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...
Every business owner wants to get the most they can for their business if they decide to sell it, so it’s disappointing when the sales price is lower than they expected. It can be hard for them to understand that the value of the business isn’t directly related to...
I don’t know you, but one thing I know is that being self-employed has been easy and highly profitable from the beginning of your self-employed journey. You have had incredible success, you were filled with passion and purpose along the way, and your staff or employees added so much...
Telling your employees you’ve sold your business may be one of the most difficult meetings you’ll ever have. Even if your small business doesn’t have family members working there, employees can feel like part of the family. You’ve worked closely with them, often for years. Now you have to...
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