I’m often asked what books I wish my customers would read. I’ve aggregated a small list of a few books I find many business owners in the Odessa, Texas area would find beneficial. The first book is called walking to destiny, 11 actions an owner must take to rapidly grow value and unlock wealth. It’s written by Christopher M. Snyder. Walking into destiny is an essential business consulting resource for Odessa businesses. This book helps you understand what makes your Odessa business attractive and ready for transition is a business owner’s handbook to know how to rapidly grow value and ultimately unlock the personal wealth trapped in your most significant financial asset being your Odessa business. Caprock Business Consulting’s business consulting strategy is recognized as a thought leader and trendsetter in the field of value acceleration and exit planning with a message that resonates with entrepreneurs across the country. Caprock Business Consulting is sought after by many Odessa based business owners and attorneys to speak on business consulting strategies to unlock private company wealth and walking to destiny is a great resource many Odessa based businesses can utilize.
Another great resource is a book titled unlocking private company wealth written by Christopher Mercer. This is a fantastic business consulting book about managing the wealth of representative buyer ownership of an Odessa based private business, unlocking private company wealth calls for Odessa business owners to treat their illiquid private company wealth with the same care and respect as their liquid wealth and retirement funds written both for Odessa business owners and Odessa business consultants on behalf of business owners. This book can help you turn your business into the liquidity creating vehicle it needed to be for you to become independent of the business and truly free to sell it or stay with it or transition it to others for your choice.
A third book titled buy sell agreements also written by Christopher Mercer, is an Odessa business owner’s guide for understanding what your business agreements need to say from a business valuation perspective. The book includes a comprehensive yet understandable roadmap for Odessa business owners and their advisors. It discusses the three major types of buy sell agreements including fixed price formula and valuation process agreements. Odessa based business owners will want to share this book with other fellow business owners as well as their Odessa based business attorneys and financial planners. Together they can ensure that their buy sell agreements will not be ticking time bombs, but will provide a reasonable solution in terms of pricing process and when certain events may be triggered. The last book I would recommend many business owners reading is titled the 12 questions that keep family business directors awake at night. It highlights the intersection of Odessa family businesses, which are owned and generated, providing a unique set of questions for family business directors. This book identifies important business consulting questions any Odessa family business should be asking, which include the following. How do Odessa business owners promote positive shareholder engagement? How do Odessa business owners communicate more effectively with stakeholders?
Does our dividend policy fit to invest or not to invest? Should we diversify? Does father always know best? How do Odessa business owners find our next leader? Is there a ticking time bomb lurking in your Odessa family business? What is the Odessa families most valuable asset? What should we do about Odessa estate taxes?
How should we respond to an acquisition offer? Who’s in and who’s out? These 12 questions that keep Odessa family, business directors awake at night. Summarize some of our thoughts, experiences, and insights around each question that suggests possible next steps. No business consulting book is a substitute for choosing the right business consultant or business appraiser. Are you considering buying or selling an Odessa business heavy gift or estate tax issue? Buying or selling a minority equity interest in an Odessa business operation or have a fair value or fair market value related financial reporting requirement for either GAAP also known as gap or tax purposes. If so, a fundamental question exists. How much is your Odessa business and its assets worth to find out you need the experience of an experienced Odessa business valuation expert or most commonly known as a business appraiser or business consultant.
Some businesses and big corporations often don’t know what to expect when choosing an Odessa business consultant. Two critical questions to ask are one, how do I know if they are qualified and to which is an appraisal costs? Business consultants play a vital role in the market and choosing one takes a little knowledge and lots of comparing to get comfortable with your selection. Many of us are business owners in Odessa. Attorneys aren’t sure what qualifications of trustworthy Odessa business consultant should have just as accountants and doctors might use CPA or an MD, respectively. Business consultants often have a set of initials confirming they have received extensive training and or have ample experience in their field. These certifications span a broad range, but it should all indicate that a business consultant knows what he or she is doing. Make sure that your Odessa business consultant exercise competent objectivity when appraising your firm and Odessa business consultant’s job is not promote you, but to give an unbiased assessment of your organization’s worth.
Unruly business consultants may overstate the value of your business for personal gain. These tactics create quite turmoil and did sell in the late eighties referring to estate markets harmful, frequently overvalued, encouraging banks to hand out heftier loans on the decade turn the market also crashed. This is another area where certifications can help. Business consultants with personal and professional certifications are bound by a code of ethics that prohibits an inappropriate or other shady practice. Non-certified consultants may also operate by these ethics, but it’s not guaranteed or required. Remember that consultants are not on the side of buyers, sellers, or loan officers. They work for the good of the free market. Before you sign anything, read the appraisal agreement and verify that there is an independence clause. We should also know the costs. Depending on who you hire. A business valuation or business appraisal can cost anywhere between a few thousand dollars well into six figures depending on the scope of the project. The more services you require, especially those for litigation purposes, the more your business consultant will charge.
Selecting a low cost provider is often Pennywise and pound foolish as a result may cost more than in the end. Also keep in mind that litigation services can run hundreds of dollars per hour and can easily skyrocket proceedings, drag on, don’t sign a contract with the first business consultant you meet. Instead, compare estimates from a variety of sources. Look at their qualifications and evaluate your personal situation and personal requirements. Projects that receive a high level of scrutiny from auditors, the IRS, opposing counsel or judges, or require significant documentation for your Odessa based business. However, if you’re a small business, looking for an oral appraisal fee should be lower as very little documentation is required.
