24 Jul 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 TD entitled “Succession Planning Means High Value for Businesses” discusses the importance of beginning to succession plan early in the life of a business. Often owners wait until it’s almost time to exit, and that can lead to a less than ideal outcome.
Succession planning minimizes risk for the owner, employees and customers. By knowing the long-term strategy and goals, business owners can make intentional decisions that align with these goals.
There are many options for an eventual exit. Some of these options include an employee ownership stock plan, transferring the business to a family member, or selling to an outside buyer.
Click here to read the full article.
A recent article from Northern Nevada Business Weekly entitled “An exit strategy can help you sell your business for more by doing less” discusses a common pitfall facing business owners who wish to sell. This is when the owner is too involved in the day-to-day operation of the business and it can’t run without them.
There are many factors that can lead to this happening, such as:
- The owner is a former technician who has a hard time letting go of that expertise and familiarity
- The owner does not delegate well
- The owner confuses activity with accomplishment
- The owner doesn’t create and document processes
Click here to read the full article.
A recent article from Trade Only Today entitled “5 Tips To Sell Your Business” offers advice for business owners contemplating a sale in the near future. It is important to have a written, viable plan for exiting the business.
Consider the following tips:
- Get organized with financials and all business documentation
- Hire a team of advisors such as a CPA, attorney and business broker
- Work to increase the value of the business
- Coach the next generation so that they are well-versed in the key areas of the business
- Stay focused on the performance of the business
