Whether you're buying or selling, keep these points in mind
A major consideration in selling a business is the tax implications for both the buyer and the seller. Like many terms of a sales agreement, what might be good for the seller may not be for the buyer, and vice versa.
Over the last few months, we have successfully laid out the three big rocks that would allow Lacie and Austin Ilsley to eliminate some bottlenecks, create accountability … and ideally, head out for a vacation in just a few short weeks. To recap:
Rock 1: Job Descriptions & Position Visions
Rock 2: Leadership Training
Rock 3: Family Business & Family Boundaries
One of the things I enjoy the most about being a paint contractor is my clients. I didn’t always feel this way in the early years of my business. They drove me nuts at times, but for better or worse, I learned a lot from them. These days, as I have learned (or perhaps earned the opportunity) to be more selective about projects and clients, I am gathering more insight than ever from those with whom we work.
Welcome to the world of high-end custom homes and one-of-a-kind decorative finishes specially created to showcase the homeowners’ unique taste, history and style. Decorative and Faux Finishes is a high-end decorative finishing company out of Houston, Texas. Founded by power paint duo Cindy Howard and Dana DeBuck, the group has been bringing customers dreams to life for nearly 24 years. Their portfolio is extensive, and it is impressive.
Classic New Orleans Charm
Lately I have been thinking about product shelf life. Not so much how long product stays usable while in stock, but rather how long a product remains practical to use in the field. For example, "We have been using this specific primer for 10 years.” My company has certainly adopted certain “staples,” like a restaurant that carries a house wine. For me, it raises the question of how long one product can meet our needs without its formulation being changed or our approaches changing.
Company size is fluid; painting companies often grow in the summer and shrink in the winter. All 401 participants responded to the question of company size, with 21% reporting they were the only person at their company. Nearly 60% reported that the company was “just me” or had five or fewer employees, while a quarter stated they had from six-20 employees. The nine largest companies in our survey provide employment for over 100.
For many, revenue takes a hit...
This century’s 20s came in with a roar, and then things changed quickly as coronavirus took the lion’s share of the attention. It resulted in a huge change in this category from our 2018 statistics, with less than half of our respondents telling us that they were seeing an upturn in revenue for the year, while a third of our contractors said they saw either a small or major downturn. In 2018, 70% reported an increase in revenue.