13 Jan Around the Web: A Week in Summary
The following information has been sourced by Business Brokerage Press for the benefit of the business brokerage community. The views of these articles do not necessarily represent the views of Business Brokerage Press. We hope you find this information helpful.
A recent article from Sunbelt Network entitled “Selling a Business During COVID-19: 3 Pandemic-Proof Industries” discusses how the COVID-19 pandemic has affected different industries and the consequences for business owners who are considering selling.
The following industries in particular have either remained consistent or have grown during the pandemic, which makes them prime candidates to sell:
- Construction & Engineering
- Business Services
For other industries, the pandemic has had a much harsher affect making it potentially more difficult to sell. Some industries that have been hit the hardest include retail, restaurants and personal services.
A recent article from Exit Strategies Group entitled “The Benefits of Monitoring Company Value” explores the importance of knowing what your business is worth. For many, this thought doesn’t arise until they start thinking about selling. But there are real benefits to keeping tabs on value at every point in the business’s life.
Knowing the value of your business can be useful for:
- Gauging performance and guiding management
- Enabling equity transactions
- Evaluating shareholder agreements
- Strategic planning
- Educating leadership
A recent article from Norfolk Daily News entitled “Selling business takes ‘team’” explains the importance of having a deal team when selling your business. Some business owners may think they can handle the sale themselves, however this strategy can lead to failed deals, lower sale prices, and painful transactions.
Without the guidance of a transaction professional, sellers often make mistakes such as:
- Taking it personal
- Not knowing the value of the business
- Not knowing how to identify a qualified buyer
- Not knowing where to find the right buyer
- Viewing the sale as an event rather than a process
- Lacking the stamina to cross the finish line