Murphy Business

Small Businesses and the Law

Wed, 20 May 2026 15:21:36 GMT

Richard Parker

Did you know that your small business is subject to the same regulations as a giant commercial entity? If you find this startling news, you're not alone; most entrepreneurs in the United States assume that laws apply only to much larger corporations.

All companies – small, medium, large and mammoth – must adhere to the applicable local, regional and national laws and regulations.

Hopefully, you've been aware of these since the day you opened for business, but if not, we encourage you to take the time now to become compliant. You may wish to engage legal counsel to explore these areas more thoroughly and ensure you have adequately covered yourself and your company.

Let's begin with your great idea: have you protected your intellectual property? You may wish to investigate filing for a trademark, patent or copyright. A related issue is having non-disclosure contracts in place to prohibit employees or others closely involved with your company sharing your proprietary information.

Spreading the message about your great products or services? Your clients and customers are protected by numerous advertising and marketing laws. The Federal Trade Commission is the agency mainly responsible for enforcement of these laws and regulations. At a minimum, advertising must be truthful and not deceptive, and advertisers must have evidence they can produce that reinforces any and all claims.

Other laws abound in specific industries and for certain products, so investigate all regulations pertaining to your particular industry and products or services.

In addition to the Federal Trade Commission, state and local regulatory agencies also govern advertising. Many resources and publications are easily available on the Internet to help navigate through the complex rules for advertising. The Consumer Action Handbook ( https://www.usa.gov/directory/stateconsumer/index.shtml ) is a great place to start.

Protection is provided for investors and others related to areas of finance through securities, bankruptcy, and antitrust laws. Privacy laws ensure your customers know how their personal information will be used, shared and protected.

Your business may also be impacted by environmental regulations or by the Uniform Commercial Code, should you transact business outside your state.

Last – but certainly not least – are the numerous federal and state labor and employment laws. It is wise to be aware of the many regulations in place that protect employees. This extensive area includes child labor, wages, employee eligibility, workplace safety and health and workers' compensation.

The Value of Organization and Time Management

Wed, 20 May 2026 15:21:36 GMT

Murphy Business & Financial Corporation LLC

How often do you find yourself looking for that important – yet somehow misplaced – piece of paper? Do you promise yourself that you're going to become better organized, but find the days, weeks and months slipping by with too much work to do and not enough time to start that new filing system or categorize your overflowing email messages?

Everyone can benefit from good time management skills, but these practices are particularly valuable for entrepreneurs, who typically wear many hats on any given day and don't ever seem to have a second to spare.

Here are some tips that successful small business owners and time management experts have shared with us:

The best and the worst of times – To better assess what changes might be most helpful for you, it is crucial to understand how you spend your time each day. Where are you not making the best use of your time? Another way to approach this is to note what you are doing differently on the days you find yourself most productive.

Are you diligent at daybreak or mentally best at midnight? Do you need solitude and a deadline to focus, or do your best ideas seem to be found after social interaction or when you've taken the time to simply let your mind wander? But it's Leap Year, so I got an extra day – Every day has 24 hours, and there's nothing you or I can do to modify that. It is up to each of us to manage our behavior: it's the only way to better cope with the finiteness of time.

Eliminate those distractions that are not helping you become productive. Find a system that works to help get – and keep – you on track (there are many available, so choose something you feel comfortable with and will use). Set realistic goals toward better time management. Streamline your inbox and organize physical and electronic files of information.

Routine tasks need handling, but perhaps they need time limits. A perfect example of this is reading and responding to email. If you keep an eye on incoming email messages all day long and then stop to respond immediately, there might be room for improvement by simply limiting the times you read and reply. Many small business owners put email at the top of their list as an area that truly needs better organization and time management. What's really important – Make that decision and prioritize each day accordingly. Many small business owners feel they accomplish more if they begin with the most difficult challenge. Usually this is the very task one wants to avoid but by facing it first, with fresh energy and a clear mind, you might find it wasn't so bad after all. When using this approach, deadlines are often met ahead of schedule.

Let someone else do it – Determine which jobs could or should be outsourced, and then allow someone else to do the work. Tedious or simple tasks could be contracted out to free up your time for something more precious, and those areas that fall outside your comfort level and areas of expertise should definitely be left to the professionals.

Just say “no” – Only you can decide where your time should be spent. In addition to running your company, you want to ensure you enjoy quality time with family and friends. Most entrepreneurs are also involved in their communities, which is a wonderful way to serve others while networking to help grow their companies.

But, how much time do you really have? Many self-motivated business owners find it difficult to turn down requests to serve on boards or volunteer in other capacities. By thinking about your time restraints in advance, and realizing how much energy will be required for various community activities, you might find yourself making different choices going forward.

This pie is always being cut in different proportions: one year may be a great one for volunteering, as your youngest child heads off to college; another year might be too busy with helping your parents move, hiring new employees and wanting to spend more time with your spouse. Be true to yourself as you give of your time and talents. What I need most – Don't neglect spending time just on you. Understand your physical and mental limitations and respect those times you need to take a break. When you find your schedule slowing, embrace it (that might be a great time to review your progress and switch priorities).

One final note is that some flexibility must be considered with anyone's schedule, but by spending a few moments each day organizing and staying on track, you are creating habits and routines that will enable you to stay calm and focused as you manage your small business (and your life!) now and in the future.

WHY YOU NEED A VALUATION

Wed, 20 May 2026 15:21:36 GMT

Murphy Business Broker – Shelly Stansfield

The buzz is that if you are a Baby Boomer and you want to sell your business in the next few years, then you are in the majority. You are not the only Baby Boomer and will possibly have your business compete against many more similar businesses in both model and industry. In order to be well-prepared, you will need a proper valuation. Establishing a baseline value of your business will help you overcome weak areas that keep you up at night. Why would a buyer want to buy your problems? Some savvy entrepreneurs will want your problems, but most will not.

Check out our short video on the different types of Valuations.

Roger Murphy, our CEO, explains the different types of valuations we provide.

Hire A Business Broker When Selling A Business

Wed, 20 May 2026 15:21:36 GMT

Business Broker Russell Cohen Murphy Business & Financial Corporation LLC

Selling a business is a complicated and an intricate procedure. However, business brokers play a fundamental role in getting along the process to make it a successful deal. There are several factors and cautions involved that should to be considered before stepping out to sell your business.

Finding the exact potential buyer and to avoid scams you need to hire a business broker. Brokers are professionals at introducing the buyers and sellers and support in finding the middle ground. The business broker will confidentially work upon the marketing process to sell your business, the word is kept private as it affects adversely on your sales and stimulate staff problems.

Unsatisfactory preparation is a key error that business owners commit. Important matters such as financial documentation, the profit and loss sheet, insurance or lease issues and legal concerns have to be well prepared as it will have an impact on the market worth of your business.

You can be an expert in running your business but not at selling it and your reluctance to leverage the business brokers can be destructive. As countless matters can only be looked after by your business brokers such as selling it at the best possible value, projecting your establishment’s future, market it at its highest potential, finalizing the necessary paperwork and catching the eye of secure qualified buyers.

The productivity and successful running of your business can be affected if you neglect it and spent time on selling it. The efficiency and the performance of your business is what you really sell which makes it compulsory to concentrate on it.

Sellers mostly fix the value of the business at very high rates without determining its real market worth, you should take some time and get in touch with market rates, and after it you can easily tag realistic and a well approachable price to your establishment.

As due diligence is important, you should be able to manage the protection and authenticity of representations made during the sale. You can discuss and seek help in significant issues from business brokers at sflabusinesses4sale.com on the subject of selling your business. Generally you hunt for replies to the questions such as the worth of business, assurance of the status and qualification of potential buyers, correct way of homework for the sale and course of structuring the deal. These queries can be handled in a perfect manner by a broker.

IS YOUR BUSINESS READY TO BE SOLD?

Wed, 20 May 2026 15:21:36 GMT

Murphy Business Broker – Shelly Stansfield

Two recent discussions are worth considering when thinking of about selling your business. One gentleman wants to sell his business to a couple employees in a couple of years and the other wants to sell in 10 years.

TWO YEAR GOAL: A moderately successful business owner and I discussed having a business valuation completed on his business so it could be listed for sale in two years. In the meantime, his sales person discovered a new niche market and the business has exploded this summer. He is now working on expansion into new markets and will sell shortly afterward the expansion to his employees. We are working as a team with his CPA-Tax advisor, banker, and Business Attorney to develop the proper structure for both seller and buyers, and are putting the documents together for a Business Appraisal.

TEN YEAR GOAL: A business owner called to discuss the process required to sell his business in 10 years. Being well-prepared is smart. The problem is that this owner was not only the operation of the business, but the sole employee. He makes plenty to live on, cover his expenses, and would be able to provide another person a reasonable living. The reluctance is to hire an employee or two and accept the responsibility for educating them in his field of expertise. When asked if he enjoys vacation time, he immediately affirmed that he takes plenty of time off, but that he lives with the phone in his pocket 24/7. His equipment and assets are minimal, so it is his expertise and experienced service that is of value. The name of his company is his own. You get the picture.

How do you currently operate your business? Are you concerned with short-term goals or are you planning the future? Consider the above, your industry, and your succession plans. Which is salable at a premium? We at Murphy Business & Financial are here to help.

If You Are Truly Ready to Sell, Ask Yourself These Questions

Wed, 20 May 2026 15:21:36 GMT

Murphy Business & Financial Corporation LLC

If I sell the business now, will I get enough money to satisfy my needs?
Will I really improve my personal financial position, or should I wait a little bit longer?
Define priorities: Do I want an all-cash deal, so that I can wash my hands and be done with the business? (This will generally result in a lower price the buyer will be willing to pay.)
Am I willing to finance part of the sales price? (This usually results in a higher price being offered by the buyer.)
Am I looking for a buyer to continue my business traditions and carry on in a similar style?
Am I looking to protect my employees and ensure they are retained by the new buyer?
Have I taken all of the steps necessary to make my business as attractive as possible to a new buyer?
What will I do after the sale? Do I want to maintain a relationship with the business (perhaps working for the new owner on a part-time basis or as a consultant)?
Have I thought about how much time I will give a new buyer for a transition and training period?
Have I done enough to ensure that the business is not dependent on me being there, so that the new owners can take over and be successful?
Am I willing to sign a non-compete agreement with the buyer?
Is this the right time to sell, and can I do it without experiencing seller's remorse?

6 Overlooked Benefits of a Company Valuation

Wed, 20 May 2026 15:21:36 GMT

Meghan Daniels, Axial

Most business owners seek a valuation for their company when there’s an immediate need — they’re ready to sell or raise capital now, or they have a shareholder that is being bought out or gifting equity to family.

But valuations can be useful whether a deal is imminent or not. We talked to Cameron Cook, Managing Director of Business Valuations and Ryan Niermann, Manager of Business Valuations at Gordon Brothers-AccuVal, for their thoughts on some of the biggest benefits.

Death of a partner, death of a fellow owner, a contentious divorce — these are possibilities most business owners would rather not confront head-on. However, in the case of these events, “it’s good to have valuation knowledge up front, rather than all of a sudden needing to scramble to get an idea of value” before talking to the deceased’s surviving spouse or estate, says Cook.

A valuation can also ensure your family is protected should you pass away. For example, if the value of your business increases significantly, you may need to increase the payout on key person life insurance policies.

1. Preparing for the worst

Ideally, Cook recommends engaging a valuation expert at least a few years before you plan to exit the business you own. A year or two prior to a transaction, a full valuation is crucial to help you better understand your options. "This scenario is becoming more common as the baby boomer generation hits retirement age," says Cook. For example, he points to a client planning to sell his shares to the two other equity owners of his business. "They want to start thinking about how they’re going to pay him out and start to negotiate what that purchase will look like," says Cook.

2. Laying the groundwork for retirement

"There's a reason obtaining a valuation gets written into a shareholder agreement," says Cook. Even if not mandated, getting a valuation "helps management and owners keep track of the value of the business and the assets they own." As an alternative to performing a full valuation and to keep costs down, valuation firms can perform a calculation of value or an agreed upon procedures analysis on a yearly basis. This might be as limited as determining the current market EBITDA multiple and applying it to the company’s most recent EBITDA stream. “That helps owners get a feel for what the value of the company is as a whole” in the light of recent market trends. (Note that this is a limited analysis and not a full appraisal.)

3. Benchmarking growth

It's crucial for business owners to understand how shifts in the market might impact their company. For example, says Cook, "we have a lot of clients right now that are impacted by the oil industry. They may not want to know their value right now — but it's important for them to know." There are always options to make the most of a rough time — for example, says Cook, a downmarket can be a good time to gift equity so as to minimize gift taxes.

4. Making the most of a hard time

Identifying weaknesses is important whether or not a sale is on the horizon. "A valuation is all about looking at a company’s performance and assessing risk," says Cook. It "helps a management team look at all the factors that are driving value" in a holistic sense, and develop a plan to address any weak links. Issues like customer concentration, AR turnover, working capital position, and leverage ratios will be red flags for buyers, but they will also impede growth in general. A valuation can "reveal things that may become a problem ahead of time," says Niermann.

5. Revealing weaknesses

"We hear all the time, 'So-and-so got X multiple, so why can't we?'" says Niermann. "Every company is different. A valuation expert can look at the intricacies of a company's financial health and history to figure out a realistic multiple to shoot for." For business owners casually contemplating an exit, getting a valuation well ahead of time will help you plan and build out your case.

6. Getting beyond cocktail chatter

A valuation firm can help a business owner get a realistic expectation of a company's current worth, and create a plan to address weaknesses. "Owners always want more and buyers always want less. An independent professional appraiser can give them a more realistic expectation and help them present the company to a potential buyer in a way that hopefully closes that valuation gap a bit."

What DO Your Employees Want?

Wed, 20 May 2026 15:21:36 GMT

Laura Barbara, Murphy Business Broker

I have very fond memories of my first “real” job. After all, this was my initial step into the real world: no longer did I receive cash for a few hours of watching someone’s children; I now had my hands on an official paycheck – complete with my social security number, full address, and withholdings for the government!

I was attending college, so this was a part-time job at a (local) state bank a few blocks from my home. I originally answered an advertisement requesting help as a new accounts representative, but I soon found myself learning about every aspect of banking.

I did help open new accounts, but I also spent time assisting customers with their safe deposit boxes and working as a teller handling deposits, withdrawals, and other transactions.

The bank’s vice president and cashier took me under her wing and taught me a great deal about banking. It was an exciting and exhilarating time!

I learned about the FDIC and was privy to the bank’s safe, which contained the actual currency available at any given time. I was educated on why banks cannot be closed for more than three consecutive days in a row (and assumed this is why many banking holidays land on Mondays!).

I helped process personal and commercial loans and greeted customers as they entered our lobby.

Looking back, I believe the VP/Cashier hoped I would follow a career in banking. I did not take that path but think of that particular time in my life often (I really didn’t consider it a job … it was more like a fun internship!).

I’ve had a few jobs since that time, and several have involved personnel management.

My experience at the bank taught me a lot about how an employee wants to be treated. I was the lowest-ranking employee at the bank, yet was treated as the officers and board members were. I had the opportunity to learn as much as I wanted and work in various departments in the bank. I was never bored! I left with great references – and only took another job because I was considering applying for law school and wanted to have some experience working with attorneys.

Have you spoken with your employees lately? I share this experience as a reminder that a little bit of interest can go a very long way in helping workers feel valued and appreciated.

At the bank, we only had 30-minute lunch breaks. To offset that, the bank provided bread, deli meats and cheeses and frozen entrees. I am dating myself here, but my first microwave experience was at the bank! The point is, the bank asked for the sacrifice of a short lunch break but offered something in return for the favor.

Do you know what your employees really want? You might be surprised to speak with them individually. Each employee might want something completely different, but you may also find they share some common desires. And these desires might easily be within your budget and reach as an employer.

You might find an employee who really wants to learn and tackle new challenges. What a great internal resource! Teach that employee and empower him.

You may uncover an employee who enjoys working at your company but is bored stiff in his current position. Better to know this now than on the day he hands in his resignation.

You may learn that someone really wants to retire soon but has been afraid to mention this to management. In this case, knowing about an impending departure in advance can only lead to a smoother transition.

You may discover innovative ideas and uncover a willing spirit from some employees to learn and achieve more.

Take a moment this week to sit down with each member of your team for a candid – and possibly enlightening – conversation.

In Case of Emergency, is Your Small Business Prepared?

Wed, 20 May 2026 15:21:36 GMT

Dick Halterman Murphy Business – Shenandoah Valley, Virginia

Natural disasters may hit at any time of the year, but the recent wildfires in Colorado and derecho (line of violent thunderstorms) that cut a path across the Midwest and mid-Atlantic have made Americans aware that the atmosphere is often very unstable during the summer months.

Have you given any thought to a disaster plan of action for your small business? Having a continuity strategy in place prior to an emergency situation can go a long way toward helping your company return to normal business operations sooner.

An obvious place to begin is reviewing and possibly updating your insurance coverage. Store hard copies of important insurance and other paperwork in a safe place. A remote location is ideal, provided you are able to easily retrieve these documents after a disaster.

As you plan how your business would function day-to-day, think about how you would communicate with your employees. Are there two or three key managers who could be assigned with specific tasks prior to an approaching storm? Are employees able to work remotely during emergency situations? If your company is a retail operation, what circumstances would dictate a change in business hours? How would altered hours be shared with your existing customers and the general public?

Is the physical location of your company in a low-lying area, subject to flooding? How do you protect your inventory and FF&E? How would travel to your location and parking at your facility be affected? It may be wise to stock up in advance on extra office and related supplies. Power outages and other utility disruptions almost always occur when a disaster hits. Often, days or even weeks may pass before electricity is restored. Would having a backup generator be worth the initial investment in order to keep your company running immediately after an emergency?

What about important electronic data? Some careful consideration should be given to the method and frequency chosen for saving pertinent data. Are backup files stored remotely and safely?

If you have experienced physical or economic damages after a disaster, there may be relief in sight. The U.S. Small Business Administration (SBA) offers assistance to eligible companies in declared disaster areas. Any size company may provide an application for a low-interest loan to help repair or replace damaged property and items. There are also working capital loans available to help relieve economic injury caused by a declared disaster. The loans are available at reasonable terms and can typically also cover uninsured losses.

For additional information, please contact the SBA directly at 1-800-659-2955 or disastercustomerservice@sba.gov .

And start planning your recovery strategy in advance of the next natural disaster or other emergency.

Your First Conversation with the Seller: Making the Most of It

Wed, 20 May 2026 15:21:36 GMT

Richard Parker

Prospective business buyers often make the terrible mistake of being overzealous when talking with a seller for the first time. I get it; you’re excited. Perhaps you have spent a ton of time looking at listings and do not want to waste any time on potential businesses that fail to meet your criteria. However, what you say and how you come across when you first engage a seller is critically important and sets the tone for continued discussions.

Your initial goal is to introduce yourself to the seller/business and get a general idea of how it operates. Your first conversation should be to outline what you are looking for in a business, as well as to convey that you are a serious buyer. It is also the time to get a first impression of the other party. Before a seller will divulge any material information, you will be required to execute a non-disclosure agreement and moreover, it is something you should immediately offer to do for the seller. It will put them at ease that you are: a) familiar with the process, and; b) sincere about your intentions.

Can't We Just Get Along

There is no bigger turn off than a buyer who comes across as overbearing or a know-it-all, or who acts rudely and immediately requests detailed financial or other confidential information. The process to buy a business is just that a process with specific steps along the way, including the dissemination of information pertinent to making a decision. It all comes in due time and each seller may have a different agenda for giving you that information. Be patient and sensitive to the fact that this may be new to them as well.

Don't be A Bully

There are numerous key questions to ask every seller, including:

What is the history of the business?
What are their day-to-day responsibilities?
What challenges do they face?
What have they done to grow the business?
Why are they selling the business?
Are there any key customers, suppliers, or employees?
Can the lease be easily transferred to another party?
What special licenses (if any) are needed to run the business?
How did they arrive at their asking price?
Are they willing to finance part of the deal?
What training will they provide?
Who are their main competitors?

Key Questions To Ask The Seller

Parallel to the seller questions is learning about the industry. The Internet is the greatest tool to come along for buyers. There is a wealth of detailed information on every industry but keep in mind that you are probably looking at a local business so do not go overboard with global trends or using billion dollar companies as a comparison that will have zero impact on the business you are evaluating.

Do Your Research

In the early stages of evaluating the business, there are three key questions you should ask yourself:

Do I like the business?
Can I see myself running it?
Do I trust the seller?

Buying a business is a huge responsibility and it will change your life. Its important to do your due diligence, get to know the seller, as well as gain a very clear understanding as to what you’re getting yourself into. Buying a business is also an exciting opportunity. This is your chance to be your own boss, grow a company and make it your own.

The Goal Early On

Richard Parker is the author of How To Buy A Good Business At A Great Price , the most widely used reference resource and strategy guide for buying a business. He has purchased ten businesses in his career and has helped thousands of prospective buyers worldwide learn how to buy the right business for sale. He is also founder and President of Diomo Corporation – The Business Buyer Resource Center.

Murphy Business

Small Businesses and the Law

Richard Parker

The Value of Organization and Time Management

Murphy Business & Financial Corporation LLC

WHY YOU NEED A VALUATION

Murphy Business Broker – Shelly Stansfield

Hire A Business Broker When Selling A Business

Business Broker Russell Cohen Murphy Business & Financial Corporation LLC

IS YOUR BUSINESS READY TO BE SOLD?

Murphy Business Broker – Shelly Stansfield

If You Are Truly Ready to Sell, Ask Yourself These Questions

Murphy Business & Financial Corporation LLC

6 Overlooked Benefits of a Company Valuation

Meghan Daniels, Axial

1. Preparing for the worst

2. Laying the groundwork for retirement

3. Benchmarking growth

4. Making the most of a hard time

5. Revealing weaknesses

6. Getting beyond cocktail chatter

What DO Your Employees Want?

Laura Barbara, Murphy Business Broker

In Case of Emergency, is Your Small Business Prepared?

Dick Halterman Murphy Business – Shenandoah Valley, Virginia

Your First Conversation with the Seller: Making the Most of It

Richard Parker

Can't We Just Get Along

Don't be A Bully

Key Questions To Ask The Seller

Do Your Research

The Goal Early On

About The Author