05 Jan Around the Web: A Week in Summary
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A recent article from Forbes entitled “Four Questions Sellers Must Ask To Choose The Right Business Broker” discusses the process of selecting a business broker when preparing to sell your business. Your business broker will play a pivotal role in the sale of your business, so it is important to make the right selection for you and your business.
Consider the following questions:
- Does the broker understand how to drive business value?
- Does the broker have compelling marketing materials?
- What is the range of services covered by the broker’s fees?
- What are the broker’s qualifications and reputation?
The ideal broker will come qualified with a solid reputation, maximize exposure for the business for sale, negotiate the best price, and work towards seller success.
A recent article from Entrepreneur entitled “6 Things to Ask Yourself Before Selling a Startup” explores key considerations for business owners contemplating a sale. It is important to identify if the business is ready to be sold and if the time is right, so as to help foster a successful sale.
Ask yourself the following questions before making the decision to sell your business:
- Is the startup transferrable?
- Is it sustainable?
- Will another leader do well?
- Is it the right time?
- Is a partial exit acceptable?
- Is it time to ask for advice?
An honest, thorough evaluation and proper preparation are central to a profitable exit.
A recent article from Transworld Business Advisors entitled “Business Trends to Look Out for in 2022” reviews key outcomes in 2021 to help predict what is to come in 2022. After low deal volume in 2020 due to the pandemic, the economy and transactions picked back up in 2021.
In 2021, eager consumers drove spending at restaurants, retailers, tourism, events, and healthcare providers. Online shopping became even more popular. Businesses sold faster and for higher prices than usual.
In 2022, buyer demand for small businesses is expected to increase. Inflation and supply chain issues should ease. Ecommerce and automation will likely continue to become more and more prominent for many businesses. It could be an opportune time to sell.