What Happens to Goodwill When You Sell a Business?
When selling a business, one of the key intangible assets that may come into play is goodwill. But what exactly is goodwill, and what happens to it when a business is sold? Understanding this concept is critical, particularly for those in industries like construction, where customer relationships and reputation can be significant contributors to the […]
What Eventually Happens to Retained Earnings If a Business Sells?
When a business is sold, there are many financial factors to consider. One of the key aspects that business owners and buyers need to understand is what happens to the retained earnings. Retained earnings, which are profits that a business has kept instead of distributing to owners or shareholders, play an important role in determining […]
How to Ask a Business Owner to Sell: A Guide for Aspiring Entrepreneurs
When you’re looking to expand your business portfolio or enter a new industry, purchasing an existing business can be an attractive option. However, approaching a business owner about selling their business requires a tactful and strategic approach. It’s essential to communicate your intentions clearly, demonstrate your seriousness, and understand the unique factors that may influence […]
Can a Sole Proprietor Sell His Business?
As a sole proprietor, the question of whether you can sell your business may come up at some point during your entrepreneurial journey. Whether you’re looking to retire, pursue new ventures, or simply cash out, selling your business is an option many sole proprietors consider. However, the process differs significantly from selling a corporation or […]
How Do I Determine When It’s Time to Expand Into New Markets or Offer Additional Services?
Expanding into new markets or offering additional services is a significant milestone for any business. Whether you’re running a startup, managing a small enterprise, or leading a well-established company, knowing when and how to scale your operations is crucial for continued growth. The decision to broaden your business offerings or enter new geographic regions requires […]
AI for Business Owners: Unlocking Potential Across Industries
Artificial Intelligence (AI) is reshaping the way business owners operate, offering tools to optimize efficiency, reduce costs, and drive innovation. For entrepreneurs across sectors, including the construction industry, integrating AI into daily operations can lead to substantial growth and a competitive edge. This article explores the benefits of AI for business owners, practical applications, and […]
How to Hire Employees for Small Business
Hiring employees for a small business is a pivotal step in ensuring its growth and success. Whether you’re expanding operations, diversifying your services, or simply trying to meet increased demand, finding the right team members is essential. In industries like construction, where specialized skills and teamwork are paramount, hiring effectively becomes even more critical. This […]
Integrated Business Planning: A Comprehensive Guide for Business Success
Integrated Business Planning (IBP) is a strategic approach that aligns all areas of a business to achieve unified goals. By breaking down silos between departments such as finance, operations, and sales, IBP provides a holistic framework to optimize resources, improve forecasting, and enhance decision-making. In industries like construction, where projects are large and complex, IBP […]
Best practices for using BIM (Building Information Modeling)
Hello, folks! If you’re in the construction industry, you’ve likely come across Building Information Modeling (BIM). And if you haven’t jumped on the BIM bandwagon yet, trust me—it’s high time! BIM is more than just a 3D model; it’s a dynamic, data-driven approach that enhances collaboration, boosts project efficiency, and helps construction businesses like ours […]
Navigating construction business insurance in Canada!
I want to talk about a crucial but often overlooked aspect of running a construction business in Canada—construction business insurance. Whether you’re just starting your construction company or have been in business for years, understanding and managing your insurance needs is absolutely vital. Insurance can be a bit of a minefield. It’s something we all […]
