07 Oct Around the Web: A Week in Summary
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A recent article from Entrepreneur entitled “Want to Sell Your Business Someday? This Personal Detail Is More Important Than You Think.” discusses the importance of the business owner when it comes to the sale of a business. While buyers are certainly focused on things like risk, growth, transferability and documentation, they are also going to seriously consider the current owner of the business.
When evaluating the owner of the business, what the buyer perceives could make or break the deal. This is why it is so important as the owner of the business to act wisely and responsibly.
To model good owner behavior, consider these tips:
- Be mindful of your digital footprint including what you post on your personal social media
- Be honest about the negatives of the business
- Be likeable and trustworthy
A recent article from Yahoo Finance entitled “Is Now a Good Time to Start Selling Your Business?” explores things to consider when contemplating selling your business. After a major halt in deal activity in 2020 due to the pandemic, deal volume is now up in 2021 and selling prices have risen. But there’s more to it when deciding if it’s the right time to sell.
It’s important to analyze the current environment and how it could affect the success of the business, as potential buyers are thinking about this as well. It’s also important to consider how the pandemic has impacted your business – how has customer behavior changed, how has your workforce changed, and how have you responded to these changes.
If you decide the conditions are right and that you would like to sell your business, start with a checklist which can identify areas to improve to help maximize the value of the business:
- Evaluate the strength of each line of business and each business function
- Assess customer concentration and customer trends
- Examine potential long-term effects of COVID-19
- Identify your business’s growth levers
- Decide on a suitable asking price
A recent article from Sunbelt Network entitled “Expert Tips for Buying a Florist Business” offers guidance for buyers who may be considering the purchase of a florist business. For those with a passion for creativity and customer service, a florist business can be an excellent fit.
When evaluating a florist business available for purchase, consider the following questions:
- Why is the owner selling the business?
- What is included in the sale?
- Is the location desirable?
- What is the current customer base and how does the business serve these customers?
- Will the staff remain in place after the sale?
- How much of a time commitment does the business require of you as the new owner?