10 Feb 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 Forbes entitled “Essential Steps To Eliminate Business Risk, Improve Value And Increase Profits” discusses ways that business owners can reduce risk and increase the value of the business so that they can sell for more. Buyers will likely be willing to pay more for a business when there is less risk.
To reduce risk, consider the following tips:
- Become a risk hunter, actively looking for where things could go wrong in every aspect of the business
- Ask your employees for their ideas on improving the operations
- Bring in experts in areas such as HR, technology, privacy & data protection, tax, accounting and environmental
Click here to read the full article.
A recent article from News Channel 5 Nashville entitled “When to Sell Your Business” features a discussion with SCORE Connect host Anna-Vija McClain and author, speaker and coach Hannah Paramore regarding the best time to sell your business.
Hannah shared how she got started in her industry, how she started her business, how she grew the business, and the events that led to her selling the business. Industry and technology changes shifted how the business needed to operate, and these changes were a catalyst for the sale.
Click here to read the full article.
A recent article from Forbes entitled “Eight Best Practices For Managing Toward A Rewarding Exit Payday” discusses how business owners can change how they manage their business to foster a more successful exit. Exit planning is not just creating a strategy, it is adopting a focused, outcome-driven way of doing business.
Consider the following tips for managing your business for an eventual exit:
- Take the buyer’s point of view
- Continuously enhance your unique value proposition
- Get your financial house in order
- Know your value
- Demonstrate sustainability
- Don’t neglect housekeeping
- Display growth
- Develop relationships
