Nationwide Small Business Appraisers and Valuation Specialists

*Business Advisor and Dealmaker Testimonies: Deficiencies in Privately-Held Small Businesses Leading to Failed M&A Transactions (Krukowski, Kipp A.), The Value Examiner, July/August 2024 issue.
Summary: This study uncovers the most common reasons small businesses fail to sell, based on interviews with 50 experienced deal professionals. It identifies five core weaknesses. Business owners will gain a clearer understanding of how to address these vulnerabilities before starting the exit process.

*Value Creation Strategies: Improving Product or Service Value Propositions Before Selling a Business (Krukowski, Kipp A.), The Value Examiner, March/April 2025 issue.

Summary: Businesses operate in dynamic landscapes with ever-changing macro environmental factors and economic, industry, and market pressures. Value propositions that once drove business success may not be desirable or sustainable in current and future environments. This article focuses on value creation opportunities within product and service value propositions.

*Value Creation Strategies: Improving Customer Segments, Channels, and Relationships Before Selling a Business (Krukowski, Kipp A.), The Value Examiner, January/February 2025 issue

Summary: The focus of this article is on the customer component of the business model which comprises of customer segments, channels, and customer relationships. The result of this research compiles an extensive repertoire of tactics from experienced consultants designed to increase business value in these areas.

*Value Creation Strategies for Improving Company Infrastructure in Advance of Selling a Business (Krukowski, Kipp A.), The Value Examiner, November/December 2024 issue.
Summary: This article explores how different types of buyers evaluate a business’s internal operations—specifically its infrastructure, including key activities, resources, and partnerships. Based on insights from 50 seasoned intermediaries and exit advisors, it offers practical strategies to strengthen these areas before going to market. For small business owners, this serves as a blueprint to enhance structural value and boost appeal to potential acquirers.

*Examining the Business Model: Value Creation Strategies for Improving Financial Viability Before Selling (Krukowski, Kipp A.), The Value Examiner, September/October 2024 issue.
Summary: Focusing on the fact that only a small fraction of listed businesses actually sell, this article identifies common financial weaknesses that deter buyers. Drawing from interviews with business sale experts, it lays out actionable steps for improving a company’s revenue models and costs. Small business owners can use these insights to make their financials more compelling and improve the odds of a successful sale.

From Liability to Asset: A Receiver’s Perspective on Eponymy Signals and Market Value (Arteaga-Fonseca, J., Phillips, D., Rutherford, M., & Krukowski, K.), Journal of Small Business Management, 2024.
Summary: This article investigates the effects of naming a business after its founder (eponymy) on perceived value at the time of sale. The study shows that while eponymy may initially hurt valuation, it can become a positive signal if the business is long-standing. Owners can use these findings to better understand how branding and firm longevity shape buyer perceptions.

Why Are You Selling Your Business? Understanding Signaling Effects of Seller Rationale at Time of Entrepreneurial Exit (Krukowski, Kipp A., Flink, N., & Edwards, B. D.), Journal of Business Venturing Insights, 2023.
Summary: This research examines how the reason an owner gives for selling a business affects how buyers perceive the opportunity and what they’re willing to pay. Through various data sources, the study finds that exit rationale significantly influences deal interest and pricing. Owners can use this to their advantage by learning how to frame their exit in ways that attract buyer confidence.

Selling a Business After the Pandemic? Crisis and Information Asymmetry Impact on Deal Terms (Krukowski, Kipp A. & DeTienne, Dawn R.), Business Horizons, 2022.
Summary: Focusing on the aftermath of major economic crises, this article explores how uncertainty can weaken a seller’s negotiating power. It finds that during times of elevated information asymmetry, deal terms are often less favorable—unless sellers are patient and strategic. Small business owners will learn how timing, transparency, and seller financing can affect sale outcomes.

Winning the Opportunity to Pitch: Piquing Startup Investors’ Interest by Sending the Right Signals in Executive Summaries (Krukowski, Kipp A., Pollack, Jeffrey M., & Rutherford, Matthew W.), Business Horizons, 2022.
Summary: This study evaluates how entrepreneurs can design executive summaries that effectively attract investor attention. The key takeaway: showcasing the team’s human capital has a stronger impact than listing financials or patents. For small business owners and startup founders, this offers a clear strategy for writing more compelling investor communications.

Human Capital Across the Life Cycle of Entrepreneurial Ventures (Krukowski, Kipp A., Rutherford, Matthew W., & Pollack, Jeffrey M.), Frontiers of Entrepreneurship Research, 2021.
Summary: This multi-phase study explores how the value of human capital shifts as a business grows. Early on, it's a key driver of investment interest; later, over-reliance on the founder or key employees can become a liability at exit. Business owners will gain a roadmap for scaling teams and building systems that increase both productivity and eventual resale value.

* These articles are available by the publisher for educational purposes, free. Please fill out the form below to request copies.