17 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 AllBusiness entitled “Is It Time to Sell Your Business? 11 Clear Signs That Point to Yes” explores when it might be time for a business owner to consider selling. This can be a challenging decision, so knowing these key indicators can be helpful.
11 signs that it may be time to sell your business include:
- You’ve plateaued
- You’re dreading your work weeks
- The market is moving against you
- Your personal life is suffering
- You don’t feel a connection anymore
- You’ve lost your passion
- It brings you more pain than joy
- There’s no more room for growth
- You have a good offer
- The bad days outnumber the good
- Your pockets and heart are complaining
Click here to read the full article.
A recent article from New Jersey Business Magazine entitled “Avoid These 3 Mistakes When Selling Your Business” discusses common critical errors business owners make when selling their business and how you can avoid them. Selling a business requires a unique set of skills and it is a high stakes event, so while these mistakes may be common it is crucial to work to prevent them.
The first common mistake is failing to properly plan and prepare. Buyers will be looking to thoroughly analyze your business. You should be analyzing it first, identifying and fixing any issues you find, and getting all of your ducks in a row so that the business is ready to present to buyers.
The second common mistake is underestimating the value of the business. Consider what it is worth to the buyer, the value it offers them, and its potential. Work with multiple buyers to create a competitive process.
The third common mistake is quickly accepting an “offer you can’t refuse”. Perhaps this offer is the right one to accept, but it’s important to step back and properly analyze it.
Click here to read the full article.
A recent article from Forbes entitled “Succession Planning For Owners Of Small And Medium Businesses” discusses how to properly plan for the transition of your business to a new owner. While this may seem like a daunting task or something you don’t need to think about for years, it’s best to start the succession planning process far in advance so that you have time to do it right and set you and the business up for a successful transition.
Key first steps in the succession planning process include:
- Get an understanding of what options exist
- Determine which of these options are viable for you and your business
- Develop an action plan based on the option you wish to pursue
These initial steps will help you get the ball rolling and give you a clear direction to continue the succession planning process.
