10 Mar Around the Web: A Week in Summary
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A recent article from Sunbelt Business Brokers entitled “Do These 4 Things Before You Sell a Thai Restaurant” offers tips for owners of Thai restaurants regarding selling their business. Thai food has become popular across the U.S., however the COVID-19 pandemic has many restaurant owners contemplating an exit.
When preparing a business for sale, consider the following tips:
- Think about what your exit will look like including your post-sale goals and what the buyer will need to know once you have left.
- Get all of your important business documents together such as financials and leases.
- Make improvements to increase the appeal of the business to potential buyers.
- Get a professional valuation so that you know what a fair asking price is.
A recent article from GoAutoNews Premium entitled “Preparing your business for sale” discusses the process of selling a car dealership including what to expect and how to prepare. This process can be lengthy, complex and emotional. Trusting deal professionals and proper planning can help ease the pressure and increase your chances of a successful sale.
Tips for preparing your car dealership for sale include:
- Look for a win/win deal
- Be realistic about the outcome
- Address any problems with the business before you try to sell it
- Be mindful of your OEMs when vetting buyers
- Prepare a detailed information memorandum
- Prepare for due diligence ahead of time
A recent article from The Patriot Ledger entitled “Selling your business? Don’t overlook the profitability assessment” explores the importance of profitability when selling your business. Taking a deep dive into the profitability of your products and services can be very beneficial.
A profitability assessment examines all costs such as overhead, marketing and administrative. The results of a profitability assessment allow you to isolate profitability by customers, industry, product or service, geography or sales team. This knowledge can help you make better decisions.
The three major stages of a profitability assessment include: