22 Nov 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 Transworld Business Advisors entitled “3 Tips for First Time Business Sellers” offers advice for business owners who are preparing for an exit for the first time. This is a complex process that requires thorough planning in order to achieve a successful outcome.
First, make sure that you don’t neglect the business during the sale process. Revenue and cash flow need to remain strong to protect the value of the business.
Second, keep the sale confidential. It is best to avoid alerting customers and vendors who may react negatively to the news.
Third, take the first buyer who makes an offer serious as they could very well be the right buyer. But don’t be surprised if their first offer is low, and don’t be afraid to counter and negotiate.
Click here to read the full article.
A recent article from Charlotte Business Journal entitled “Tips to get your car wash business ready for sale” discusses important considerations for selling a car wash, however these tips are applicable to many types of businesses. It is important to take several key steps ahead of the sale to set yourself and the business up for a successful sale.
Consider the following tips:
- Focus on your core operations and your team
- Consider what a successful transaction looks like to you
- Take steps to strengthen your financial position
- Get your house in order
- Build a team to achieve your goals and objectives
Click here to read the full article.
A recent article from Fast Company entitled “These are the 4 lessons I learned from selling my company” offers insights and reflections from a business owner after the sale of her company. This business owner learned several key lessons in selling the business and navigating life after the sale.
The first lesson is to know when it’s time to leave. For her, a loss of joy, creativity and clarity of purpose signaled the time to exit.
The second lesson is that you can’t predict grief. What may trigger grief will vary from owner to owner. It could be the reality of a change in direction for the next generation, a loss of certain relationships, or leaving the team.
The third lesson is that you shouldn’t be afraid to enlist others for help and support. After the sale, it’s okay to ask professionals, peers, friends or family for insight into what might be next.
