How to Manage a Growing Business

by | Mar 16, 2021 | Business

The Better Business Roundtable is a monthly live segment that features business experts from our community. These amazing leaders bring a wealth of experience in owning and running a business that they share with other companies in our area. We are honored that our CEO Tom McDougall was asked to be a part of such a wonderful group of business leaders. Other participants include Dan Staller, Market President at Starion Bank, Chad Flanagan, a partner in Charge of Business Valuation at Eide Bailly, and Tyler Leverington, Corporate Attorney at Ohnstad Twichell Law Firm.

 

Managing Growth

There are two ways to grow your business, organically and through the acquisition of another company. Today we are talking about acquiring another business in order to grow yours. The biggest mistake businesses make during an acquisition, they wait too long to get professional advisors involved. They don’t know as many of the details as they would like to. What they may not realize is that 80% of this company’s revenue comes from one or two customers, if those customers leave after you acquire the business, that makes the business not as valuable and turns it into a huge risk. Ask the important questions, does the business you are looking to acquire have the same desire to grow? Will your employees and customers be taken care of? Are you willing to take on more partners on the leadership team? Check out the segment below to learn more from the Better Business Roundtable team!
 

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