Tuesday, 23 May 2023
Written by Staff Report
Minor League Baseball recently announced plans for a fundraising campaign during the 2023 season in support of the American Cancer Society. The “Hope At Bat” program will consist of four “Donation Days” across the country, where on-field performance by players will generate donations to the ACS.
The “Hope At Bat” campaign’s donation days will be on Mother’s Day (May 14), Father’s Day (June 18), the Fourth of July, and September 3.
On Mother’s Day, every strikeout in a MiLB game was worth $10 to the ACS as part of “Strike Out Breast Cancer Day” across the 60 MiLB games.
On Father’s Day (June 18), each home run hit in the 60 MiLB games will be worth $100 to the ACS as part of “Knocking Cancer Out of the Park Day” to fight prostate and colorectal cancer.
On the Fourth of July, every double hit in the Minor Leagues will be worth $50 to the ACS as part of “Doubling Down on Sun Safety Day.”
On September 3, MiLB clubs will join Major League Baseball clubs in support of Childhood Cancer Awareness Day. For every run scored in the Minor Leagues that day, MiLB will donate $15 to the ACS as part of “Give Every Child a Chance to Run Day.”
Woodpeckers fans can look forward to the home game on June 18 to cheer on the team as they play to raise money for the ACS.
For more than 100 years, the American Cancer Society has been improving the lives of people with cancer and their families as the only organization combating cancer through advocacy, research, and patient support. To learn more, visit cancer.org.
For more information about the Fayetteville Woodpeckers, please visit www.fayettevillewoodpeckers.com.
Tuesday, 16 May 2023
Written by Ashley Kelsey
Anyone thinking of selling their business needs to be prepared to negotiate. Why? Because your goals and the buyer’s goals may be the same — to get the best deal — but that doesn’t mean the same thing for both parties. It will take time, and some give and take on both sides to arrive at an optimal deal for everyone involved.
Ensuring that you are negotiating from a position of strength is vital, and the best way to create a favorable negotiation process is by understanding and following a few tips.
Price is not always everything.
You want the largest return on your investment possible when selling your company. But it is essential to understand your motivating interests in selling and the buyer’s interest for buying. Believe it or not, their number one reason for buying or your main reason for selling may not be money.
The truth is, there are many non-monetary ways to be compensated for selling your company. For instance, you may want to be retained as a consultant. You may want to ensure your employees’ positions are safeguarded. Or you may simply want to secure the legacy of your business. Spend some time thinking about your reason for selling and what you hope to accomplish for yourself and the company with the sale.
Other areas that may matter as much, or more, than your asking price are the payment terms. Will there be an earnout? How will the payout be structured? These are questions whose answers will factor into what you ask for your business and why you are asking that amount.
Be prepared with a walk-away number.
Negotiations are part of most if not all, business sales. Before you start selling your business, you need to have a target price range in mind that you want to hit, as well as a dollar amount that you won’t go below.
Once you have established your walk-away number, the next step is to verify the buyer’s financial wherewithal. Has a lender qualified them? Do they have the deposit money readily available? The answers to both these questions need to be yes before you proceed.
Be comfortable making concessions.
We mentioned negotiations above, and part of that process is being comfortable with making concessions to your buyer. It can help to see things from their point of view. For instance, why might someone be interested in buying your company? What could they be hoping to gain?
Additionally, you’ve devoted your time and energy to this business. Most likely, you have an emotional investment in it, as well as a financial one. If you don’t work to check your emotions, to limit how much personal feelings sway you, you will find the idea of concessions much more challenging.
Understand how to best leverage the buyer’s demands with your demands to achieve the best outcome for yourself and your company.
Understand who you are negotiating with.
Because you are so invested in your business, negotiating can be tricky. Prepare yourself in advance for the idea of negotiating by knowing your expectations. Think about what compromises you are willing to make. Imagine potential outcomes if you don’t reach your end goal. Being prepared ahead of time prevents potential pitfalls like negotiating for the sake of it or negotiating with yourself instead of the potential buyer.
That is where a business broker can provide invaluable assistance. A qualified advisor can help you map out concessions once they know what your sacred cows are, set expectations for the process once it begins, and help you keep emotions out of the equation.
Be ready to move the deal along.
Selling a business takes a bit of homework. You need to be ready to drive the deal at specific points. Start by gathering all the outside valuation information to determine a value for your business. Are there any liabilities or other issues connected to your business that you must address to ensure the deal can move smoothly?
Delays can cause a buyer’s interest to dampen or heighten their concerns. Be prepared to quickly answer any questions the buyer may have to keep the process moving along.
Realize it is okay to say no and move on.
Not every buyer is a good fit. Sometimes the timing is off. Negotiations breaking down is a part of the process. If your buyer isn’t moving or the process has stalled, it may be time to walk away.
If you determine this transaction isn’t happening, consider alternatives that will make it easier for you to move on when necessary. And should you have to walk away, take time to reflect on why things went south so you can avoid this result in the future.
Last but not least, it’s never dead enough.
People’s minds can change over time or after some reflection. You may find that the buyer who didn’t work out a few months ago returns after their circumstances change. Be open to the process and whatever it brings.
Negotiations can be tough. And not everyone has the skills to manage them. Working with business advisors can help. Trained business brokers protect you and your business throughout the sale process. The safest and quickest way to sell your business begins with a conversation with a broker.
Editor’s note: Ashley Kelsey is a Business Broker at Transworld Business Advisors of Eastern North Carolina. She can be reached at 910-302-6447.