21 Dec Around the Web: A Week in Summary
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A recent article from Inc. entitled “How to Sell Your Business for Top Dollar and Get the Deal Done” shares advice about how to facilitate a successful and highly-profitable business sale.
Many business owners consider selling their business at some point. Whether you’re actively looking to get out of the business or received an interesting and unexpected offer, there are steps you can take to sell your business for top dollar.
Author Barry Raber offers several tips within the article, starting with not accepting the first offer you receive, even if it’s a good offer. Other tips can help business owners find the right business broker, work with their buyers, and more.
A recent article from Forbes entitled “Buying An Absentee Run Business Sounds Great – Is It Realistic?” helps buyers know what to expect if they buy a business with the goal of having it be absentee-run.
Although it sounds great in theory, buying a business with the intention of not being involved in the day-to-day activities isn’t always a great way to make passive income. It’s crucial for new business owners to be heavily involved and get to know the business well before taking a step back from day-to-day operations.
There are several steps that business owners can take if they want to be able to set an eventual absentee-run business up for success. This includes getting to know the employees of the business and thinking carefully about who the ideal manager would be for the business. After having a strong understanding of the business, the owner can hire a manager and establish a timeline for transitioning tasks to the new manager.
A recent article from asbn entitled “The top 5 things to research before purchasing a franchise” helps prepare potential franchise owners for finding and purchasing their franchise.
Purchasing a franchise can sound like an easy and safe option for people who want to own a business without going through the pain of starting or acquiring a business. According to the article, the top things to research include:
- The type of leadership the company has as well as the franchise program.
- The procedures that the company uses, including the technology and software that it utilizes for day-to-day business operations.
- How the company handles marketing and whether you’ll receive a marketing budget from the company for your franchise.
- The training program that the company uses to help franchisors train their employees and whether there are additional trainings and support offered.
- The level of support the company offers for its franchisors. For example, do they help franchisors find a good location for the franchise?