09 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 Viking Mergers & Acquisitions entitled “10 Proactive Tips for a First-Time Business Seller” offers advice for business owners who are selling for the first time. Properly preparing for this complex process can help maximize the sale price.
10 tips for first-time sellers include:
- Use A Professional Advisor
- Hire A CPA
- Plan For Taxes
- Watch The Expenses
- Limit Changes
- Keep It Clean
- Manage Inventory
- Ensure Everything Works
- Have An Open Mind
- Be Committed
Click here to read the full article.
A recent article from Upstate Business Journal entitled “Murphy Business Sales on why buying a business can be better than starting your own” explores the benefits of purchasing a business. Many people who want to become their own boss think of starting their own business, however buying a business may be a more wise choice.
One reason why it may be better to buy is because it can be easier to obtain financing to buy a business than to start a business. Lenders and investors are able to see historical success, making them more likely to provide funding.
Another reason is that an existing business comes with an established brand. This means existing customers, implemented advertising, and market awareness.
Finally, buying a business means you inherit a working system with suppliers, accounting processes, customer service processes, and industry contacts. These things take considerable time to put in place if you are starting from scratch with a new business.
Click here to read the full article.
A recent article from Transworld Business Advisors entitled “Thinking of Selling Your Restaurant? What You Need to Know in 2022” discusses the current state of the market for restaurants. If you’re a restaurant owner considering an exit, there are some important things to know.
Restaurants sold at record speed and profits in 2021, which bodes well for potential sellers in 2022. Buyer demand is high as consumers flock back to restaurants with pent up demand after pandemic closures. There are also many people leaving their jobs and seeking to own their own business. It may be advantageous to capitalize on this demand before it starts to ease up.
Key steps to selling a restaurant in 2022 include:
- Retain an advisor
- Keep running your business
- Take steps to mitigate rising costs
