10 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 Business News Daily entitled “5 Crucial Steps to Sell Your Business” offers advice to make the business sale process seamless and profitable. Proper preparation can help minimize the risk of an unsuccessful sale.
When selling a business, consider these five steps:
- Maintain clean and well-documented financials
- Get an estimate of your business’s worth
- Hire a reliable broker
- Find a pre-qualified buyer
- Finalize contracts and close the deal
The article also explores frequently asked questions such as how long does it take to sell and what will happen to my employees?
Click here to read the full article.
A recent article from Inc. entitled “4 Reasons Why You Should Take Those Offers to Buy Your Company Seriously” explores what to do when you receive offers to buy your business. Should you take it seriously? It depends.
Reasons you may want to take an offer seriously include the fact that economically it is a good time to sell, if your company is healthy, if you are ready to sell personally, and you will gain a lot of insight from the process.
Reasons you may not want to take an offer seriously include they may be wasting your time, they may lower their offer once you start talking, it can be expensive and distracting, and it takes time to properly prepare for a successful sale.
Click here to read the full article.
A recent article from Value Walk entitled “Planning To Sell Your Business? Align Your Employees Or Risk Derailing The Sale” discusses the importance of taking your employees into consideration when selling your business. It is important to align owner interests and employee interests.
Potential ways to align interests include:
- Tiered communication, starting with who needs to be involved first such as the CFO
- An options agreement to keep key staff engaged with incentives
- A phantom equity plan to create a payout for employees
- A success bonus plan to financially reward employees
