Rules of Thumb

Due Diligence Checklist For Evaluating A Service Business for Acquisition

We did some work recently advising a client on  a possible acquisition a small service business and came up with a checklist of items to review: key employees – plan for retention and role in merged entity financials check register – all checks in last two years bank statements income sheet and balance statement contracts

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Prepare Your “Getting Started” Plan Before A Prospect Asks For It

You have to be able to weather rejection when you are introducing a new product. It’s hard. What can be harder is being unprepared the first time a prospect says “This sounds great! How do we get started?” I can remember working with a team that had gone to many prospecting meetings that had ended

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Subsidizing Startups Does Not Produce Entrepreneurs

“Subsidizing the markers of status doesn’t produce the character traits that result in that status; it undermines them.” Reynold’s Law In the same way that free range animals are healthier than those that are caged, people learn how to become effective entrepreneurs when the have the freedom to experiment and they are focused on pleasing

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Howard Tullman on Distinguishing Mistakes From Failure

Howard Tullman writes the Perspiration Principles blog in Inc. His recent post “Who Said Failure was Fashionable? Frankly, It Sucks” made four great points: Mistakes vs. Failures Somehow, it has become cool to brag about how your last business failed–and what a wonderful learning experience it all was. But that’s a crock. You only fail

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“Sharing My Practice” Discussion with CPSquare: Intro

In May of this year I was invited to take part in a month long group discussion on CPSquare where my consulting practice was the focus. This is the introductory statement I posted to explain a little bit about my background and what I do. Intro I worked in Electronic Design Automation on board, chip,

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Ben Kaufman on “What Raising Money Means”

Don’t congratulate people for raising money. That was never the goal. The goal is building a successful and meaningful business. When people raise money, instead of congratulating them, wish them luck. Their work is just getting started. Congratulating people for financing perpetuates a problem that has plagued the startup world. The problem is that that

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Scott Sambucci: Seven Tips For Selling as a Startup Founder

Scott Sambucci of Sales Qualia recently self-published a great book on selling entitled “Startup Selling: How to Sell If You Really, Really Have to and Don’t Know How…” It’s a slim volume chock full of practical advice for entrepreneurs new to selling to businesses. Unlike many business books that have 20 pages of useful content

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Neal Stephenson on Distinguishing Different Motives for Hypocrisy

You can fail to live up to your espoused beliefs due to hypocrisy or because the spirit is willing but the flesh is weak. The difference is an important distinction and one with implications for the example you set in establishing the culture in a startup. Is there one set of rules that everyone strives

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