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Digg it UP - Selling Your Business - It's More Than The Price
If you are a small or home based entrepreneur or a solo business owner, there is little room in your business for taking a sick day when a crisis or stressful life event happens. In today's world our lives are complex, fast paced, and challenging. How do you keep your business going and growing during the times when life happens and you can't work?There are several answers to this question, and one very important caveat - if you have not yet built into your business plan this kind of possibility, then take some time and do it now!When you are in the planning stages of business, you must consider how you a
If after careful soul-searching and analysis if your motives for selling your company appear to be genuine, then carefully develop a comprehensive strategy. It should include the evaluation, preparation, pricing, marketing and actual sale of the business. Your plan should also consider potential purchasers, the negotiation process and closing th
It is a well-known fact that as your business becomes larger and more successful you will probably have to hire some type of extra help in dealing with financial calculations and bookkeeping. The larger you company becomes, however, the higher your accounting costs are likely to be, often making the need to pay for financial services a frustrating drain on your profits.There are ways to minimize these expenses, however, by increasing the efficiency of your company’s financial infrastructure.Since most accountants charge by the hour, your primary goal should be to make the work as easy (and non-time consuming
- Will you be staying with the business for a time to help with the transition?
- Do you have plans to start another business which might compete with the business you are selling?
- How will the sale of your business impact your family, your employees, your personal finances?
- What will you do after the business is sold?
- After you have handed over the keys to the buyer, how will you feel?
- After the sale, if the buyer immediately runs your business into the ground how will you feel?
- Have your considered that a potential purchaser will want to see your financial records for the past few years. Are your books clean?
- Is your business attractive to a buyer?
- How will your taxes be affected by the sale of your business?
I pose these questions not to deter you, but to illustrate some of the considerations beyond the purchase price which you must consider if you are to have a successful sale.
WHY DO YOU WANT TO SELL?
Your business was probably built with your blood, sweat and tears. It took you years, perhaps a lifetime, or in the case of a family business, generations. Now you are ready to move on and leave your business. With so much time, money and energy invested, you hope that the fruits of your labor will be fairly returned to you. Look very closely at your reasons for selling, the most common of which are health, boredom, work load, business problems and money. If any of these reasons apply to you, perhaps you should consider alternatives such as franchising; developing a partnership; merging with a similar company; going public; and absentee ownership or partial retirement. If your main motive in considering sale is a decline in the health of the business, you should probably be considering something other than a sale.
If you want to sell because your business because it is failing or just past its peak, you are in a poor bargaining position and will probably not receive your expected purchase price nor will you be in a position to negotiate other important terms.
WHEN SHOULD YOU SELL?
The most common mistake made by sellers is to take the plunge fueled by emotion. Emotion is unavoidable, after all your business may be like a child to you but you cannot let it control your actions. Building a successful business takes planning – so does a successful sale. Consider the following:
- Is your business at its peak, or is it on the downturn?
- What is the marketplace like?
- How many qualified buyers might there exist?
- How will the economy affect the ability of a buyer to obtain financing?
WHY LOOK BEYOND THE PURCHASE PRICE?
The sale of your business will probably affect your financial and personal situation, your employees, suppliers and family. The implications will be widespread and will most definitely take an emotional toll on you and key employees.
Talk to those people close to you about the potential sale. Ask for input from trusted sources such as your family, your accountant and financial advisor. When you have made a decision to move forward, find an experienced attorney or consultant who will work with you and your accountant to formulate a good strategy. Do not use a general practice attorney or business broker. Find a professional who has experience in buying and selling businesses. Ask to speak to former clients, see a transaction list or have a lengthy discussion with a potential attorney/consultant about his or her approach to selling your business. Of course, I wouldn't have written this article if I didn’t plug my services just a little. I am an experienced transaction attorney who takes a comprehensive approach to the sale of a business, therefore I stress formulating a good, solid strategy. Okay, the sale pitch is finished. If you want more information about our services feel free to browse our web site at www.StonebridgeStL.com
If after careful soul-searching and analysis if your motives for selling your company appear to be genuine, then carefully develop a comprehensive strategy. It should include the evaluation, preparation, pricing, marketing and actual sale of the business. Your plan should also consider potential purchasers, the negotiation process and closing th
Having good telephone skills is crucial as the call may be the catalyst for a prospective sale or provide vital counseling for a member of public. However, since both parties may not see each other face-to-face, a telephone conversation may not lead to favourable results; on the flip side, it may lead to unintended misunderstanding.Here are some tips:Even voice toneIt is important to speak clearly in an even tone. If you are anxious or even short of breadth, the other party may perceive that you are distracted. This may cause the phone conversation to be terse and unproductive.Identify Yourself
I pose these questions not to deter you, but to illustrate some of the considerations beyond the purchase price which you must consider if you are to have a successful sale.
WHY DO YOU WANT TO SELL?
Your business was probably built with your blood, sweat and tears. It took you years, perhaps a lifetime, or in the case of a family business, generations. Now you are ready to move on and leave your business. With so much time, money and energy invested, you hope that the fruits of your labor will be fairly returned to you. Look very closely at your reasons for selling, the most common of which are health, boredom, work load, business problems and money. If any of these reasons apply to you, perhaps you should consider alternatives such as franchising; developing a partnership; merging with a similar company; going public; and absentee ownership or partial retirement. If your main motive in considering sale is a decline in the health of the business, you should probably be considering something other than a sale.
If you want to sell because your business because it is failing or just past its peak, you are in a poor bargaining position and will probably not receive your expected purchase price nor will you be in a position to negotiate other important terms.
WHEN SHOULD YOU SELL?
The most common mistake made by sellers is to take the plunge fueled by emotion. Emotion is unavoidable, after all your business may be like a child to you but you cannot let it control your actions. Building a successful business takes planning – so does a successful sale. Consider the following:
- Is your business at its peak, or is it on the downturn?
- What is the marketplace like?
- How many qualified buyers might there exist?
- How will the economy affect the ability of a buyer to obtain financing?
WHY LOOK BEYOND THE PURCHASE PRICE?
The sale of your business will probably affect your financial and personal situation, your employees, suppliers and family. The implications will be widespread and will most definitely take an emotional toll on you and key employees.
Talk to those people close to you about the potential sale. Ask for input from trusted sources such as your family, your accountant and financial advisor. When you have made a decision to move forward, find an experienced attorney or consultant who will work with you and your accountant to formulate a good strategy. Do not use a general practice attorney or business broker. Find a professional who has experience in buying and selling businesses. Ask to speak to former clients, see a transaction list or have a lengthy discussion with a potential attorney/consultant about his or her approach to selling your business. Of course, I wouldn't have written this article if I didn’t plug my services just a little. I am an experienced transaction attorney who takes a comprehensive approach to the sale of a business, therefore I stress formulating a good, solid strategy. Okay, the sale pitch is finished. If you want more information about our services feel free to browse our web site at www.StonebridgeStL.com
If after careful soul-searching and analysis if your motives for selling your company appear to be genuine, then carefully develop a comprehensive strategy. It should include the evaluation, preparation, pricing, marketing and actual sale of the business. Your plan should also consider potential purchasers, the negotiation process and closing th
Press releases are a great way to get free publicity. One of the main reasons is because readers don't regard a press release as an advertisement for your company. There is usually a favorable impact when a person reads a press release because an advertisement is just skimmed over most of the time.There are some 'rules' for press releases that you are going to want to follow if you want your press releases to get publish more often than not.The first guideline is to use letterhead. Make it look professional. If an official letterhead is not available, use your company logo and as much information a
If you want to sell because your business because it is failing or just past its peak, you are in a poor bargaining position and will probably not receive your expected purchase price nor will you be in a position to negotiate other important terms.
WHEN SHOULD YOU SELL?
The most common mistake made by sellers is to take the plunge fueled by emotion. Emotion is unavoidable, after all your business may be like a child to you but you cannot let it control your actions. Building a successful business takes planning – so does a successful sale. Consider the following:
- Is your business at its peak, or is it on the downturn?
- What is the marketplace like?
- How many qualified buyers might there exist?
- How will the economy affect the ability of a buyer to obtain financing?
WHY LOOK BEYOND THE PURCHASE PRICE?
The sale of your business will probably affect your financial and personal situation, your employees, suppliers and family. The implications will be widespread and will most definitely take an emotional toll on you and key employees.
Talk to those people close to you about the potential sale. Ask for input from trusted sources such as your family, your accountant and financial advisor. When you have made a decision to move forward, find an experienced attorney or consultant who will work with you and your accountant to formulate a good strategy. Do not use a general practice attorney or business broker. Find a professional who has experience in buying and selling businesses. Ask to speak to former clients, see a transaction list or have a lengthy discussion with a potential attorney/consultant about his or her approach to selling your business. Of course, I wouldn't have written this article if I didn’t plug my services just a little. I am an experienced transaction attorney who takes a comprehensive approach to the sale of a business, therefore I stress formulating a good, solid strategy. Okay, the sale pitch is finished. If you want more information about our services feel free to browse our web site at www.StonebridgeStL.com
If after careful soul-searching and analysis if your motives for selling your company appear to be genuine, then carefully develop a comprehensive strategy. It should include the evaluation, preparation, pricing, marketing and actual sale of the business. Your plan should also consider potential purchasers, the negotiation process and closing th
Documents are rarely in the physical form these days. Most documents are being created in the electronic format, and even physical documents are being converted into electronic formats. Several devices, such as CD/DVD ROMs, floppy disks, hard drives and tapes, are being commonly used to store documents. Document transfer is also in the electronic form through e-mails or the Internet and intranets.When documents are created electronically, they are stored in temporary files. Even when they are deleted or updated, some remnants still remain on the hard disk, which can be recovered using special tools. Thus, data that
WHY LOOK BEYOND THE PURCHASE PRICE?
The sale of your business will probably affect your financial and personal situation, your employees, suppliers and family. The implications will be widespread and will most definitely take an emotional toll on you and key employees.
Talk to those people close to you about the potential sale. Ask for input from trusted sources such as your family, your accountant and financial advisor. When you have made a decision to move forward, find an experienced attorney or consultant who will work with you and your accountant to formulate a good strategy. Do not use a general practice attorney or business broker. Find a professional who has experience in buying and selling businesses. Ask to speak to former clients, see a transaction list or have a lengthy discussion with a potential attorney/consultant about his or her approach to selling your business. Of course, I wouldn't have written this article if I didn’t plug my services just a little. I am an experienced transaction attorney who takes a comprehensive approach to the sale of a business, therefore I stress formulating a good, solid strategy. Okay, the sale pitch is finished. If you want more information about our services feel free to browse our web site at www.StonebridgeStL.com
If after careful soul-searching and analysis if your motives for selling your company appear to be genuine, then carefully develop a comprehensive strategy. It should include the evaluation, preparation, pricing, marketing and actual sale of the business. Your plan should also consider potential purchasers, the negotiation process and closing th
Quite often, when ordering business checks, computer checks or personal checks for their account, people don’t realize their options when it comes to bank checks. The unvarnished truth is that when one orders their bank checks from the bank lending institution, they are often times paying far more money than they need to pay. Furthermore, there exists for more variety in styles and choice from online sources and delivery is quicker.The actual process is simple and you can order business or computer checks from a vendor that is not affiliated with the lending institution. Banks use 3rd party printers to print the
If after careful soul-searching and analysis if your motives for selling your company appear to be genuine, then carefully develop a comprehensive strategy. It should include the evaluation, preparation, pricing, marketing and actual sale of the business. Your plan should also consider potential purchasers, the negotiation process and closing the sale. Follow your plan and arm yourself with competent advisors who can help you avoid common pitfalls and unpleasant surprises. The result will be a smooth transition of ownership and an enjoyable and rewarding “afterlife.”
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