November 1, 2018

Q. I have just launched my new business. I know that I need to market my product to be successful, but I’m not sure where to start. Do you have any recommendations?

A. For small businesses, we recommend marketing that results in sales! That is intended to be humorous, but it’s true. It’s also amazing how often small businesses throw large amounts of cash into marketing schemes that do not yield sales. When considering a marketing plan, there are a plethor...

August 23, 2018

Q. I’m planning to start a business. I have some investors who are interested in providing the capital I will need. They are willing to take either equity or debt. Even if I give the investors all equity, I’ll own more than 50% of the business. My questions is, how much debt should I issue? 

People refer to debt as leverage because with a given amount of earnings, debt will increase the Return on Equity (ROE). Here’s why. There are only two ways to capita...

June 7, 2018

Q. I own a successful small business. I plan to work for another ten years or so. At that point, I plan to sell the company and retire. My question is, how will I know when I can afford to retire?

A. Frequently, small business owners plan to finance their retirement by selling their company. That's fine, but many have not stopped to consider how much money they will need to receive for the sale of their business in order to live comfortably. They don't kn...

May 10, 2018

Consulting Fees

Q. I am thinking of launching a one-person management consulting practice. In fact, I have had several companies approach me about helping them. Unfortunately, I have no idea how to price my services. Do you have any ideas that might be helpful?

A. Setting consulting fees is challenging. You don’t want to overcharge your client or set your fees so high that you can’t get work. On the other hand, you want to be fairly compensated for your ti...

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