What Do You Want to Achieve? Negotiating the Sale of Your Business

What Do You Want to Achieve? Negotiating the Sale of Your Business

By Chad Peterson / January 2, 2017 / Comments Off on What Do You Want to Achieve? Negotiating the Sale of Your Business

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 for a lesser deal, and not…

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Buying An Existing Business vs Starting From Scratch

By Chad Peterson / January 2, 2017 / Comments Off on Buying An Existing Business vs Starting From Scratch

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 is that, once you are a…

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Timing is Everything When Selling a Business

By Chad Peterson / January 1, 2017 / Comments Off on Timing is Everything When Selling a Business

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. The timing and reason for selling must be right.  But how do you know what those are?  Here are some factors to think about: Burnout If you have lost…

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Showing Off Your Business: First Impressions are Important

By Chad Peterson / January 1, 2017 / Comments Off on Showing Off Your Business: First Impressions are Important

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 be aware of a possible sale…

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Murphy’s Law: 5 Pitfalls to Avoid When Selling a Business

By Chad Peterson / December 31, 2016 / Comments Off on Murphy’s Law: 5 Pitfalls to Avoid When Selling a Business

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 too many variables and too many…

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Working with Buyers Can Take Patience and Understanding

By Chad Peterson / December 30, 2016 / Comments Off on Working with Buyers Can Take Patience and Understanding

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 is up for sale is his…

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Why Hiring The Right Business Broker To Sell Your Business Matters Most

By Chad Peterson / December 30, 2016 / Comments Off on Why Hiring The Right Business Broker To Sell Your Business Matters Most

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 difference.  A good broker has a…

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10 Steps to Selling a Business

By Chad Peterson / December 30, 2016 / Comments Off on 10 Steps to Selling a Business

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. Step 1: Business owner decides to sell business The first step to selling a business is to decide to sell.  There are many reasons someone…

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How to Make a Great First Impression When Selling a Business

By Chad Peterson / November 29, 2016 / Comments Off on How to Make a Great First Impression When Selling a 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 business operates, but a prospective buyer…

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Cash Flow is King When Selling A Business [One Seller’s Story]

By Chad Peterson / March 4, 2016 / Comments Off on Cash Flow is King When Selling A Business [One Seller’s Story]

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 he gave up his plans to re-enter the world of big business and stayed. When his boss decided to retire, Steve bought the business. The…

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