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Buying a Business- Considerations

6/27/2016

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For someone to make the decision to sell their business, they will have had to put in some careful thought as it is one of the biggest decisions a business owner will ever have to make and they will want to make sure that they get the most out of the sale as possible.

By the same token, buying a business requires just as much care and thought so as to avoid inadvertently buying unknown liabilities and to ensure that you have the best possible chance of success with your new business.

This article is intended to give a brief outline of the overall structure involved in selling or acquiring a business.

Here is the basic order of processes involved in a sale/acquisition of a business:
First off, the buyer and seller both instruct their advisers as to what they are looking for from the sale/acquisition.

A Heads of Terms and Confidentiality Agreement is then drawn up which both parties have to agree on.

The buyer can then make whatever enquiries he likes, these are known as due diligence enquiries, and the seller is obliged to reply.

The buyer will then draw up an Acquisition agreement and the sellers create a disclosure letter.

Both parties will then need to agree to each other’s terms as written in the above mentioned documents (or compromise until an agreement can be reached) and then exchange copies of the documents.

The only thing left at this point is the actual implementation of change of ownership, and after that it’s just a case of carrying out any pre-agreed post completion actions.

​Just a quick reminder that GLM Financial can help both Buyers and Sellers Prepare.

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Get help with your Unemployment Rates and Claims

6/20/2016

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Today I am talking with Greg Gabrielsen of Unemployment Consultants, Inc. He is an unemployment benefit consultant which specializes in working with businesses to make sure they don’t pay too much in unemployment contributions to the state and represent the company with any unemployment claims.

It is a very interesting conversation where I was able to learn more about how the unemployment contribution rate and claims work.

Gregory Gabrielsen
Unemployment Consultants, Inc.

(847) 670-0590

greg@unemploymentconsultantinc.com
​www.unemploymentconsultantsinc.com

1040 S. Arlington Hts. Rd., Suite 204
Arlington Hts., IL 60005

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Business Contingency Planning

6/14/2016

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While driving today, I noticed a balloon floating in the air getting whipped around by the speeding cars. The air sent it over cars, under cars bouncing on the highway but it didn't pop. This is the same balloon that would pop if slightly touched by a pin. The micro size point of a pin would stop this balloon from bouncing, flying, and floating in the air.  

I thought about it a bit and realized how it can be a metaphor for owning a business. You grow and begin to fly high, then lose altitude and get bounced around only to survive, the get popped about something so small, yet pointed.
 

I am talking about contingency plans for your business. What happens if something so seeming small could destroy everything you have worked for. Things like a death or disability, a natural disaster (like flooding) or lack of business planning makes our business susceptible to being destroyed by the smallest of things. 
​

What is your business contingency plan? What happens if something happens to you? What happens if something happens to your business? Where do you want to take your business?

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Get Payroll Help From Someone Who Knows...

6/6/2016

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Today we hear from Katie Berganske- Frank from AmCheck. Amcheck is a payroll company that helps small businesses do their payroll and keep compliant with payroll taxes and other Human Resource situations. Today Katie talks about how she does and gives a story on how she helped one of her clients.
Katie Berganske-Frank
Director of Sales & Marketing
1475 E Woodfield Rd, Suite 108
​Schaumburg, IL 60173

847-397-6100
Katie.berganske@amcheck.com  
www.amcheck.com
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    GLM's Blog

    In true blog fashion, the last parts are at the top of the page. Scroll all the way down and work your way back up to read them in order. 

    Tom Gosche

    Tom is the Business Development Manager for GLM. If you are interested in learning more about GLM's services, contact him:

    630-675-8971
    tomg@goglm.com
    View my profile on LinkedIn

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GLM, Inc.
 
300 N. Martingale Rd., Suite 750
Schaumburg, IL 60173-2097
 
Phone: (847) 884-1781
Fax: (847) 884-1830
E-mail: info@glmfinancial.com
Website: www.goglm.com 

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