16 Dec Around the Web: A Week in Summary
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A recent article from Milwaukee Community Journal entitled “5 Signs That It’s Time To Sell The Family Business” discusses making the big decision to sell your family business. After spending years building your business, it can be difficult to come to terms with the reality of needing to sell it. But it is important so that the business can live on and you as the owner can get what you need from it for your next chapter in life.
Telltale signs that it is time to sell the family business include:
- The next generation isn’t interested in taking over
- The next generation isn’t capable of taking over
- There are too many owners
- You receive a great offer
- The next generation doesn’t get along
A recent article from ValueWalk entitled “7 Proven Tips to Buying a Business Post-Pandemic” offers advice for those considering purchasing a business after the pandemic. It is likely that a lot of owners will be seeking to sell after weathering the pandemic, so there will be opportunities for buyers.
When thinking about buying a business, keep the following tips in mind:
- Figure out how much money you want to make so that you can buy a business that will allow for that level of income
- Choose a business that aligns with your interests and passions
- Take an inventory of your talents to identify where you can apply them
- Determine the geographic area you want to be in
- Be honest with yourself in regards to your potential as a business owner
- Identify what you are comfortable with and what you aren’t comfortable with
- Don’t get caught up on where the money to buy a business will come from, there are options
A recent blog post from Transworld Business Advisors entitled “Ways to Increase Your Small Business’s Value” explores practical ideas to increase what your business is worth. Although 2020 has been incredibly challenging, there are still steps you can take now to drive value.
Consider the following tactics:
- Make your business unique by offering things that your competitors do not
- Work to create predictability for your customers so they always know what they can expect from you
- Diversify your product or service offering
- Offer hard to replicate products or services
- Make noticeable improvements to your customer service
- Ask happy customers to leave you a review