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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...

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. Timing is Everything The timing and reason for selling must be right.  But how do you know what those are?  Here are some...

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...

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...

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...

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...

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...

Fail to Plan: Plan to Fail [A Seller’s Story]

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...