13 Sep Around the Web: A Week in Summary
A recent article posted on the VR Business Brokers blog entitled “5 Essential Tips to Master the Art of Selling Your Business” outlines some of the most important aspects of the selling process and gives owners insight into how these things can be used to their benefit when selling their business. As noted by the author, the following are essential to master for sellers:
- Value the business
- Create a high-impact advert
- Respond to enquiries promptly
- Think about the timing of the sale
- Consider using a business broker
While some of these items may seem obvious, sellers often forget or simply leave out important steps in the sale process. There is so much going on during a business sale that it is easy to get caught up in smaller details without taking into account some of the most important aspects.
A recent article posted on the LaManna Alliance blog entitled “A One-Word Answer to Why a Valuation is Important” explores why pre-sale business valuations are so important in the business transaction process. Not only do they give an accurate and non-inflated version of what a business is worth for the seller, they help to set a base for negotiation.
Read the case study of Brad Van Leeuwen, the former owner of a print finishing company who experienced the sale process himself. He outlines the story and the process involved and advises on the necessity of a valuation.
A recent article posted on BizJournals.com entitled “How to handle an unexpected offer to buy your business” details the steps an owner should take if they receive an unsolicited offer to buy their business. While these types of offers are relatively uncommon, they do happen and one of the most important things a business owner can do in case of a situation like this is to be prepared. The steps listed below outline ways an owner can prepare for an unexpected offer to buy their business:
- Create a succession plan early on
- Turn the tables and run the situation
- Keep business operations first priority
Being prepared, owning the situation, and keeping the success of the business at the top of an owner’s priority list are the most important things that an owner can do when faced with any type of unexpected situation, especially when an unexpected offer to buy their business is on the table.