My Five Best Ideas from my "Sound of Money" column published in MMR. OK. The title is a bit much, because as a newly minted 2018 grandfather, my best idea was to marry and have a family. Still, the ideas all previously published in MMR are all really powerful. If you want to dig in more, visit jaimieblackman.com, for links to the complete column. 1- Exiting? A Buyer’s Perspective., MMR, January, 2018 When it comes to how much a business is worth, who better to ask than Steve Zapf, president of Music & Arts. When I asked Zapf what were the key drivers for valuation multiples, the seller’s intellectual capital was on the top of his mind. “ Larger businesses with consistent earnings that are less dependent on a single person provide for a more stable and predictable operation after the acquisition,” he says. “These are factors give us the necessary confidence…
I was recently talking to an MI retailer with his two successors. Here’s how the conversation began. Jaimie- So tell me about store #2. How’s the team? Owner- They have their challenges. Successors- They are not motivated. They don’t jive with our culture. They are negative. We think there needs to be some changes. Let’s face it. Your few top performers, are responsible for most of your profit. That means, your mediocre players are responsible for most of your losses. According to the 2016 Conference Board CEO Challenge Survey, the number one concern of CEOs was retaining and growing talent. To read the rest, check out my November MMR column. How to Retain, Grow, and Recruit Top Performers.
As a business owner, you may be looking for ways to mitigate your annual tax bite, while diversifying your retirement risk. Creating a 401(k) or other retirement plan such as a SEP or SIMPLE IRA, for you and your employees can potentially solve several problems which transcend personal finance. Generally speaking, accountants who are looking for additional deductions are enthusiastic to recommend retirement plans. To read the rest, check out my October MMR column. Less Tax. Employee Retention. Retirement Nest Egg. Get a 401(k).
MI Retailers working with Nonprofits & Government: A Win- Win. “If you want to go fast, go alone. If you want to go further, go together.” African Proverb Community brick and mortar MI Retailers understand all too well, the need to dig into their community relationships to fight off the impact of big-box stores who continue to invade their turfs. As a result, more and more music retailers and MI manufacturers, are relying on partnerships with nonprofits, government and educational organizations. This business model is called cross- sector partnerships. To read the rest, check out my September MMR Column. -MI Retailers Working with Nonprofits & Government: A Win-Win