30 Jun Around the Web: A Week in Summary
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A recent article from Forbes entitled “How To Sell Your Solo Business: Turning The Company Into An Asset” discusses the importance of positioning a one-person business for an eventual sale. Doing so can increase the value of the company as well as protect the owner and the owner’s family.
The following actions can help develop the business into a sellable asset:
- Build a brand that has value beyond just the owner
- Create an owner salary so buyers can make easy financial calculations
- Handpick the buyer so that it is a great fit for the business, the seller, and the deal terms
Click here to read the full article.
A recent article from UKTN entitled “This question told me it was time to sell my business” explores how a long-time business owner experienced changes in the business and how those changes eventually led to the realization that they should sell the business.
This business owner experienced a very common growth path. They started out from scratch, hungry and eager to do all of the things required to create and grow a successful business. The business survived a challenging period and grew further. The owner reflected on whether or not they wanted to stay at the helm of this growth trajectory or if it would be better to hand it off to someone else so they could start a new path.
In considering which course to take, the owner asked themselves a very meaningful question: “If I was starting from scratch today, is this the business I would start?”
Click here to read the full article.
A recent article from Forbes entitled “Five Steps For Selling Your Business” discusses important considerations for selling a business. This is a complicated process and it is best to start early.
Consider the following steps for selling a business:
- Choose Your Preferred Type of Business Sale
- Properly Value Your Business
- Create an Exit Strategy
- Find a Business Broker
- Prepare Estate Planning Financial and Legal Documents
