22 Aug Around the Web: A Week in Summary
A recent article from the Dallas Business Journal entitled “Want to buy a business? Tips to get you started” explains the major factors to be considered when purchasing a business.
Becoming a business owner is a big life step that can be very satisfying, but should not be taken lightly. Before diving in, here are some things to consider before signing on the dotted line:
- Go over the pros and cons of business ownership. Failing to consider the downsides can have disastrous outcomes in the future.
- Research potential businesses thoroughly.
- Have an advisory team that you work with closely. This team of professionals can provide valuable insight regarding financial benefits and risks, insurance, legal and personal considerations.
- Comb through the prospective business with a fine toothed comb. You want to be sure that there are no hidden costs and it is an overall healthy operation that will provide a return on your investment.
- It is a good idea to lean on your team of experts for the transition to ownership after a purchase is finalized as well.
A recent article from Radio.com entitled “3 Reasons You Should Consider Selling Your Small Business” explains three signs that it’s a great time to sell.
While it can be an emotional choice, having spent years of your life building and running a business, selling your business should never be a spontaneous decision. Given the amount of effort it takes to accomplish many business goals, it makes sense that you’d be hoping to eventually benefit from a payout for your hard work. Once you’ve made the decision and preparations to sell your business, here are three signs that it’s a good time to go for it:
- Business is booming
- Your heart is no longer in it
- Trends are changing
On occasion a small business owner will receive an offer for their business, even when they weren’t planning on selling it. While this is a good position to be in, always take time to weigh your options and consider what is best for you and your company.
A recent article from Forbes entitled “How Women Entrepreneurs Should Prepare to Sell a Business” discusses the realities that female business owners face when it comes time to make the decision of how to exit their business.
For many small business owners, their ability to retire and their financial health post-exit depend upon a profitable and smooth sale. While the specific details for each woman’s exit can vary based on her specific needs and goals, the overall approach should remain the same. Before taking the steps to sell a business, it’s important to assess what the ideal outcome is and why. Once this decision has been made, it’s imperative to create an actionable plan that will prepare you, the future owners and the business to accommodate these goals. Of course, the final step is to execute the plan. Working with a broker or advisor is recommended during this process. A trusted advisor can help to provide perspective, guidance and structure in an otherwise unknown territory for a business owner.