By Jon Holbert

All small business owners want to know whether their marketing campaigns, social media presence, website updates and personal networking efforts are yielding results. We’re no exception.  New clients are often asked “How did you hear about us?”  Each time we hear that any one of our marketing efforts connected with a prospective customer, we make mental notes to continue what’s working.

While we know the future and the present is digital, we also understand that ours is a business that’s built on personal and trusted relationships, one business owner at a time.

Because each business is unique, we take time to get to know each owner, understand and learn about their journey as an entrepreneur and what led them to this monumental step of selling. With that said, we’re grateful for every lead, digital or otherwise, but when it’s a referral that originates from a former client, I’ll confess, we’re elated! 

Allow this humble brag: During a recent prospective seller meeting, I asked how they heard about CBI and our team. Their answer? Everyone says you’re the ones to do this for me… 

For them, everyone included trusted mentors, friends and colleagues with whom they spoke in confidence about their future.  And every conversation returned to CBI. I soon learned these recommendations came from three past clients of CBI and one personal friend!  

It’s been said excellence attracts excellence. That concept is one our team understands. Each day, we’re working hard to provide excellent service to our sellers.  At the end of the day we know our good work, proven processes and ethical approach is one of our strongest calling cards.  

Thank you to the 750 owners who have trusted CBI to sell their businesses during the past 25 years. And, thank you for sharing a positive review of our work with others. At CBI, we’re so grateful for the opportunity to serve you and believe ours is the team best equipped to help you meet your financial goals. Want to learn more about CBI’s referral program? Contact CBI today.  

Poteau, Oklahoma — Meet Dr. Phil Chitwood. He started his veterinary practice in Poteau nearly five decades ago and grew his reputation for taking excellent care of small animals, especially bulldogs.

His practice soon developed into a full veterinary hospital, including emergency and extended care and became known to Eastern Oklahomans as the premier veterinary care destination.

At the end of 2018 after nearly 50 years in business, Dr. Chitwood knew it was time to sell Poteau Valley Veterinary Hospital (PVVH) to a veterinarian whose career was in front of them. He turned to CBI’s Fort Smith/River Valley team to ensure his business legacy would continue to thrive. Mark Kincannon and his team went to work to guide the sale of his life’s work.

Dr. Kristy Tackett, a practicing Oklahoma veterinarian, had aspired to own her own practice one day.  She obtained her veterinary degree from Oklahoma State in 2012 and has since been working as a small animal veterinarian at Oklahoma’s Enid Pet Hospital.  Dr. Tackett grew up in Seiling where her family farms and raises cattle. An OSU alum, she received her bachelor’s degree in 2008 with a major in Animal Science.

“I had always intended to be a large animal veterinarian, but by chance, have fallen in love with the small ones,” Dr. Tackett explained in a prepared letter to new clients. “I enjoy internal medicine, wound care and soft tissue surgery.”

Her husband Kody grew up in Bokoshe. There were lots of trips to the region to visit family and friends which afforded her an opportunity to meet Dr. Chitwood.

News of his retirement created the opportunity for she, her husband, two daughters and two furry family members (two dogs – a chocolate Labrador and a three-legged Pomeranian) to make their goal of life in Eastern Oklahoma and ownership of her own practice a reality.

“We wanted to live and work in a place we could raise our family,” she said.

She felt the time was right to take steps toward owning PVVH. Dr Chitwood agreed, and CBI Team Fort Smith-River Valley intermediary Chad Dickinson became a crucial part of this transaction as he communicated with seller, buyer, attorneys, and accountants to execute the sale.

Dr. Tackett looks forward to continuing to provide excellent service for those across LeFlore County, OK, and will be working with Dr. Chitwood as they transition ownership of the business. If you find yourself in LeFlore County and in need of veterinary care, be sure to contact PVVH. Tell them CBI Team sent you!

Seller Terry Timmons (left) operated and managed CPR on a daily basis for many years  providing trusted service for mobile technology repairs to customers. He decided the time was right to explore other interests and turned to the CBI Team to guide the sale that included CPR NWA’s three locations in Fayetteville, Springdale & Rogers. In addition to the acquisition of the three store locations, the sale also included a Master Franchise License which included Arkansas territory that encompasses Fort Smith and Little Rock regions. CBI’s John Green knew that successful business owners are ones who have a passion for the business and experience in the industry. He was excited to connect Chad Staudt to the opportunity to buy CPR from Terry. CPR moved quickly – within six months – and the sale has allowed Terry the ability to focus his energies on his next business, Blackbird Coffee Roasters. Be sure and stop by one of the NWA CPR locations to welcome Chad and check out Blackbird Coffee Roasters to learn more about Terry’s premium, small batch, coffee roasting company.

CBI’s proprietary Loans4Business (www.loans4biz.biz) program continues to make the dream of business ownership a reality. Whether you are interested in exploring acquiring a business or accessing working capital for your existing business, this is a great resource. CBI Team’s Loans4Biz is a program available to anyone needing helping with a business acquisition loan, explained program coordinator Kelly Tivis (kelly.tivis@cbiteam.com).

Most recently, a buyer in Little Rock needed financing so he could purchase a business from his friend. Unsure of how best to move forward, he turned to CBI. The CBI L4B team went to work, guiding him on developing professional business proposal packages and submitted the proposal to CBIs national lending pool. As a result of CBI’s efforts, the Little Rock buyer obtained proposals from both regional and national lenders. “For this deal, our client opted to pursue a customized loan structure put together by a creative lender who is also helping the buyer refinance some high interest equipment loans,” Tivis explained.

“It’s heartening to help so many prospective business owners realize their dream of business ownership. Navigating the financing side of the transaction is something we love to support and Loans4Business is often an important step to help seal the deal,” explained CBI’s Kelly Tivis.

“By having many lenders with different perspectives and past experiences participating in Loans4Biz, the likelihood of finding a lender who will finance a deal as well as getting competitive terms is greatly increased.” said Tivis.

According to CBI experts, a common misconception is that online loan matching portal programs are just as good as Loans For Business.

“That’s simply not true as those services often place the customer in the position of having to field every sales call, develop their own tracking and comparative tools and take a great deal of time just to assemble and review each offer,” Tivis explained.

The CBI/L4B team creates a professional information package to present to a pool of more than 80 lenders. Then, within a week, we present the most favorable loan options to our clients. CBI manages the entire process and saving you time and hassle.

“I thought signing up for one of the online lending programs myself was the best option. I was wrong. Within minutes of providing my phone number, I was inundated with hundreds of telemarketers and phone calls. I quit answering my phone! I soon learned CBI would manage the process for me, take every phone call on my behalf, and identify the best opportunity for me!” explained one Loans 4 Business advocate.

“Loans 4 Business has saved business buyer clients time and money, and we can do it for you too!” said Tivis. Email confidential@cbiteam.com or call 877-582-5200 for more information.

FSBO (For Sale By Owner) has become popular in the residential real estate market over the last few years, primarily because of the internet. However, for many reasons, selling a business isn’t like selling a house. That’s why FSBO is a dead end for most business owners. Here are five reasons why (and there are many others) you shouldn’t go it alone.

1. Time – Most business owners have more than a full-time job just managing their businesses. Selling a business requires hours of preparation, marketing, screening, meeting, negotiating, document preparation, and hundreds of other details. It generally takes 6 to 18 months to sell a business and that’s with someone devoting full time to the effort.
2. Objectivity – Can you objectively value your business? Can you determine the amount of good-will versus the buyer’s estimate of blue sky? Can you separate your ego from the market value of your lifetime work? 
3. Confidentiality– Keeping quiet and having trusted partners is crucial. Simply put, confidentiality reduces risk and keeps your business momentum from stalling with employees, customers or suppliers.
4. Screening prospective buyers to determine who is a real buyer versus a tire kicker or, worse, a competitor, who wants to steal your customers and employees. How do you protect your business from folks like that? How do you know who has the money and experience and resources to buy your business?
5. Negotiations – This is oftentimes where feelings get hurt and money is left on the table. Buyers are increasingly savvy and know how to get sellers to give up terms and money. Buyers have a team of accountants, attorneys and advisors who are experienced in negotiations. Who will represent the seller? How do you negotiate the allocation of assets, an exercise that can cost an unwise, inexperienced business owner thousands of dollars in taxes.

These are just a few of many reasons why smart business owners choose a trained, professional, experienced, full-time business broker/intermediary to represent them in the once-in-a-lifetime experience of selling a business. Reach out to your local CBI team or call or email today for a no-obligation consultation at 877-582-5200 or confidential@cbiteam.com.