24 Jun Around the Web: A Week in Summary
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A recent article from Small Business Trends entitled “Selling a Business Checklist” offers tips for business owners who are preparing to sell their business. Proper planning fosters a successful sale. This means pricing it right, making it sale-ready, being prepared to answer questions, etc.
Consider the following checklist items:
- Assemble your deal team
- Define why you’re selling
- Review your licenses, contracts, agreements
- Organize important documents
- Review insurance
- Identify and document business assets
- Create an inventory list
- Evaluate company policies
- Address supplier contracts
A recent article from Forbes entitled “Eight Smart Ways To Protect Your Interests When Selling Your Business” explores advice from Forbes Finance Council experts regarding how business owners can protect themselves when selling their business. The sale of a business has many financial and legal implications.
Steps business owners can take include:
- Figure out what your business is worth
- Define what is included in the sale
- Consider the value of your intangible assets
- Consult your accounting and legal professionals
- Hire an experienced attorney
- Keep as much equity as you can leading up to the sale
- Confirm that you own your intellectual property
- Determine the basic terms of the deal
A recent article from The Good Men Project entitled “What Are the Benefits of Buying a Franchise?” discusses the advantages of purchasing a franchise. Business ownership is a big leap, but choosing the franchise route can make it easier and less risky.
Franchises offer an already established business model and brand. This helps guide you in running and marketing the business. Rather than starting from scratch, you can hit the ground running with the franchise’s best practices.
Franchises can be easier to obtain financing for. Lenders like a proven business. Some franchisors even offer financing.
Owning a franchise also means you will be able to utilize an existing network as well as existing support and security systems.