17 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 Entrepreneur entitled “3 Signs it Might Be Time to Sell Your Business” explores how to know when it might be the right time to sell your business. Despite succession planning being a top concern for business owners, the truth is most owners have no written transition plan.
One key sign that it might be time to sell is when you no longer enjoy the day to day of the business. Working long hours can lead to burnout. This is a very common thing for business owners.
Another key sign that it might be time to sell is if your business is at an inflection point. Perhaps the business is about to make a big leap forward. Or maybe the economic future is creating uncertainty.
If someone makes you an offer that you can’t refuse, this may also be a sign that it’s time to sell. If it’s sooner than anticipated, this may be an opportunity to stay on board in a transitional role for a short period of time before moving on to your next chapter.
Click here to read the full article.
A recent article from BizBuySell entitled “2023 to See More Baby Boomers Retire, Opening Opportunities for Entrepreneurs” discusses the impending retirement of baby boomers and what this could mean for younger entrepreneurs. With businesses finally recovering from the effects of 2020, many business owners are now turning their attention to selling and retiring.
When baby boomers decide to sell, this means new business opportunities for other entrepreneurs. Buying an existing business can be much more advantageous than starting a new business from the ground up.
Retired baby boomers may also want to stay engaged through mentoring younger entrepreneurs or even investing in other businesses. They also have more discretionary income to spend at businesses that cater to their interests.
Click here to read the full article.
A recent article from Entrepreneur entitled “6 Proven Ways to Sell Your Business for 10x or More” offers advice for maximizing profits when selling your business. The key is to create a business that runs itself. When the owner is not essential to the success of the business, it becomes more valuable.
To create a self-running business, consider the following steps:
- Establish a clear vision of long-term personal goals, long-term business goals, and core company values.
- Identify challenges, problems, and success factors. Then make changes where necessary.
- Build a strong team that is united around your goals and values.
- Identify, document and implement core processes.
- Leverage technology to save time and increase efficiencies.
- Develop your meeting structure, run effective meetings, and teach your team how to plan their weeks.
