21 Dec Around the Web: A Week in Summary
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A recent article from Troy Media entitled “What you need to know if you’re selling your business” discusses important considerations for business owners who are preparing to sell their business. Selling a business is a challenging task and the inventory of businesses for sale is expected to rise over the next several years which means more competition.
To improve your chances of a successful sale, consider the following tips:
- Increase the profitability of the business to make it more appealing to buyers and more valuable
- Set the business up to run on systems and without you
- Plan far in advance of your target sell date
- Be willing to get creative and flexible when it comes to the sale
A recent article from Transworld Business Advisors entitled “How to Identify Trustworthy Buyers” discusses the process of screening buyers in order to find the right buyer who will be a good fit for your business. If protecting your business and your legacy is a priority, then finding the right buyer is critical.
When screening buyers, ask yourself the following questions:
- Is the buyer reputable?
- Is the buyer passionate?
- Is the buyer communicative?
Diving into these questions can help you match up with a trustworthy, compatible buyer for your business.
A recent article from Viking Mergers & Acquisitions entitled “Selling a Boat Dealership: Tips from Tampa, FL” explores helpful advice for boat dealership owners who are looking to sell. While these tips are tailored to boat dealerships, they can also be applied to most types of businesses.
The first tip is to consider timing. Does seasonality affect your ability to dedicate time to the sale? Is there a certain time of year when buyers may be more interested?
The second tip is to get educated. Learn about the selling process, the state of the market, and the value of your business. Enlist the services of a business broker who is experienced in these areas.
The third tip is to maximize the value of your business. Run the business like you aren’t selling it so that it is ready to continue operating smoothly under new ownership. One example of this is keeping sufficient inventory.