13 Jun Around the Web: A Week in Summary
A recent article from BusinessBroker.net entitled “Transitioning From Employee to Business Owner” talks about making the leap from an employee of a company to owning your own business. The article touches upon how you can bridge the gap from your first job, to a higher position, to a business owner. The author explains that many people resist change, but you as a new business owner may have to retrain your brain to embrace change.
Common areas of change may include:
- Developing human and conceptual skills needed to hire and train
- Separating work and personal relationships
- Taking calculated risks
- Learning from your mistakes
A recent article from Business.com entitled “When Selling Your Business Causes an Identity Crisis” discusses how to envision your future without your business being a part of it. You probably identify yourself as a business owner, so what happens when it’s time to sell?
The author identifies three types of business owner scenarios that you might relate to:
- Born on third base and knows it.
- A servant to clients.
- The mayor.
Which are you?
A recent article from The Denver Post entitled “Half of all business sales fall apart during due diligence. Here’s how to avoid it.” tells us what not to keep hidden when selling your business. When a seller does not disclose all of the facts to the potential buyer, you can pretty much say goodbye to the deal. These situations are all too common and should never happen in the business selling process.
As a seller, do not rush to go to market as it could be a recipe for disaster. Engage with a professional M&A advisor to help prepare for the transaction process. You’ll also want to prepare for the buyer’s due diligence process as the buyer will have intense scrutiny for this major purchase.
Disclose all of the information that you can. You might even explain your challenges with the business. This will gain trust with your buyer. Think like a buyer. If you were buying a business, how would you want to be treated? What information would you like to know? Asking yourself these questions will help you connect with your potential buyer.