Lack of training can result in business inefficiencies. It can lead to employees who aren’t motivated to improve. It can also result in the departure of employees who do want to improve. Lack of training and opportunity are key reasons that employees leave a company. Too many small business...
You will have a head start in selling your business if you can identify the most likely type of buyer in advance. By answering a few questions, a seller will be able to forecast the buyer’s probable financing needs and priorities. Questions include: Will the buyer have industry experience?...
Prospective buyers make the decision to purchase a business based on future upside potential, but they establish the price they’re willing to pay for the business based on its past and current performance. When you are ready to begin the valuation process, a business broker or a business valuation...
Every business acquisition will involve some form of negotiations before the process is done. The negotiating phase can be difficult and the final result may be radically different from the original deal. If a business owner is not prepared to properly negotiate, he could lose a deal, or settle...
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 old 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...
The best advice available on the subject of buyer relations is to exercise patience and understanding. The relationship between a buyer and seller can complicate the situation and frustrates everyone involved. It can make for hard-to-close transactions or, worse, lost deals. The seller is emotional because the business that...
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 a...
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