Each job requires a different skill set, but the highest achievers tend to have some common characteristics: Passion, Loyalty, Utility, Reliability, and Achievement. Passion. Jim Collins, author of the venerable Good to Great once said “…the best performers across virtually every field have a single-minded passion for what they do.” During his famous Stanford...
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Valuing a business is complex. Experienced practitioners have written novels on the subject, but we don’t have time for that here. Instead, this represents a high level crash course in business valuation using the “EBITDA multiple” method, which is the most common valuation methodology used by private equity firms, strategic buyers, etc.   Q:...
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Cash is king. Liquidity is the single most important aspect of a business; it is the life blood keeping your business alive. Liquidity can be found in several ways:   External Sources: • Equity: The initial period most business involves a certain amount of cash burn. Estimate how long you believe you will generate...
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The SBAC is currently in the middle of a major effort to bring affordable Healthcare to Illinois, and the statistics achieved by our membership has been amazing: Here is the score card: Chambers and Associations The GOA The Industrial Council of Nearwest Chicago (Chicago’s second largest Chamber The Skokie Chamber of Commerce The Aurora...
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This may be a very good economic move for you. Or, not? It depends on many important factors, all of which you should strongly consider before you make your decision. Things to know. 1. Take off rose-colored glasses. You may be buying a job, not an independent future. 2. Be as objective as possible....
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Step 1:  Understand the criteria. There are three primary elements banks look for when making business loan decisions: A) Is there enough EBITDA to repay the debt? B) Is there sufficient Collateral in case the EBITDA dries up? C) Does the Personal Guarantor (“PG”) have sufficient liquidity and credit history?   Step 2) Get...
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On the heels of the U.S. Department of Labor’s announcement that it was going to share independent contractor misclassification information with the Internal Revenue Service (“IRS”), the IRS recently announced the implementation of the “Voluntary Classification Settlement Program” (“VCSP”). The VCSP is intended to encourage employers who have misclassified workers, for a relatively small...
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In what appears to be another example of cracking down on the improper use of independent contractors, the U.S. Department of Labor (“DOL”) recently announced it is entering into agreements with the IRS, as well as some state agencies (including Illinois state agencies), to share information regarding employers who have improperly classified employees. The...
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Illinois’ small and mid-sized businesses are facing a healthcare crisis of staggering proportions. Many of our members cannot obtain affordable healthcare insurance, and others are simply being denied service. In many cases businesses can’t grow because the healthcare costs associated with hiring people is just too high.   The SBAC has found that Illinois’...
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Take a look at this great informative article written by SBAC member Jeffrey Bunn. The article is about Small-Market Business Owners and the Threat of Personal Liability: How to Protect Yourself When Making Difficult Decisions
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