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Amy Hirschi, Unsplash

Selling a business is tough.

It’s not just about finding a buyer; it’s about getting the right price, handling the paperwork, and keeping things confidential. A good business broker can give you a smoother and more profitable exit.

What Exactly Does a Business Broker Do?

Think of them as your business selling coach. A good business broker will know the market, understand valuations, and have the connections to match sellers with the right buyers. They are the professionals who should help you manage communications with prospective buyers, allowing you to keep your focus on running your business until a deal is finalized.

The Core Duties of a Business Broker

1. Creating the Valuation:
One of the first steps to selling your business is figuring out what it’s worth. Brokers use a blend of financial analysis, market comparisons, and asset evaluations to set a fair market price. This makes your business more appealing to potential buyers who want to know they are paying a fair price.

2. Prepping for the Sale:
Selling a business isn’t just a “For Sale” sign on the window. Brokers help you clean up your financials, spot areas to boost value, and handle details you may have overlooked in the sale of your business.

3. Marketing:
Your broker shouldn’t just rely on BizBuySell ads. They should tap into their network of connections to discreetly market your business. No leaks, no awkward conversations with employees or competitors.

4. Negotiation:
Negotiations on a business sale are an art. The goal is to maximize your purchase price, but it is crucial to keep it within a reasonable range. While it might seem counterintuitive, you actually want the buyer to succeed. If the price is set too high, the buyer may struggle to maintain the business, leading to potential issues down the line. A fair deal increases the chances of a smooth transition and long-term success for everyone involved.

Further, you may be asked to give provide financing for deal. You should talk to your broker about securing upfront payment if possible.

Another consideration is whether the buyer will opt for an asset purchase or a stock purchase. Most buyers prefer an asset purchase, as it provides them with more control and fewer liabilities. Stock sales, on the other hand, are relatively uncommon.

5. Navigating Due Diligence:
Once an offer is made, the sale moves into due diligence—the buyer’s in-depth evaluation of your business. A reliable broker coordinates this process, addresses any obstacles, and helps navigate the legal, financial, and administrative complexities to ensure everything stays on course.

What an Experienced Business Broker Should Offer

Confidentiality:
Loose lips sink deals. A broker can ensure that sensitive details stay under wraps, shared only with serious buyers.

Experience Matters:
Selling a business involves numerous legal, financial, and operational challenges. Alongside your lawyer and accountant, an experienced broker can help navigate these complexities to ensure a smoother process.

Negotiation Skills:
When interviewing a business broker, it is essential to gauge their negotiation skills to ensure they can handle high-stakes discussions effectively. Ask about their experience in closing similar deals, how they approach negotiations, and their strategies for handling tough buyers. Inquire about specific examples where they have successfully navigated complex negotiations. Also, evaluate their communication style—strong negotiators are clear, assertive, and adaptable.

Time Management:
You have a business to run, and letting a broker handle the sale allows you to focus on what you do best until it’s time to hand over the keys. Just make sure the broker is detail-oriented and readily accessible throughout the process.

Caution Before Signing Agreement:

Even if you have the best broker in the world, it is crucial to have your business lawyer review the agreement before you sign. If you skip this step and sign the offer, the basic terms of the sale are set in stone. While your lawyer can still assist with the legal language in the final contract, changing the core terms at that stage is extremely difficult.

The Bottom Line

Selling your business is a major move. Having a broker on your side can be the difference between a stressful ordeal and a smooth, profitable transition. Choose wisely, and you’ll unlock the door to your next chapter with confidence.

Business Top Shot - www.chromaluts.shop
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Forming a Limited Liability Company (LLC) in Iowa can be a straightforward process if you know the right steps to take. An LLC offers many benefits, including liability protection and flexible tax options, making it an attractive option for small business owners and entrepreneurs. In this guide, we’ll walk you through the essential steps to successfully establish an LLC in the state of Iowa.

Step 1: Choose a Name for Your LLC

The first step in forming an LLC in Iowa is selecting a unique and distinguishable name for your business. Your chosen name must comply with Iowa’s naming requirements, which typically include including the words “Limited Liability Company,” “LLC,” or an abbreviation thereof. Additionally, you should ensure that your chosen name is not already in use by another business entity in Iowa.

Step 2: Appoint a Registered Agent

Every Iowa LLC is required to have a registered agent, who is responsible for receiving legal documents and official correspondence on behalf of the company. The registered agent must have a physical address in Iowa and be available during normal business hours to accept important mail and legal notices.

Step 3: File Articles of Organization

To officially register your LLC with the state of Iowa, you’ll need to file Articles of Organization with the Iowa Secretary of State. This document typically includes essential information about your LLC, such as its name, address, registered agent’s name and address, and the names of its members or managers.

Step 4: Create an Operating Agreement

While not required by law, it is highly recommended that you create an operating agreement for your Iowa LLC. This document outlines the ownership and management structure of the company, as well as its operating procedures and policies. Having an operating agreement in place can help prevent disputes among members and provide clarity on how the business will be run.

Step 5: Obtain an EIN and Business Licenses

Next, you’ll need to obtain an Employer Identification Number (EIN) from the Internal Revenue Service (IRS). An EIN is a unique nine-digit number used for tax purposes and is required for opening bank accounts, hiring employees, and filing taxes. Additionally, depending on the nature of your business, you may need to obtain specific licenses or permits at the state or local level to operate legally in Iowa.

Step 6: File Biennial Reports and Pay Fees

Once your LLC is up and running, you’ll need to file a Biennial Report with the Iowa Secretary of State and pay the associated filing fee. This report typically includes updated information about your LLC, such as its address, registered agent, and member or manager names. Failure to file annual reports and pay fees on time can result in penalties and potentially the dissolution of your LLC.

Step 7: Comply with Ongoing Requirements

Finally, it’s essential to stay informed about any ongoing compliance requirements for your Iowa LLC. This may include filing taxes, maintaining accurate financial records, and renewing business licenses and permits as needed. Staying organized and proactive in fulfilling these obligations will help ensure the continued success and legality of your LLC.

Conclusion

Forming an LLC in Iowa can be a relatively straightforward process when you follow the necessary steps and requirements outlined above. By choosing a unique name, appointing a registered agent, filing the appropriate paperwork, and fulfilling ongoing obligations, you can establish a solid legal foundation for your business and enjoy the benefits of limited liability protection and flexibility in taxation. If you have any questions or need assistance along the way, don’t hesitate to consult with legal and financial professionals who can provide guidance tailored to your specific situation.

Businessman checking the time
Andrea Natali, Unsplash

Starting a business can seem overwhelming.

Between navigating legal requirements, tax issues, filing paperwork, and making sure you’ve checked all the boxes, things can get complicated fast. But here’s some good news: the Iowa Secretary of State has a Fast Track Filing system that makes forming an LLC or corporation easier and quicker than ever before.

So, What Is Fast Track Filing?

In short, it’s a game-changer for Iowa business owners and their lawyers. Fast Track Filing is an online service designed by the Iowa Secretary of State’s office to streamline the formation of LLCs and corporations. This system allows business lawyers to file necessary paperwork online and get confirmation within minutes.

Instead of dealing with the back-and-forth of traditional mail filings—which can take days or even weeks—this new system lets you move forward with your business plan right away.

Why Does This Matter to You?

When you’re starting a new business, time is money. The longer you wait to form your LLC or corporation, the longer it takes to get your operations off the ground. Fast Track Filing cuts through the red tape, providing nearly instant approval for your new entity. As a business lawyer, I can use this system to create your LLC or corporation fast, allowing you to hit the ground running.

I had a client who used Legal Zoom before learning about me. I actually ended up preparing his documents even though he had initially hired Legal Zoom. But because it took so long to get his LLC documents and obtain his EIN, he almost missed a deadline to close on a business loan. Fortunately, we were able to complete the work immediately and he met his deadline.

No more waiting. No more uncertainty. Just a streamlined process to get you set up legally and efficiently.

How It Works for My Clients

Here’s the deal: when you hire me to set up your LLC or corporation, I handle everything. I prepare your paperwork, have you review it, submit the Certificate or Articles through the Fast Track Filing system, and typically get confirmation from the state within minutes. The best part? It’s all digital, so you don’t have to worry about physical paperwork getting lost in the mail or delayed.

This process not only saves time but also provides you peace of mind. You’ll know that your business is legally established, freeing you up to focus on building and growing it.

Experience and Expertise You Can Trust

Using the Fast Track Filing system is a no-brainer for getting businesses set up quickly, but it’s not just about speed. It’s about accuracy. You need a lawyer who knows Iowa business law inside and out to ensure everything is done right the first time. That’s where I come in.

With years of experience in Iowa business law, I make sure your LLC or corporation is set up correctly, so you can avoid costly mistakes down the road. My goal is to simplify the process for you and handle the details so you can focus on what matters most—your business.

Ready to Get Started?

The Fast Track Filing system is an incredible tool that allows me to help you form your LLC or corporation quickly and accurately. If you are ready to take the next step in your business journey, let’s talk.

Reach out today, and we will get your business up and running in no time.

Two directions sign
Pablo García Saldaña, Unsplash

Thinking about buying a business?

It’s a big decision, but choosing between a franchise or an independent business can shape your entire experience. Both have their perks—and their pitfalls. So how do you decide?

First, consider what drives you.

If you thrive on structure and proven systems, a franchise might be the better fit. You are investing in a business model that has already been tested, tweaked, and rolled out successfully. That means fewer surprises. Franchisees often benefit from national brand recognition, built-in marketing, and the support of an established network.

But it comes at a cost.

Franchise fees, royalty fees, marketing fees—these add up. You are essentially paying for that built-in system. So if you are looking for more freedom and don’t want the ongoing cost of those fees eating into your profits, an independent business could be your best move. You control the business. There are no ongoing payments to a franchise company for using their brand or playbook.

The best part? Both options offer the opportunity for success.

However, what most people don’t realize is that both franchises and independent businesses fail at about the same rate. Buying into a franchise does not guarantee you’ll succeed, just as starting your own independent business isn’t a sure path to struggle. It comes down to how you operate the business, how you solve problems, and how well your market fits your offering.

So, which is right for you?

That depends. Are you the type of person who values creative freedom? Then, owning an independent business might be more up your alley. But if you are someone who likes to follow a proven path and is willing to pay for the systems that come with it, a franchise may be the perfect fit.

Ultimately, the choice boils down to your strengths, risk tolerance, and business goals. Either way, the success—or failure—will be yours to manage.

Choose wisely.

Forking forest path
Jens Lelie, Unsplash

Diversify or concentrate?

It’s a question that divides entrepreneurs. But what if both are right?

I saw a video where one guy made millions by diversifying—spreading his investments across multiple businesses, minimizing risk while building steady wealth. Then another guy comments below: “You’re wrong. You’ve got to focus on one thing to win.”

Wait a minute. Hasn’t the first guy already done it?

How can you say he’s wrong when he’s proven success with his approach? But here’s the kicker: the second guy isn’t wrong either. He just did it a different way.

Business is not a one-size-fits-all game. There’s no magical formula that guarantees success. Some people thrive by honing in on one passion, while others masterfully juggle multiple ventures.

I’m lucky to work with several brilliant business owners, and if there’s one thing I’ve learned, it’s this: everyone’s path is unique.

So, what’s the right approach? The one that works for YOU!

You don’t have to follow a single narrative. Focus on what fits your skills, goals, and mindset. And remember—success stories come in many forms.

There’s more than one way to win.

Steel bridge on a country road during golden hour in rural Iowa.
Josh Berendes, Unsplash

If you are thinking about franchising in Iowa, you need to know one thing: Iowa franchise law is unique, and most out-of-state laws firms don’t really get it.

Let me explain.

Iowa Code Chapter 537A.10 governs franchise agreements in this state. It lays out the specific rules and regulations that franchisors and franchisees must follow when doing business here. While this code provides essential protections, such as requiring good faith and fair dealing and preventing unwarranted termination, you won’t find much about it on most national law firm websites. Why? Because they don’t fully understand it and historically Iowa has not really been a hot bed of franchising.

I was digging into an Iowa franchise law issue recently and, unsurprisingly, ran across a couple of prominent franchise law firms. These big names had some generic mentions of Iowa law, clearly optimized to show up in search results. If you aren’t really familar with franchise law, it looks like they know their stuff. But when you dig a little deeper, it becomes obvious: they are not very familiar with Iowa’s specific franchise laws. They glossed over key points, only mentioning business opportunity laws and providing surface-level information that was not even close to telling the whole story.

And that’s a problem.

Although Iowa is not a registration state, Chapter 537A.10 of the Iowa Code still places specific duties on franchisors that are meant to protect Iowa franchisees. Failure to understand these nuances could leave a franchisor exposed to unnecessary risk or a franchisee without important protections available under our state’s laws.

The truth is, navigating Iowa franchise laws takes more than just a passing mention on a website intended to grab as much traffic as possible. It requires a deep understanding of the local landscape. If you are serious about franchising in Iowa, you need someone who knows the terrain—not a law firm that throws in a couple of buzzwords to attract search engine traffic.

Here’s the takeaway: Do not let out-of-state firms fool you into thinking they are experts on Iowa franchise law just because they rank high on Google. When it comes to protecting your investment and making smart franchise decisions, work with someone who’s genuinely familiar with how things operate in Iowa.

Franchising is a big decision, and it’s easy to get lost in all the legal jargon. But trust me, you don’t want to skimp on local expertise. The stakes are too high.

In short, the best advice I can give is this: Do your homework. Make sure the law firm you are trusting to guide your franchise journey knows Iowa law inside and out. Because in the end, it is not just about signing on the dotted line. It’s about making sure the terms of that contract work for you, especially here in Iowa.

Fire 259
Ricardo Gomez Angel, Unsplash

The devil is in details.

When you sign a franchise agreement, you are entering a long-term partnership. But how carefully have you read the fine print—especially the language around fees?

One seemingly minor word can cost you thousands.

Take marketing fees, for example. I have seen franchise agreements where the contract stated the franchisee must spend “at least” $200 per month on certain marketing expenses. Sounds manageable, right? But here’s the kicker: That “at least” phrase gave the franchisor the belief it force the franchisee to spend even more. Suddenly, a predictable $200 monthly budget turned into an open-ended expense.

Another example: Some agreements include broad language about royalties or technology fees. You may assume that these fees are fixed or capped, but if the language leaves room for interpretation, you may be setting yourself up for a future surprise—one that could sink your business.

So, what’s the lesson here? Don’t skim. Don’t assume. Read the language about fees with a microscope. Every word matters, and one misstep could cost you big.

Before you sign, always consult with a franchise lawyer who can help you avoid these pitfalls and ensure your budget aligns with reality.

That’s how you protect yourself.

My friend Luis taking a moment to erase everything from his mind to fully appreciate the truly breath-taking view the mountain had to offer.
Luca Calderone, Unsplash

Being a great franchisee isn’t just about following a system — it’s about mastering the little things.

  1. Own Your Mistakes Early
    No one is perfect, and that’s okay! But pretending your mistakes don’t exist? That’s not how you win. When you slip up (and you will), take ownership fast. The quicker you address it, the quicker you get back on track, and that is how you build respect from your franchisor.
  2. Invest in Relationships, Not Just Results
    Numbers matter, but relationships build your future. You want your franchisor to see you as a partner, not just a cog in the wheel. Get to know their team. Communicate with the franchisor’s leadership team. Show up to meetings with ideas, not just problems. The stronger the relationship, the more you will thrive together.
  3. Be the Sponge
    Franchising gives you the playbook. Your job? Absorb it all. Don’t just learn the “how” — dive into the “why.” The best franchisees don’t just follow the rules; they understand the bigger picture. When you get the reasoning behind each strategy, you will make smarter decisions on the fly.
  4. Ask “What’s Next?”
    The best franchisees are future-focused. You are not just running a business — you are hopefully building yourself a lasting legacy. Ask your franchisor, “What’s the next step?” Constantly push for growth opportunities. Stay one step ahead, and your franchise business will too.
  5. Don’t Just Lead, Inspire
    It is not easy to manage a team; but it’s even harder to inspire one. But that’s the secret sauce. When your employees believe in what they are doing, their passion shows in the results. Be the franchisee that builds a culture people want to be part of.
  6. Master Your Metrics
    Know your numbers like the back of your hand. What is your profit margin? What are your conversion rates? The best franchisees live by data. When you understand every number, you are not just a business owner — you are a strategist.
  7. Stay Humble, Stay Hungry
    Success in franchising is about consistency. Never think you’ve “made it.” The moment you stop pushing, that’s when you slip. Stay curious. Keep learning. Be the franchisee who never stops growing.

Final Thought: Being a franchisee is like climbing a mountain. The path isn’t always easy — there are challenges, steep climbs, and moments where you might want to turn back. But once you reach the top, the view is so worth it. Stay focused, keep moving forward, and remember that every step brings you closer to the summit. Focus on these seven steps, and you will not just be a franchisee — you will be an unstoppable force.

Franchising isn’t for everyone.

But if you’re serious about it, there are some things you need to know. For purposes of this blog post, eleven to be exact. These aren’t just suggestions; they are essential truths that can make or break your success as a franchisee.

1. Strong Brand or Great System—Preferably Both

A franchise is only as strong as its brand or its system. Ideally, you want both. If you are considering a brand no one has heard of, it better have a system that blows you away because you will be building it from the ground up like an independent business. Without a well-known brand or a proven system, ask yourself: what are you really buying?

2. Be Ready to Walk Away

The best deals are made by those who are willing to walk. When you’re prepared to step back, you hold the cards. Franchisors know this, and they are more likely to offer concessions—lower fees, better territorial protections, more favorable terms. It’s like negotiating for a car; if they think you’re about to leave, they’ll stop you with a better offer. Without a doubt, the clients I have represented who were willing to walk away consistently secured the best deals. Every time.

3. Get It in Writing

I wrote an entire blog post on this topic but verbal promises mean nothing. If the franchisor tells you something, make sure it’s either already in the franchise agreement, or written in an addendum prior to you signing. If it’s not in writing, it’s not happening. Period. You can take that to the bank.

4. Trademark Indemnification Is Non-Negotiable

Why would you invest your life savings into a brand that won’t even defend its own trademark? A franchisor should be legally required to stand by their brand, including defending you if someone sues over the use of their trademark. It seems like this goes without saying, but unfortunately many franchisors will not agree to this. If it’s not addressed in the franchise agreement, be cautious.

5. Know Yourself

Franchising isn’t for the rebellious or really even the independent type. If you are someone who likes to chart your own course, a franchise may not be the right fit. Franchising requires following a set system. If that doesn’t sound like you, don’t force it.

6. Talk to Current and Former Franchisees

Don’t skip this step. Interview as many current and former franchisees as you can. Their insights are invaluable and could save you from making a costly mistake. If you don’t do your homework, you’ve only got yourself to blame if things go south.

7. Protect Your Spouse

Personal guarantees are common, but there’s no reason your spouse should be on the hook too if they aren’t involved in the business. Keep your family’s financial exposure as limited as possible. Insist on excluding your spouse from any personal guarantees. (See #2 above if a franchisor is unreasonable about it).

8. Bargain with New Franchisors

Getting in on the ground floor of a new franchise can be enticing, but it’s also risky. New franchisors need franchisees to grow, which means you have leverage. Use it. Negotiate for better terms, lower fees, or additional support. Don’t be shy about asking for more.

9. Franchise Agreements Are Negotiable

No matter what a franchisor says, franchise agreements are negotiable. If they are not willing to budge, consider whether its the right franchise for you. A good franchisor will respect your need to protect your investment. It’s just business, after all.

10. Multi-Unit Franchising: High Risk, High Reward

Owning multiple units is where the real potential lies. The most successful franchisees I’ve seen are all multi-unit owners. But it’s not for the faint of heart or the undercapitalized—it requires significant capital and commitment. Do not consider immediately it unless you’re ready to scale and have the resources to do it.

11. Franchises Fail Too

Franchises are not a sure thing. In fact, they fail at roughly the same rate as independent businesses. Don’t fall for the myth that a franchise is a guaranteed success. It’s not. Do your due diligence, and do not trust your investment to luck.

Final Thoughts

Franchising can be a powerful way to build wealth and grow a business, but it’s not without its challenges. If you are considering a franchise, keep these 11 truths in mind. They are not just tips—they are the keys to making a smart, informed decision that sets you up for success.

Model: Bianka Pacherová https://www.instagram.com/biankamoves/ Experiments in the dark Porto Santo beach, Madeira, Portugal Model: https://www.instagram.com/biankamoves/ 👋 Hi, your small donation -> my huge appreciation paypal.me/DanieleFranchi 🙏🙏🙏
Daniele Franchi, Unsplash

One franchise probably isn’t enough.

That’s the truth most won’t tell you when you are looking to do more than just buy yourself a job. The real game-changer in franchising? Going multi-unit.

Why Multi-Unit Franchising is the Next Level

Owning a single franchise is like dipping your toe in the water—it’s a start, but it’s not where the magic happens. The franchisees who hit it big are the ones who expand their footprint, opening multiple units and leveraging economies of scale.

Think about it. With more units, you’re not just replicating success; you’re amplifying it. Every new location isn’t just another storefront—it’s a multiplier of your potential profits, your influence, and the franchise brand presence.

The Power of Scale

When you own multiple units, you unlock the true potential of franchising. You’re no longer just managing one business; you’re building an empire. This shift allows you to scale your operations efficiently, centralize your management, and optimize resources across the board.

Let’s take a page from the playbook of a successful Jimmy John’s franchisee who expanded to 59 locations. What made this possible wasn’t just financial investment—it was a strategic approach to leadership and operations. By creating a culture of transparency, investing in employee development, and adopting an abundance mindset, the franchisee scaled up to over a thousand employees and built a business that thrives on collective success.

What It Takes

But let’s not sugarcoat it—multi-unit franchising is a significant commitment. It requires a substantial upfront investment, not just in capital but in time, energy, and leadership. You are not just buying more franchises; you’re committing to growing a network, building a team, and managing at scale.

To succeed, you need to follow proven systems, foster a positive culture, and stay transparent with your team. It’s about creating a structure where everyone is aligned with the business goals, and where success is shared across the board. The more your team wins, the more you win.

The Mindset Shift

Here’s the kicker: the most successful multi-unit franchisees don’t just pay franchise fees—they embrace them. They see those fees as an investment in their own growth, understanding that what they put into the system comes back to them in spades.

By adopting an abundance mentality, these franchisees don’t just focus on what they’re spending—they focus on what they’re gaining. Whether it’s through reinvesting in their business or rewarding their managers with uncapped bonuses, they know that a rising tide lifts all boats.

The Bottom Line

If you are serious about franchising, one unit won’t cut it. Multi-unit franchising is where you move from buying yourself a job to building a wealth-generating machine. It’s about scaling your operations, leading at a higher level, and embracing the potential that comes with thinking bigger.

Are you ready to take the leap? Because the real rewards in franchising come when you decide to go all in.

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