits to the overall business as well, including minimizing room for error and providing more accurate and detailed reports. Additionally, working with a trusted outside advisor can help identify weaknesses in current processes that may not be obvious to the business. From there, business owners can work with their advisors to implement solutions in order to strengthen the foundation of their business.

    While it might seem intimidating for business owners to completely lean into technology solutions to help manage business functions, it’s beneficial to adopt in order to get ahead of competitors and best position your brand business in continuous economic volatility. The predictability of these solutions allows for a black-and-white picture of what’s to come and encourages the removal of emotions from important financial decisions.

    2. Establish mental, emotional and physical boundaries to achieve a healthy work-life balance

    While adopting technology solutions and trusting in business advisors can help to free up some of your time, it’s important to be mindful of how that time is used. Countless studies show that working long hours can inflict serious physical and emotional consequences. Despite this, many business owners still struggle to overcome pressures and neglect to create healthy habits that separate professional and personal interests.

    In order to create a healthy work-life balance, it’s important to create a sense of flexibility in your schedule that allows you to get things done in your professional life while still having the time and motivation to enjoy your personal life. Set work boundaries that allow for time spent with loved ones and create a setup that truly enables you to unplug from work-related tasks. There are different types of boundaries small business owners can set, including physical, mental and emotional.

    Physical boundaries pertain to your physical workspace. Creating a separate space that’s dedicated to solely work-related tasks can help to clearly define times dedicated to work priorities versus personal priorities and can make it easier to unplug at the end of the workday when you step out of your workspace. For those who work in an office, the same concepts apply, but it’s also important to establish boundaries with colleagues when you are focused on work. To establish this, individuals can put in place designated “office hours” that serves as a time for colleagues to pop by your desk with questions, proposals, etc. By creating this boundary, ideally, your time will be better allocated for individual-focused work time, versus collaboration time in the office, which can help free up some additional personal time at the end of the day.

    Setting mental and emotional boundaries as a business leader is essential to maintaining your wellbeing and preventing burnout – which are two important components of overall business success. As a business owner, there are a handful of tactics to incorporate into your business strategy to achieve this, both as an owner and for your employees. One way is by designating key roles, responsibilities and expectations for all employees. This can be achieved through tactical planning and reviewing both the short-and long-term goals of the business. On a regular basis (at least once a month), it’s important to assess how each employee is contributing to the company’s goals. By doing so, business owners will have a better sense of how they can adjust staffing to ensure these goals are being met. It also gives business owners the opportunity to assess the workload of other members of staff, which may require some staffing adjustments. From there, business owners should communicate expectations, responsibilities and feedback to employees, allowing for an open line of communication with any questions or concerns.

    By establishing these solutions across a business model, entrepreneurs can foster an environment for themselves and their employees that prioritizes well-being and work-life balance.

    Related: 7 Savings Strategies for Small Businesses in Uncertain Economic Climates

    3. Conduct periodic audits on business performance

    Conducting an audit to evaluate how each component of your business is contributing to the long-term goals of the company can provide valuable insight into where more focus is needed versus where to lean out. There are a few priority areas to assess within a business audit, including financials and operations. To conduct a financial audit, businesses should review their financial statements and balance sheets to ensure compliance, evaluate for any discrepancies and determine if there are areas to cut back on spend. Operational audits analyze the internal departments and processes that make up a business’s operations to identify if there are opportunities to finetune internal controls. To run this type of audit, business owners will need to define their operational audit objectives based on the goals of the business. From there, they can either hire an external company to perform an internal operational audit or plan to manage operations in-house by hosting internal interviews with key stakeholders and reviewing how the business is tracking against its short- and long-term goals.

    Additionally, identifying the core competencies where your skills and expertise are best utilized for your business to be successful is a helpful way to potentially weed out some tasks that may not require your energy. From there, you can adjust which areas of the business your contribution is needed, and which areas you could potentially reallocate your work to other team members. By assessing and adjusting your current workflow periodically, you’ll be able to maximize efficiency and productivity, freeing up time previously spent on less crucial activities. Conducting these sorts of assessments periodically is also important, as it allows you to make necessary shifts as business priorities may change. Always being heavily involved in the details makes it hard to step back and see the wood from the trees. Carving out time to work on the business, rather than in the business, is critical.

    Conclusion

    Regardless of the external factors impacting the health of a small business, owners need to remember that their emotional health should be of greater priority. Without taking the necessary steps to meaningfully address the emotional impacts of running a small business, it’ll prove difficult to succeed and take your business to the next level. Working with the right partners, adopting new technology and creating a healthy work-life balance can help to alleviate some of the everyday pressures that business owners face.

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    Ben Richmond

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  • Revlon emerges from bankruptcy with new board and new owners

    Revlon emerges from bankruptcy with new board and new owners

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    NEW YORK — Less than a year after filing for chapter 11, Revlon emerged from bankruptcy protection Tuesday as a privately held company with new owners, reduced debt and a new board.

    “Today marks an important moment in Revlon’s history and evolution,” said Debra Perelman, president and CEO of Revlon, in a statement. “We look forward to unlocking the full potential of our globally recognized brands and continuing to offer our customers the iconic products they have loved for decades.”

    Revlon said it emerged from bankruptcy reorganization with $1.5 billion in debt after eliminating more than $2.7 billion in debt from its balance sheet. It also has $236 million in available liquidity. It also changed its corporate name to Revlon Group Holdings.

    The majority of the company’s reorganized equity is now owned by its former lenders, including affiliates of Glendon Capital Management, King Street Capital Management, Angelo, Gordon & Co., Oak Hill Advisors and Cyrus Capital Partners LP, among others.

    Revlon’s largest shareholder had been MacAndrews & Forbes, owned by Perelman’s father Ron Perelman. MacAndrew & Forbes held 85% of the company’s stock at the time of its bankruptcy filing in June 2022. He had acquired the company through a hostile takeover in 1985.

    The new board consists of Executive Chair Elizabeth A. Smith, former executive chairman and CEO of Bloom’ Brands, and former chair of the Federal Reserve of Atlanta; Martin Brok, former global president and CEO of Sephora; Timothy McLevish, former chief financial officer at Walgreens Boots Alliance; Hans Melotte, former president of Starbucks’ global channel development; and Paul Pressler, chairman of eBay.

    Revlon, a cosmetics maker that broke racial barriers and dictated beauty trends for much of the last century, has been a mainstay on store shelves since its founding 91 years ago in New York City. It oversees a stable of household names from Almay to Elizabeth Arden.

    But Revlon failed to keep pace with changing tastes, slow to follow women as they traded flashy red lipstick for more muted tones in the 1990s.

    In addition to losing market share to big rivals like Procter & Gamble, newcomer cosmetic lines from Kylie Jenner and other celebrities successfully capitalized on the massive social media following of the famous faces that fronted the products.

    Already weighed down by rising debt, Revlon’s problems only intensified with the pandemic as lipstick gave way to a new era in fashion, this one featuring medical-grade masks. Sales rebounded but still lagged from pre-pandemic days. The global supply chain disruptions that hobbled hundreds of international companies were also too much for Revlon, which barely escaped bankruptcy in late 2020.

    But the company’s latest results look promising. Net sales for the first quarter were $490 million, surpassing the $483 million forecasted in the company’s business plan set forth in December. Operating income was $51 million, more than double the $19 million projected in the business plan.

    ___________

    Follow Anne D’Innocenzio: http://twitter.com/ADInnocenzio

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  • When Should Business Owners Start Developing an Exit Plan?

    When Should Business Owners Start Developing an Exit Plan?

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    Opinions expressed by Entrepreneur contributors are their own.

    Any transformative business decision requires good strategy and planning. Your business exit is one such decision that will inevitably transform the business. Think of it this way: If you only started planning for a significant initiative a few days before you needed to roll it out, you would be making a huge strategic blunder. Why would a business exit be any different?

    The truth is, business exit planning is good business. Many business owners might believe they don’t need to worry about having an exit strategy until the time for them to exit comes around. In this article, we’ll explain why that’s a bad idea and why exit planning is something that shouldn’t wait.

    Related: Start Your Planning Your Exit Strategy Now With These 4 Tips

    Focusing strategy on the present and immediate future

    Executives and business owners may not plan ahead for a business exit strategy because they are too focused on the present and immediate future of their organization. You yourself probably feel it is more important to focus your efforts on strategies that will ensure growth, profitability and stability in the near term. Additionally, executives often lack clarity about how much value their company might have at some point in the distant future when an actual exit might take place. This uncertainty can make planning for an eventual exit seem like a waste of time or resources compared to tackling other pressing needs within the organization.

    You would be right in rationing your focus and strategizing based on urgency and priority. Business exit planning does not supersede current and short-term business goals as you can clearly see in valuable metrics such as KPIs or OKRs.

    HOWEVER, planning your exit is a good business strategy whether you intend to sell your business or not. Focusing on more immediate concerns and plotting a well-executed business exit are not mutually exclusive. When you properly plan a business exit, you are setting up your company to maximize growth and profits by creating an organization that can run independently of you with top talent, a solid foundation, financial stability and a competitive advantage that outlasts your stay.

    You should certainly look at the macro picture ASAP — ideally, exit planning should begin during the startup or early growth stages of a business so that all future decisions are made with the long-term in mind and so that founders have an understanding of how they want to exit their business before they become heavily invested and committed.

    Related: The How-To: Building An Exit Strategy For Your Business (Even Before You Start)

    Sound business exit planning

    Business exit planning should be incorporated into the overall business strategy. It can start with setting objectives and clear exit goals, such as when to sell or transfer ownership of the business and at what price.

    Naturally, estimating the exit goals and acceptable terms and prices ahead of time can be challenging, as it requires careful consideration. This is, in fact, one of the reasons executives avoid planning business exits ahead of time. First, you will need to research current market trends in order to estimate what price the business may fetch if sold — today or three, five, even ten years from now — whenever you foresee the exit to be most viable based on your strategy. This involves looking at comparable businesses that have been recently sold or put on the market in order to get an idea of potential interest levels from buyers. You can perform some forecasting yourself and use relevant market prediction data from research.

    Second, you should evaluate your own personal financial situation when setting exit goals so they are realistic, especially regarding what type of return you expect from selling your business at a given point in time. Take into account factors such as:

    • cash flow needs both now and in retirement

    • any potential tax implications related to the sale (i.e., capital gains taxes)

    • whether or not there are other shareholders who need to be taken into consideration when determining an appropriate price

    • existing debts that must be paid off before ownership can be transferred

    Additionally, it may also be beneficial to look at trends in investment returns from similar businesses over time — both past performance as well as forecasts for future performance — to ensure you have realistic expectations about likely ROI.

    The overall plan should also involve regular updates in order to stay on track and make course corrections if needed so it does not interfere with other initiatives or ongoing priorities in your organization. Additionally, by creating a succession strategy for key people in the company during this process, you can ensure continuity of operations even after you leave your position.

    A word of caution, however: Do not run your business with the sole focus of securing an exit strategy. That’s the opposite of never planning ahead.

    Related: Planning Your Exit Strategy? Follow These Tips

    Why plan so far ahead anyway?

    First, it allows you to prepare for any potential issues that may arise and create a contingency plan to address those issues. It also gives the company an opportunity to review current strategies and make adjustments if needed, ensuring they are in line with the ultimate goal of exiting at an optimal time. Furthermore, planning ahead can help protect against any unforeseen circumstances that could cause significant financial losses or damage to the company’s reputation. It also creates opportunities for reinvestment or diversification into other markets or industries upon exiting existing ones.

    Lastly, having an exit plan can provide peace of mind, which is essential when making decisions about long-term investments and goals within a business strategy. Better yet, it’s peace of mind not only for you as the business owner or a key decision-maker, but for the entirety of the organization.

    According to some surveys, nearly half or 48% of business owners do not have an exit strategy, and 58% do not even know how much their business is worth as they have never had it appraised. Apparently, there are a lot of decision-makers who are irresponsibly indecisive and alarmingly uninformed to address one of the biggest decisions they and their organizations will inevitably have to face. Are you going to be one of them?

    You need your leadership team to be capable enough to successfully plot crucial strategies such as business exit plans. They need the foresight to understand the importance of looking so far ahead and the capability to plan for an exit while not hindering ongoing initiatives in your organization.

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    Nick Mascari

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  • A Guide to Consolidation Strategy in Acquisitions

    A Guide to Consolidation Strategy in Acquisitions

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    Opinions expressed by Entrepreneur contributors are their own.

    The search fund model is a method of investing that enables entrepreneurs to take a unique path to business ownership. It is structured to help searchers (entrepreneurs who engage in the search fund model) acquire, operate and scale an existing business instead of building one from scratch.

    By offering a rapid path to business ownership, and CEO status, search funds have created a new breed of entrepreneur — those who embrace the notion of plug-and-play.

    A critical factor in the search fund equation is the economic upside searchers could see for their efforts. Historically, this has meant a 32.6 % internal rate of return and a 5.5x multiple on invested capital.

    Related: How To Find Success During Search Fund Launches

    Value creation

    With competition brewing in the form of fellow searchers and even some traditional private equity funds showing interest in acquiring smaller businesses, how do searchers achieve their edge? They look towards combining two or more companies with synergies in size, geographic coverage, key personnel or supply-chain advantages — in other words, a consolidation.

    Programmatic mergers and acquisitions (M&A), according to McKinsey, “remains the least risky approach with the smallest deviation in performance and the largest share of companies that generate positive excess total returns to shareholders (65%)” when compared to large one-off transactions, selective deals or organic growth.

    What does this mean for searchers competing at the smaller end of the enterprise spectrum? It represents an opportunity to bring the tailwinds of M&A-based growth further downstream, and to industries it has yet to touch.

    However, in a survey of 185 Entrepreneurship Through Acquisition (ETA) businesses purchased by Harvard Business School graduates in the past decade, only 8% have implemented a consolidation strategy of buying multiple businesses in the same industry vertical.

    Challenges

    The timeline and structure of search acquisitions are often limited to two years. Additionally, searchers are often freshly minted MBAs with limited operational and M&A execution experience, which makes adding an additional business target to acquire a daunting task. However, the benefits vastly outweigh the possible downside.

    Related: Search Funds: What You Need To Know About This Investment Model

    Advantages

    With this business strategy inherently being an operational play, key considerations when looking for a second (or more) target could include financial and further operational synergies in the form of:

    • Capital structure improvements from the combined larger size of the businesses
      • Ability to take on additional debt at a lower rate
    • Capital intensity reduction
      • Shared fixed assets, working capital and capital expenditures
    • Margin expansion from greater purchasing power and unit economics
    • Valuation multiple arbitrage
      • In a similar vein to “greater than the sum of its parts,” businesses when combined, often command a higher value than if they were to stand alone

    Related: Data Security and the Downside Risk of M&As

    Picking an industry

    With that, what can searchers do to further de-risk a search consolidation? The answer to this lies in a refined thesis. Searchers with a background operating in a specific industry (i.e., healthcare) have an inherent advantage in launching a search with a focused thesis.

    Finding an industry to commit to can be challenging for those with multiple passions. However, the following markers could indicate the right fit:

    • Fragmented industry landscape (i.e., medical, dental, and veterinarian practices)
      • Industries in which business owners primarily operate a single entity or location
    • Mature and standardized industry operations
      • Businesses that have relied on tried and tested practices over the years
    • A large number of companies
      • Many businesses serve a similar customer profile but in different geographies
    • A large number of companies within the target enterprise value of the fund
      • Understanding the average value of a business in a target industry can help filter out opportunities that are either too small or too large
    • Historically stable growth and sustainable profit margins
      • Businesses that have operated profitably for many years and serve customers who have (if B2B based)

    Picking a business

    Zooming in a layer deeper, companies characteristic of success in the search consolidation model touch on a combination of the following elements:

    • Competitive industry advantage
      • intellectual property, proprietary software, etc.
    • Seller motivated to exit
      • retirement, change in a succession plan, career transition, etc.
    • Historically stable recurring revenue
    • Strategic avenues for growth
      • geographic expansion, marketing strategy, recruiting key personnel, etc.
    • Alignment with the financial mandate of the search fund
    • Viable exit vision over a five to seven-year horizon

    Eight percent is a small but growing fraction of the ETA community that has chosen to tread the path of consolidation. As more seasoned operators and mid-career searchers get involved, the odds of a consolidation strategy becoming more commonplace is only set to grow. This next wave of search fund entrepreneurs could bring revolutionary methods in creative financing, operating and growing businesses — a win-win for budding entrepreneurs and seasoned operators alike!

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    Karl Eshwer

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  • A Milwaukee Bar Is Packed With Jeffrey Dahmer Netflix Fans

    A Milwaukee Bar Is Packed With Jeffrey Dahmer Netflix Fans

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    The owner of a Milwaukee bar once frequented by Jeffrey Dahmer isn’t happy with its new crime-junkie clientele.


    Curt Borgwardt | Getty Images

    Following the release of the Netflix miniseries Dahmer – Monster: The Jeffrey Dahmer Story, the Wall Street Stock Bar, which was once called Club 219, has seen an increase in customers looking for a glimpse at the place the serial killer once looked for victims, despite it having a new look, name and owner.

    People have been requesting a “Dahmer drink,” which isn’t on the menu, current owner Charese Gardner told Fox6 News Milwaukee, and some have even left face marks on the bar’s windows from trying to look inside.

    Gardner says not all paying customers are good for business, and she isn’t pleased with the unwanted attention.

    “I don’t really understand the obsession with walking on a place he walked at,” the business owner said in an interview with the Milwaukee-based news outlet. “It’s just kind of traumatizing to see how people would praise a serial killer.”

    Gardner is also trying to remove phony Google reviews of the bar that she says say things like “Jeffrey Dahmer approved” and a “great place to meet new friends.”

    “It’s senseless,” Gardner added. “Obviously, those people don’t care about the family members either. To me, it’s kind of like, whose side are you on? Are you really on the killer’s side? Because you’re like promoting for the killer, or is it just like sick jokes?”

    To discourage the new wave of Dahmer-obsessed customers, Gardner said she going to make its “219” address less visible while she waits for the true crime craze to blow over.

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    Sam Silverman

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  • Jack Veale Releases Expanded Third Edition of the Sudden Death Checklist

    Jack Veale Releases Expanded Third Edition of the Sudden Death Checklist

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    Business continuity specialist Jack Veale announces the release of the Third Edition of his comprehensive Sudden Death Checklist.

    Press Release
    –

    Sep 28, 2016


    West Hartford, Connecticut, September 28, 2016 (Newswire.com)
    –
    Following the popularity and industry acceptance of Jack Veale’s Sudden Death Checklist, Mr. Veale and his team have worked to produce an even more comprehensive edition of this industry-leading, end of life and business succession workbook.

    The workbook, at first glance, is daunting. It is comprised of a full, 126 loose leaf pages that the purchaser puts into a binder so that essential documents and notes can be added easily within the pages. However, on closer inspection, the reader comes to the understanding that the number of pages in The Sudden Death checklist are necessary in order to provide a comprehensive checklist that covers an array of individual, family, and corporate scenarios.

    It is my hope that business owners and their families will, with the help of their financial advisors, make use of this checklist to ease the burden of making difficult – and possibly rash – decisions during a time of understandable, emotional upheaval in their lives.

    Jack Veale, Author of The Sudden Death Checklist

    It is important to note at this point, that The Sudden Death Checklist has been specifically designed to be completed with the participation of a spouse and family along with guidance from an individual’s financial advisor. The inclusion of the professional financial advisor within the process – in the opinion of this writer – is wise, as it gives some unbiased input and a stabilizing force to otherwise emotional topics.

    Diving deeper into the end of life planner that is The Sudden Death Checklist we find the following features:

    ·         Clear Instructions – Directions given for the effective use of the checklist are concise and well written.

    ·         Comprehensive Checklists – The author has obviously drawn from years of experience in dealing with various family and business transition situations following the death of a business leader.

    ·         Compelling Topics – The Sudden Death Checklist deals with everything from funeral planning and wills to company structure, governing issues, insurance considerations, and the plan for smooth transition to new business leadership.

    ·         Common Sense Organization – The inclusion of space for necessary records such as computer passwords, credit cards, phone contacts, and healthcare proxy demonstrates that The Sudden Death Checklist has been thoroughly researched and meticulously planned with real people in mind.

    ·         Caring Touches – Throughout the workbook are found phone numbers of support groups that can help with the emotional fallout of a sudden death and contact information for government agencies and organizations that will have to, by law, be contacted in the event of the business owner’s sudden death. This kind inclusion saves the family the time and energy of digging up that required contact information.

    Also in this Expanded Third Edition of the Sudden Death Checklist:

    ·         More cross-references and a fuller index for easy navigation

    ·         A more enhanced Trustee/Executor checklist

    ·         A checklist for instructions concerning everything from social media accounts to distribution of heirlooms after the funeral of the business owner.

    In speaking with Jack Veale, author of The Sudden Death Checklist, this writer was interested to discover that two other editions of The Sudden Death Checklist are currently in the works to address those who play specific roles.  They are The Executor Checklist and The Trustee Checklist and are set to be released in late 2016.

    When questioned about his goals for The Sudden Death Checklist, Jack Veale said, “It is my hope that business owners and their families will, with the help of their financial advisors, make use of this checklist to ease the burden of making difficult – and possibly rash – decisions during a time of understandable, emotional upheaval in their lives. I have seen too many families and companies go through struggles that could have been avoided if the business owner had simply gone through such a checklist and made thorough end of life and business transition plans.”

    About Jack Veale:

    Jack Veale, CMC, is an internationally recognized consultant, who advises closely held, family-owned companies, including ESOPs, on business succession, ownership strategy, and leadership development. Over the last 25 plus years, Jack has assisted hundreds of companies in many industries and countries, offering solutions covering strategic planning, succession planning, corporate governance, team training and crisis management.

    Jack has authored or co-authored a number of books, including: “Creating Strategic Innovation,” “Don’t Do That!” and “Sudden Death Checklist for Business Owners and Their Families/Employees.”

     

    Contact:

    To learn more about The Sudden Death Checklist and Jack Veale go to suddendeathchecklist.com

    Source: PTCFO, Inc

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