Putting your strengths first will help you sell your business. While this may seem obvious, a surprising number of business owners will either improperly index the strengths of their business or fail to emphasize those strengths adequately. In this article, we will examine five key business strengths that you should focus on when it comes time to sell. Understand Your Buyer You know your business, but you don't necessarily know what buyer is best for it in the long run. If you've never sold a business before (and most business owners haven't), then you may not know how to best position and present your business for sale. A business broker is immensely valuable in this regard. These professionals are very good at determining which prospective buyers are serious and which ones are not. Additionally, a business broker will use their own databases of prospective and vetted buyers and try to match your business up with the prospective buyers that are most likely to be a good fit. When … [Read more...]
Archives for October 2018
Evaluating Your Company’s Weaknesses
The time you spend evaluating your company's weaknesses is, as it turns out, one of the single best investments you can hope to make. No one should understand your company better than you. But to fully understand your company, it is essential that you invest the time to understand your company's various strengths and weakness. Your company, from the beginning, has been an investment. It's an investment in your time, your mental energy and, of course, your financial resources. The time and effort you expend to locate, understand and then fix your businesses' weaknesses is time very well spent. Addressing and remedying your businesses' weakness will not only pay dividends in the here and now, but will also help get your business ready to sell. Let's turn our attention to some of the key areas of weakness that can cause some buyers to look elsewhere. An Industry in Decline A declining market can serve as a major red flag for buyers. You as a businessowner must be savvy enough to … [Read more...]
What Should You Evaluate When Buying a Business?
Buying a business can be an exciting prospect. For many prospective business owners, owning a business is the fulfillment of a decades long dream. With all of that excitement comes considerable emotion. For this reason, it is essential to step back and carefully evaluate several key factors to help you decide whether or not you are making the best financial and life decision for you. In this article, we'll examine five key factors you should consider before buying a business. What is Being Sold? If you hate the idea of owning a clothing store, then why buy one? The bottom line is that you have to have a degree of enthusiasm about what you are buying otherwise you'll experience burnout and lose interest in the business. How Good is the Business Plan? Before getting too excited about owning a business, you'll want to take a look at the business plan. You'll want to know the current business owner's goals and how they plan on going about achieving those goals. If they've not been … [Read more...]