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Casual Articles - Selling Your Business - The Hardest Sale You Will Ever Make & 9 Keys to Making It Count
Paid Surveys are an easy way to make money while sitting in front of your PC. As the term implies you simply take online surveys from various companies and in return they will pay you a regular cash incentive. Sounds easy doesn’t it? Actually it is. Many people have found this to be an easy, flexible way to boost their regular income, others do it as their only source of income as they prefer to work from home. An ideal example of this is for mothers with small babies who can still earn money but get the quality time they need with their new family.
8. Ensure you have the Best Looking Financials
You should aim to be able to show three years of constant growth, with healthy-looking financials. Clean up any personal items that could be questionable as business expenses – this will improve your profit figures. Clear up all outstanding debtors – this will improve your cashflow figures. Reduce any excessive spending and make the business look as profitable and attractive as possible.
9. Get a Business Coach to give you an Outsiders Perspective
Clients often come to me looking for someone outside the business to assist them with the eight steps above. They are GREAT business managers, but may never have been through the business sale process before. An experienced business coach will not only provide you with ad
Wal-Mart Stores Inc., the nation’s and world’s largest retailer, is quickly becoming Florida’s largest retailer. The chain opened 50 of its 24-hour Supercenters throughout the state during 2002 and 2003, and there are nine Wal-Mart stores in Pinellas County— two Sam’s Clubs, three Supercenters and four regular Wal-Marts.It is also among the state's largest private employers, with 77,850 employees—far more than the 54,000 employed at Walt Disney World. According to Wal-Mart’s media relations hotline, there are 3,407 people employed by Wal-Mart in Pi
They say the three most stressful times in a person's life are when they get married, buy a house and change jobs. Well, try selling a business… It's your baby, the thing you have built over 15 years. You have put your heart, soul and an incalculable number of hours into it. Now you are going to sell it.
There are many things you need to do and consider, but these seven areas are of immense importance when it comes to finding a buyer, selling the business and getting the most value for it.
1. Think about who would want to buy your business
Do you have employees that have the management ability and the mindset of an owner and the ability to access capital to pay for the business? If these people aren’t working for you now, do you have time to recruit them and teach them the business with an understanding that they might take over?
What about your suppliers, customers or competitors? They might be looking for an opportunity to enter your part of the industry.
Finally, you can go to the general market. Contact a broker that has experience in your type of business or advertise it yourself through the classifieds.
2. Remove Yourself from the Business
Many businesses are based around the owner. Customers are used to dealing with you. Suppliers have long relationships with you. Your team trusts you. All these relationships need to be transferred to your other staff or the new owner. Start planning early!
3. Setup the Business as if you are going to Franchise it.
Who wants to buy a business that relies solely upon the current owner - the person who wants to sell and walk away from the business? A well-systematised business is attractive to prospective buyers who see the potential to own a business that runs smoothly using systems and, importantly, can run without their personal input. A business that can be run under management attracts a premium price when it comes time to sell.
4. Lock in your Senior Staff – The most Important People in the Business
If your senior staff aren’t in a position to be buying the business, you need to lock them in some way. Best thing to do is talk to them and keep them fully informed. Keep them up-to-date with developments in the sale process and make sure they understand where they will fit in after a successful sale. Consider introducing bonuses contingent on a successful sale.
6. The Customer Database - Your Pot of Gold
This is what will add value to your sale price. Think about it from the buyer’s perspective, they are buying a business that with the hope that the customers continue to deal with them. By developing a detailed database of your customers you will be giving them more confidence that they can manage the client relationships after you have gone.
7. Formalise Everything – Agreements
Get all loose agreement in writing. Start with your employment agreements. Develop up-to-date agreements that lay out the terms and conditions under which your staff are employed. Put agreements in place with your suppliers and customers as well. These should include trading terms, pricing contracts and any other ‘verbal’ arrangements.
8. Ensure you have the Best Looking Financials
You should aim to be able to show three years of constant growth, with healthy-looking financials. Clean up any personal items that could be questionable as business expenses – this will improve your profit figures. Clear up all outstanding debtors – this will improve your cashflow figures. Reduce any excessive spending and make the business look as profitable and attractive as possible.
9. Get a Business Coach to give you an Outsiders Perspective
Clients often come to me looking for someone outside the business to assist them with the eight steps above. They are GREAT business managers, but may never have been through the business sale process before. An experienced business coach will not only provide you with adv
Credit means the difference between life and death, growth and contraction.Easiest and cheapest source are vendors who would like to do business with you. Over a period of time you can build your lines to a point where they represent a substantial component of your working capital needs.And if you are ever in a position (customer advances) where you are sitting on large amount of cash for a few weeks, go and get a revolving over draft facility at your local bank.Remember its easy to get credit, it is difficult to maintain and build th
What about your suppliers, customers or competitors? They might be looking for an opportunity to enter your part of the industry.
Finally, you can go to the general market. Contact a broker that has experience in your type of business or advertise it yourself through the classifieds.
2. Remove Yourself from the Business
Many businesses are based around the owner. Customers are used to dealing with you. Suppliers have long relationships with you. Your team trusts you. All these relationships need to be transferred to your other staff or the new owner. Start planning early!
3. Setup the Business as if you are going to Franchise it.
Who wants to buy a business that relies solely upon the current owner - the person who wants to sell and walk away from the business? A well-systematised business is attractive to prospective buyers who see the potential to own a business that runs smoothly using systems and, importantly, can run without their personal input. A business that can be run under management attracts a premium price when it comes time to sell.
4. Lock in your Senior Staff – The most Important People in the Business
If your senior staff aren’t in a position to be buying the business, you need to lock them in some way. Best thing to do is talk to them and keep them fully informed. Keep them up-to-date with developments in the sale process and make sure they understand where they will fit in after a successful sale. Consider introducing bonuses contingent on a successful sale.
6. The Customer Database - Your Pot of Gold
This is what will add value to your sale price. Think about it from the buyer’s perspective, they are buying a business that with the hope that the customers continue to deal with them. By developing a detailed database of your customers you will be giving them more confidence that they can manage the client relationships after you have gone.
7. Formalise Everything – Agreements
Get all loose agreement in writing. Start with your employment agreements. Develop up-to-date agreements that lay out the terms and conditions under which your staff are employed. Put agreements in place with your suppliers and customers as well. These should include trading terms, pricing contracts and any other ‘verbal’ arrangements.
8. Ensure you have the Best Looking Financials
You should aim to be able to show three years of constant growth, with healthy-looking financials. Clean up any personal items that could be questionable as business expenses – this will improve your profit figures. Clear up all outstanding debtors – this will improve your cashflow figures. Reduce any excessive spending and make the business look as profitable and attractive as possible.
9. Get a Business Coach to give you an Outsiders Perspective
Clients often come to me looking for someone outside the business to assist them with the eight steps above. They are GREAT business managers, but may never have been through the business sale process before. An experienced business coach will not only provide you with ad
One of the things I like about giving presentations to companies is meeting a new group of people and exchanging ideas with them. After a recent talk, several attendees and I had a great discussion about the power of branding.Later while changing my clothes, I was reminded how Levi Strauss & Company is one of the best in the business at branding. Just before I stuck my legs in the jeans I noticed a printed message on the outside of the inside flap of the pocket. From this short note, I’ve pulled three lessons that can maximize your brand.
4. Lock in your Senior Staff – The most Important People in the Business
If your senior staff aren’t in a position to be buying the business, you need to lock them in some way. Best thing to do is talk to them and keep them fully informed. Keep them up-to-date with developments in the sale process and make sure they understand where they will fit in after a successful sale. Consider introducing bonuses contingent on a successful sale.
6. The Customer Database - Your Pot of Gold
This is what will add value to your sale price. Think about it from the buyer’s perspective, they are buying a business that with the hope that the customers continue to deal with them. By developing a detailed database of your customers you will be giving them more confidence that they can manage the client relationships after you have gone.
7. Formalise Everything – Agreements
Get all loose agreement in writing. Start with your employment agreements. Develop up-to-date agreements that lay out the terms and conditions under which your staff are employed. Put agreements in place with your suppliers and customers as well. These should include trading terms, pricing contracts and any other ‘verbal’ arrangements.
8. Ensure you have the Best Looking Financials
You should aim to be able to show three years of constant growth, with healthy-looking financials. Clean up any personal items that could be questionable as business expenses – this will improve your profit figures. Clear up all outstanding debtors – this will improve your cashflow figures. Reduce any excessive spending and make the business look as profitable and attractive as possible.
9. Get a Business Coach to give you an Outsiders Perspective
Clients often come to me looking for someone outside the business to assist them with the eight steps above. They are GREAT business managers, but may never have been through the business sale process before. An experienced business coach will not only provide you with ad
A customer is very important to your business. Without customer, your business never exists in business area. In marketing theory, customer must segment to easy create marketing action because you know what target you send your promotion. There is two kind of customer like individual customer and corporate customer. Below some resources to get potential customer especially corporate customer:1. INTERNET. So many company have website and contact address in internet. Find as much possible corporate suitable with your product or services. Get address
6. The Customer Database - Your Pot of Gold
This is what will add value to your sale price. Think about it from the buyer’s perspective, they are buying a business that with the hope that the customers continue to deal with them. By developing a detailed database of your customers you will be giving them more confidence that they can manage the client relationships after you have gone.
7. Formalise Everything – Agreements
Get all loose agreement in writing. Start with your employment agreements. Develop up-to-date agreements that lay out the terms and conditions under which your staff are employed. Put agreements in place with your suppliers and customers as well. These should include trading terms, pricing contracts and any other ‘verbal’ arrangements.
8. Ensure you have the Best Looking Financials
You should aim to be able to show three years of constant growth, with healthy-looking financials. Clean up any personal items that could be questionable as business expenses – this will improve your profit figures. Clear up all outstanding debtors – this will improve your cashflow figures. Reduce any excessive spending and make the business look as profitable and attractive as possible.
9. Get a Business Coach to give you an Outsiders Perspective
Clients often come to me looking for someone outside the business to assist them with the eight steps above. They are GREAT business managers, but may never have been through the business sale process before. An experienced business coach will not only provide you with ad
What is your 'Life Career'?We frequently talk about maintaining a balance between work and personal life as if there is a distinction maintaining responsibility and attaining personal satisfaction. When searching for a new job or seeking recognition in the current job, employment is frequently treated as a financial responsibility. Personal goals are typically reserved for weekends, vacations or a few hours in the evening.The perceived value of separation between work and personal life is the objective to maintain a balance, as
8. Ensure you have the Best Looking Financials
You should aim to be able to show three years of constant growth, with healthy-looking financials. Clean up any personal items that could be questionable as business expenses – this will improve your profit figures. Clear up all outstanding debtors – this will improve your cashflow figures. Reduce any excessive spending and make the business look as profitable and attractive as possible.
9. Get a Business Coach to give you an Outsiders Perspective
Clients often come to me looking for someone outside the business to assist them with the eight steps above. They are GREAT business managers, but may never have been through the business sale process before. An experienced business coach will not only provide you with advice to keep you on the right track, but also the motivation and confidence to see the project through.
Many people wake up one day, fed up with their business and then hurriedly attempt to sell it. This doesn’t work. Plan it two to five years in advance so that you get the best outcome. Follow the nine steps above and you will be rewarded for the many years you spent building your business.
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