So you want to be an entrepreneur, but don’t have an idea you want to pursue? Then you may be a great candidate to buy an existing business. Buying an existing business may involve more cost upfront, but it also represents less risk than starting from scratch. One advantage...
A business owner can spend his entire career developing a business. It’s his baby, which can make selling it the most difficult decision he will make. Timing is Everything The timing and reason for selling must be right. But how do you know what those are? Here are some...
Showing a business is more than just touring a prospective buyer through the building and showing him four walls and a new paint job. It’s about perception. External Business Appearance Most business showings are performed after business hours due to confidentiality. The buyer should understand that employees may not...
Murphy’s Law is an adage that says Anything that can go wrong, will go wrong. Murphy is bound to strike at some point, however, the following common mistakes that can be avoided. Comparing Sales Prices Don’t compare what another business sold for to your business. There are just too...
The best advice available on the subject of working with buyers is to exercise patience and understanding. The relationship between a buyer and seller can complicate the situation and frustrate everyone involved. It can make for hard-to-close transactions or, worse, lost deals. The seller is emotional because the business...
Unless a business broker has “walked in your shoes,” he can never fully understand what a seller will go through emotionally or psychologically. While there may be successful business brokers who have never sat in an owner’s chair, prior ownership experience adds an important element that can make...
Selling a business is one of the most important events in a business owner’s career. While each transaction is unique, knowledge of the complete process will help get to closing. Here are the 10 steps to selling a business: Step 1: The business owner decides to sell the business...
The marketing package your broker creates is the first interaction a prospective buyer will have with your business and is the prime validation of the old adage, “You can only make a first impression once.” The marketing package will include financials and information about employees, assets and how the...
In this story, you will learn why cash flow is the king when its time to sell your business. Laid off from his corporate job due to a reduction in force, Steve went to work for a flooring company. He liked both the work and his boss so much...
When the alarm went off at 2:00am one cold, February morning and he heard the weather report on the radio–another four inches of snow and ice– all Rob Bentley wanted to do was pull the covers over his head and go back to sleep. After 17 years of running...
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