28 Oct Around the Web: A Week in Summary
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A recent article from The Street entitled “Five Mistakes to Avoid when Succession Planning” explores how business owners should plan for an eventual exit from their business and common mistakes to avoid in doing so. A lack of proper succession planning can negatively impact the value of the business and the chances of a successful transition.
Here are five common succession planning mistakes business owners should avoid:
- Not Knowing the Value of Your Business
- Not Diversifying Wealth
- Not Reviewing Legal Documents
- Not Considering Every Ownership Transfer Option
- Not Planning for Taxes
A recent article from JD Supra entitled “Seven Mistakes You’re Likely to Make When Selling Your Business” discusses common mistakes business owners make when selling the business. Making these mistakes can put the sale at risk.
The seven common mistakes include:
- You haven’t thought enough about how you’re getting paid
- You haven’t thought enough about what happens if you aren’t paid
- You haven’t been creative enough
- You haven’t considered the tax implications thoroughly
- You haven’t been realistic about your buyer
- You haven’t sought legal or financial advice because it’s too expensive
- You haven’t considered the potential risks of the transaction
A recent article from Forbes entitled “Buying A Food And Beverage Business In A Post-Pandemic World” discusses how the pandemic has impacted the food and beverage industry, and what buyers of these businesses should be considering. Several important lessons have been learned which can provide valuable insight into operating and growing food and beverage businesses.
Consider the following factors:
- Invest in a sufficient e-commerce model consisting of elements such as search engine optimization and online ordering
- With health becoming a top priority for many people, businesses offering nutritious options and improving health and wellness have added appeal to consumers
- Employee safety is paramount from a safe work environment to healthcare options
- With ongoing supply chain challenges, businesses should be operationally efficient and flexible