19 May 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 JD Supra entitled “10 Tips for Selling Your Private Company the Right Way” offers steps business owners can take to help foster an efficient and effective sale process. While business owners may be very successful entrepreneurs, they likely have limited experience with the process of selling a business.
Consider the following steps:
- Hire an M&A Advisor
- Retain Experienced Legal Counsel
- Review and Update Your Corporate Records
- Re-Examine Your Related-Party Contracts
- Coordinate Your Internal Deal Team
- Consider Your Tax and Financial Planning
- Determine Your Post-Closing Objectives
- Pay Attention to the LOI
- Become Informed About the Buyer
- Look Into Restrictive Covenants
Click here to read the full article.
A recent article from NH Business Review entitled “Planning your exit strategy” discusses how business owners can prepare for the eventual sale of their business so that it is more likely to succeed and maximize value.
When developing an exit and retirement plan, consider the following tips:
- Work with an expert
- Build a plan that works no matter what
- Start early
- Avoid putting all of your money into your business
- Clean up your company’s cash flow
- Let your future plans guide your decisions
- Anticipate worst-case scenarios
- Remember to sell, not close, your business
Click here to read the full article.
A recent article from BizBuySell entitled “In Which State are Most Businesses Sold?” explores business sale data from 2022. Florida saw the most businesses sold on BizBuySell for the fifth year in a row.
In 2022, 1,619 businesses were reported sold in Florida. The state with the second most businesses sold was California. Breaking it down further, the Tampa Bay Area had 413 businesses sold, Miami-Fort Lauderdale had 392 businesses sold, and Orlando Metro had 194 businesses sold.
Sectors seeing the most sales in Florida include food/restaurants, service businesses, transportation/storage, and online/technology. Interestingly, the median sales price in Florida was one of the lowest compared to other states.
