02 Mar Around the Web: A Week in Summary
The following information has been sourced by Business Brokerage Press for the benefit of the business brokerage community. The views of these articles do not necessarily represent the views of Business Brokerage Press. We hope you find this information helpful.
A recent article from Inc. entitled “3 Reasons Why 2022 Might Be the Year to Sell Your Business” discusses reasons why this year could be a good time to sell. After two years of challenges and uncertainty, the markets are starting to settle down.
Businesses are selling at record prices. Buyers are willing to pay more for businesses that are doing well. Profitability, location, and a quality staff are high priority items for buyers.
The Great Resignation has resulted in a new crop of entrepreneurs. After leaving their jobs, these people are seeking to start or buy a business.
Buyer demand is currently outpacing seller supply. This means sellers are in an ideal position to negotiate. This is a limited-time window, though, as the impending wave of baby boomers deciding to sell is on the horizon.
Click here to read the full article.
A recent article from Entrepreneur entitled “4 Ways to Stay on After Selling Your Business” discusses options for business owners who wish to sell yet remain with the company. Maybe you’re ready to cash out, but not ready to say goodbye.
Here are four potential roles you could take on after you sell your business:
- CEO – With a proper exit plan, you could continue to operate as CEO for a period of time.
- Specialist – You’ve developed specialized skills after all these years of operating the business, so your new role could see you specializing in a particular area such as sales.
- Board Member – This involves less involvement than a full-time role, as you’ll focus on things like providing business direction, recruiting executives and monitoring business functions.
- Consultant – Here you will provide occasional assistance, which can give the new leadership team some peace of mind.
Click here to read the full article.
A recent article from ACHR News entitled “Phases of Selling Your HVAC Business” explores several possible emotions one might experience when selling a business. Most buyers will not experience all of these emotions, but it’s highly likely they will experience some of them.
Common phases include:
- Astonishment – realizing your business is saleable
- Confusion – encountering unfamiliar questions and terms from buyers
- Fear – wondering if it’s the right decision and if it’s enough money
- Excitement – thinking about all of the benefits of the sale
- Remorse – second-guessing the sale price
- Drudgery – enduring due diligence
- Guilt – coming to terms with telling your team
- Relief – the deal is finally done
- Panic – realizing the tax implications
- Awareness – beginning your new life
- Paralysis – hesitating to act in your new role as an employee
- Frustration – the challenges of working for someone else
- Separation – walking out the door for the final time
- Uncertainty – what is next?
