Around the Web: A Week in Summary

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 Forbes entitled “8 Major Factors To Consider When Selling Your Business” discusses the top 8 things to consider when deciding to sell your business.

Young Entrepreneur Council members share what they consider the most critical factors to consider before selling your business:

  1. Potential bad actors
  2. Your company’s price
  3. Implications on your lifestyle
  4. Your involvement after the sale
  5. Your company’s value over time
  6. Maintaining customer relationships
  7. The deal’s fine print
  8. The terms of the deal

A buyout offer can be alluring to a lot of business owners. But in all the excitement and potential funds, it’s crucial to remember important details that could make all the difference in the deal. By considering these 8 factors, you will be better off when deciding to sell your business.

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A recent article from Irrigation & Lighting entitled “Make An Exit Plan” discusses why it’s important for any business owner to have a well thought out exit strategy in place to ensure a smooth transition when it comes time to part ways with the company.

Consider the following 3 things when creating your exit plan:

  1. Check your assets – be sure you have a balance sheet, income statement, and other financial data prepared.
  2. Consider the work – consider the team you currently have and whether you need to bring new players to the table to strengthen your negotiating power.
  3. Plan now for later – having a multi-year plan for the future can help show discipline and structure in addition to helping you be well-prepared.

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A recent article from Morgan & Westfield entitled “7 Steps to Sell a Business Fast” discusses the 7 steps any business owner should take when they want to sell their business fast.

“What are the steps I’ll need to take to sell my business?” It’s a complicated process but you can simplify the procedure with a plan and increase your chances for a successful sale by properly executing each step of that plan. Consider the following steps:

  1. Prepare a confidential information memorandum (CIM) to provide a written overview of your business that answers key questions that your buyer may have.
  2. Confidentially market your business by determining your ideal buyer and creating a marketing plan that is designed to catch their eye.
  3. Screen potential buyers and ask them to sign a non-disclosure agreement (NDA) before you email them your CIM.
  4. Share information and meet with qualified buyers who have follow-up questions about the business.
  5. Negotiate, ask your chosen buyer for a letter of intent (LOI), and accept an offer.
  6. Manage the due diligence process by staying on track and organized to keep the momentum going.
  7. Begin preparing for the closing weeks in advance to reduce the risk of last minute surprises and falling behind schedule.

By following these 7 steps, you will ensure a fast and smooth transition out of your business.

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