7 Must-Read Books That Will Help Entrepreneurs Grow Their Business
Every entrepreneur knows that scaling a business isn’t just about hard work — it’s about continuous learning. Successful founders absorb knowledge from every angle: leadership, marketing, strategy, and even merger-and-acquisition planning. That’s why reading the right books can be one of the smartest actions a business leader takes. In the Forbes article “The Best Books to Help Entrepreneurs Grow a Business,” top titles were curated to help business owners at every stage — from startup to expansion.
Here’s a closer look at those standout reads and why you should consider them for your next business-building bookshelf.
📖 1. You Don’t Know What You Don’t Know — Terry Lammers
Kicking off the Forbes list is You Don’t Know What You Don’t Know: Everything You Need to Know to Buy or Sell a Business by Terry Lammers—a distinction that speaks to both the relevance and impact of his work. Terry is not only the author of this highly regarded book, but is also the Managing Partner of Innovative Business Advisors.
In the book, Terry draws from decades of real-world experience helping business owners navigate growth, acquisitions, exit planning, and succession strategies. These are the same core areas where Innovative Business Advisors works closely with privately held companies—providing guidance on buying and selling businesses, business valuations, exit readiness, and strategic planning.
At Innovative, the mission is simple: help business owners maximize value and make informed decisions at every stage of ownership. You Don’t Know What You Don’t Know reflects that philosophy by shedding light on critical issues many entrepreneurs don’t realize they should be addressing until it’s too late. Whether an owner is years away from a transition or actively considering a sale, the insights in this book align directly with our advisory services.
The recognition of Terry’s book by Forbes reinforces the depth of experience and practical knowledge behind Innovative’s team—and why proactive planning can make a meaningful difference in the outcome of a business journey.
📘 2. Creating the High Performance Workplace — Sue Bingham & Bob Dusin
Growth isn’t possible without effective teams. Bingham and Dusin explore how to cultivate a workplace where employees act like owners — giving direction on fostering engagement, accountability, and a culture that fuels growth rather than resists change.
💡 3. Talk Triggers — Jay Baer & Daniel Lemin
Word-of-mouth still rules. Baer and Lemin show how to deliberately design customer experiences that people talk about, helping your business grow organically through referrals instead of expensive advertising.
📈 4. Break Through the Noise — Tim Staples & Josh Young
Standing out in today’s crowded digital landscape can feel impossible — but this book offers real strategies for boosting your brand visibility through smart online marketing, without breaking the bank.
💡 5. None of Your Business — Shawn Dill & Lacey Book
For many visionaries, the leap from dreamer to business builder is the hardest. Dill and Book bridge that gap by helping readers think like entrepreneurs, turning passion into profit with practical, actionable steps.
🎯 6. The Bottom of the Pool — Andy Andrews
Andrews challenges entrepreneurs to question long-held assumptions and comfort-zone thinking. This mindset shift can be a game-changer — innovation often begins where certainty ends.
📖 7. Creating Signature Stories — David Aaker
Strong brands are built on memorable narratives. Aaker’s guide teaches entrepreneurs why storytelling matters and how to craft stories that bring your business, mission, and values to life.
🚀 Why These Books Matter
Reading about business strategy is a great first step — but the real growth comes from applying what you learn with the right guidance and timing. The books highlighted in Forbes blend mindset, practical action, and real-world experience to help entrepreneurs:
Strengthen leadership and company culture,
Build brands that stand out,
Make smarter growth decisions, and
Prepare for major milestones such as acquisitions, succession planning, or an eventual sale.
At Innovative Business Advisors, these same principles are put into practice every day. We work alongside business owners to help them understand their company’s value, plan proactively for the future, and navigate complex transitions with clarity and confidence. Whether an owner is years away from an exit or simply wants to be better prepared for opportunities ahead, education paired with experienced advisory support can make all the difference.
For entrepreneurs inspired by the insights in these books, learning more about valuation, exit readiness, and strategic planning can be a natural next step. Contact us at info@innovativeba.com to learn more.
📌 Final Thought
Every entrepreneur’s journey is unique, but great books give you the advantage of learning from others who’ve walked the path before. Whether you’re just starting or aiming to grow your company to the next level, make these reads part of your strategy for success.
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Truth #12: Selling Your Business in 2026 – What It’s Really Worth
From the Series 12 Brutal Truths About Selling a $5–50M Business in 2026 And How to Protect Your Life’s Work
Your business is worth what a prepared buyer is willing to pay based on risk, growth, industry demand, and structure — not just revenue. Preparation over the next 12–36 months can significantly increase value.
If your company generates between $5 million and $50 million annually, you may be asking: How much is my business worth in 2026?
The answer isn’t found in headlines. It depends on how buyers view your business today — and how prepared you are.
Why General Market Trends Aren’t Enough
Yes, the 2026 M&A market is active. Yes, private equity and strategic buyers are still acquiring strong companies. But general trends don’t determine your valuation. Buyers underwrite risk at the company level — not the headline level.
What Actually Determines Your Business Value
Five core factors drive valuation:
- Financial Performance – Consistency of EBITDA, margin strength, and quality of earnings.
- Industry Dynamics – Consolidation trends, competitive positioning, and growth outlook.
- Management & Succession – Depth beyond the owner. Buyers discount owner-dependent businesses.
- Risk Profile – Customer concentration, revenue predictability, and operational systems.
- Timing & Personal Goals – Structure matters. Earn-outs, phased transitions, or clean exits affect total value.
How Buyers Will Evaluate Your Company in 2026
Buyers will ask:
Can this business grow without the current owner?
Are earnings defensible?
What risks justify a lower multiple?
Where is the upside?
The same market that punishes unprepared sellers rewards those who prepare strategically. Valuation isn’t determined by revenue, it’s determined by risk.
The 12–36 Month Exit Readiness Roadmap
If you plan to sell within the next 1–5 years:
Conduct a buyer-perspective review today
Identify valuation gaps
Strengthen management depth
Improve margin consistency
Reduce concentration risk
Document systems and processes
Preparation creates leverage. Leverage creates value.
Frequently Asked Questions
How much is my business worth in 2026? It depends on EBITDA, growth potential, industry demand, and risk profile. Multiples vary widely based on buyer perception and readiness.
Should I sell my business in 2026? The better question is whether your business is prepared to command premium valuation. Timing matters less than preparation.
What is exit planning for business owners? Exit planning is the 12–36 month process of strengthening financial, operational, and structural elements before going to market.
Final Thought
Don’t go into a transition process unprepared. The difference between a discounted sale and a premium exit often comes down to 12–24 months of intentional preparation.
If you own a business generating $50M or less and want clarity — not hype — about what your company could be worth:
👉 Schedule a free confidential valuation strategy conversation: link.stlbusinessbrokers.com/widget/bookings/steve-denny
No cost. No obligation. Just insight specific to your situation.
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Truth #10: Why Buyers Price Risk Before Earnings When Selling a $5–50M Business
From the Series 12 Brutal Truths About Selling a $5–50M Business in 2026 And How to Protect Your Life’s Work
If your business generates between $5 million and $50 million in annual revenue, the 2026 M&A market is already forming an opinion about your company.
That opinion shapes:
Who can buy your business
What they’re willing to pay
How the deal will be structured
And long before buyers debate valuation multiples, they ask a more basic question:
How risky is this business?
When selling a $5–50M business, buyers price risk first and earnings second. The more risk they see, the more they discount value, add contingencies, or walk away.
Truth #10: Buyers Price Your Risk Before They Price Your Company
From a buyer’s perspective, valuation is not just about earnings—it’s about certainty.
Strong earnings with high risk don’t command premium prices. Predictable earnings with low risk do.
This is why two businesses with similar EBITDA can sell at very different valuations.
How Buyers Think About Risk in M&A
Buyers assess risk across several dimensions. The most common include:
- Owner Dependence Risk – If the business relies heavily on you, buyers worry about what happens when you exit. Businesses that can’t run independently are harder to value—and harder to finance.
- Customer Concentration Risk – If losing one customer could materially hurt the business, buyers price that exposure into the deal through lower multiples or contingent payments.
- Key Employee Risk – When critical knowledge or relationships live with one or two employees, buyers see fragility—not scalability.
- Process and Systems Risk – If performance depends on personalities instead of processes, buyers question whether results are repeatable.
How Risk Impacts Valuation and Deal Terms
The more risk buyers perceive, the more they protect themselves.
That usually means they:
- Reduce valuation multiples
- Demand earn-outs or seller financing
- Increase diligence requirements
- Slow the process—or walk away
Risk doesn’t just affect price. It affects certainty of close.
Why Reducing Risk Increases Buyer Demand
Businesses with predictable revenue, documented processes, diversified customers, and strong management teams attract:
More buyers
Better financing
Cleaner deal structures
Reducing risk is good for your sanity while you own the business—and good for your valuation when you sell.
What Owners Can Do to Reduce Risk Before Selling
Owners who plan ahead can materially improve outcomes by:
Building management depth
Documenting processes
Reducing customer concentration
Improving reporting and predictability
Stress-testing the business without the owner
These changes don’t just help at exit—they strengthen the business today.
Final Thought
If you want to maximize value, don’t just grow earnings.
Reduce risk.
Because buyers don’t pay top dollar for earnings they can’t trust.
A Smarter Next Step
If you own a business generating $50 million or less in annual revenue and want clarity—not hype—about how buyers would view your risk profile:
👉 Schedule a confidential, no-obligation conversation about your business, your goals, and your exit options at the link below.
https://link.stlbusinessbrokers.com/widget/bookings/sdennybizinquiry
No cost.
No pressure.
Just a focused discussion on your situation.
Are you a “Baby Boomer” Business Owner?
What is so special about “Baby Boomer” business owners? Well, there are a lot of them. It is estimated 52 percent of businesses are owned by people between 50 and 88 years of age. This equates to 9 million businesses in the United States. Put it another way, a business owner is turning 65 every 57 seconds.
So, why is this important? Typical of most business owners, the value of their business amounts to 50 to 75 percent of their net worth (if not more); the remainder in personal real estate and financial investments. Ordinarily, the business owner has only one chance to monetize his or her largest asset through the sale of the business.
It is estimated that 11,000 people are turning 65 years old every day, with this trend continuing for the next 18 years. Being that many of these Baby Boomers are also business owners, one would suspect that every year for the next two decades more and more business owners will be wanting to sell their businesses to cash out and fund their retirements. These businesses amount to some $10 trillion worth of assets.
Yet while more and more businesses go up for sale, the audience of buyers is decreasing. Today, the highest segment of business buyers is the same Baby Boomers in the age range of 55 to 64 years old. The 80 million millennials in the U.S. make up a larger demographic, though their abilities to purchase these businesses are quite low.
Applying the law of supply and demand, there is going to be a growing inventory of businesses for sale each year, while the number of qualified buyers is decreasing each of those years. The law of supply and demand would suggest there will be pricing pressure on these businesses. In addition, overall only 1 out of 4 businesses actually sell after being put on the market; however, the success rate increases to 1 in 3 for businesses with sales of $10 million, and the sale success rate grows to 1 in 2 for businesses with sales greater than $10 million.
Now What?
The PriceWaterhouseCoopers accounting firm estimates more than 75 percent of business owners have done little planning for their single biggest financial asset. It is sad to say, but business owners spend more time planning their next vacation than planning for their exit into retirement.
Business owners should start the exit planning process today. Serious consideration should be given to creating a timeframe to place the business in the best position to be sold at the highest possible valuation.
Fortunately, the window of opportunity is quite good. Current conditions of rock bottom interest rates, low inflation, historically low capital gain taxes and overall high business valuations make this an ideal time to sell a business. In real estate it is all about “location, location, location,” whereas in business it is all about “timing, timing, timing.” Now is the time to cash in.
Exit planning, however, is a process that requires a significant amount of work. Most important, business owners need to assemble a team of professional advisors to assist them in this process. The team may consist of all or some of these professionals: a business intermediary firm, CPA/accountant, business attorney, financial planner, investment advisor, insurance advisor, valuation specialist, investment banker, banker and business consultant.
Using the analogy of an actual roadmap, this process can be broken down into five exits:
Exit 1: Making the Decision to Sell
Exit 2: Exit Planning Process
Exit 3: Maximizing Business Value
Exit 4: Preparing the Business for Sale
Exit 5: The Deal Process
The actual Planning Process often includes the following seven steps:
1. Identify Exit Objectives
2. Quantify Business & Personal Financial Resources
3. Maximize & Protect Business Value
4. Ownership Transfer to Third Parties
5. Ownership Transfer to Insiders
6. Business Continuity
7. Personal Wealth & Estate Planning
There is no time better than right now to start planning an exit, whether that is tomorrow, next month, next year or the next decade. Just be careful not to miss your EXIT…else you will hear your GPS (or significant other) say, “when possible turnaround” or as my GPS would say, “you idiot, you missed your exit…proceed on this road for another 20 miles.”
This article appeared in the November 2015 edition of Traverse City Business News.
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