There are several things to consider when buying or selling a business. The most important is to listen to the other side. There are always reasons why someone wants something - even if you don't agree at first. Find out where the other side is...
The buyer and seller have both agreed on the sale price and the terms of the transaction. Everyone appears satisfied. As the day of closing approaches, the seller seems less cooperative and more apprehensive about selling the business. Ultimately, the sale falls apart. Who's to...
If you are considering selling your business, remember that there are positive factors that influence value and those that detract from it. Looking at your business from a buyer's perspective is important since a prudent buyer will be adding and subtracting these various factors when...
Experienced buyers of large businesses have tended to spurn the smaller business, citing traditional "negatives" involved in this type of transaction. Now big-time buyers are throwing away the don't-buy-small book; or at least, they are beginning to read between the lines. The so-called shortcomings of...
If you are an independent business owner, you are most likely also an independent business seller--if not now, you will be somewhere down the road. The Small Business Administration reports that three to five years is a long enough stretch for many business owners and...
It's easy to be negative about cost-cutting. "Everything just costs more," a business owner will say; the subtext being, "What's the use?" Don't give up! There are ways to cut costs. The first step is to identify where the money goes . . . and why....
Strong Points Flexible and positive attitude Creative and comfortable with risk-taking Goal-focused and committed to success Organized Energetic Weak Points Impatient with achieving goals Distractible; tolerant of interruptions Distrustful of "the new" (especially technology) Tendency to stray from business plan Failure to delegate authority and tasks ...
Now that we crossed that much-heralded bridge to the 21st century and once on the other side, there will be new challenges, but many of the secrets of succeeding in independent business will remain the same. Ask yourself the following questions to see how you...
You've make the big decision to sell. Your books are in order, you've spiffed up the premises. What are you waiting for? Many sellers get to this threshold and then become concerned about confidentiality. They do not want the news of their decision to reach their...
"Independent business owner" is a phrase with two meanings. Of course, it means being the owner of an independent business. But another way to look at "independent business owner" is to let this phrase define the very personality of the person at the helm. Independent....
Selling your business is a major decision! You have devoted your time, money and energy to building, running and operating your business. It may well represent your life's work. You have decided that now is the right time to sell, and you want the very...
You've made the big decision to put your business on the market. Your reasons for selling are valid, carefully-considered, and "good" - the kind that won't make a prospective buyer shy away. Now, you may tell yourself, comes the fun part. You'll come up with...
1. Make sure you have a valid reason for selling your business. Don't decide to sell because you have had a bad week or because moving closer to the grandkids sounds like a good idea. Also, don't decide to "test the waters" just to see...
What is the true income of an independent business? This is a question of interest to many parties--including prospective buyers, investors, and lenders--but nobody is more determined to know the answer than the Internal Revenue Service. What makes the "truth" about a company's income so elusive?...
"Your salespeople didn't listen when I placed my order, and when I wrote a letter to complain, they still didn't get it right. I guess they don't read any better than they hear." Daniel Langley, the owner of a central Massachusetts mail order company, took this...
Are your workers independent contractors or employees? This is a compelling question, especially where the Internal Revenue Service is concerned. Every worker claiming status as a non-employee means payroll taxes and social security contributions that won't fall into the IRS's pocket. Now many states are taking...
1. Place a reasonable price on your business. Since an inflated figure either turns off or slows down potential buyers, rely on your business broker to help you arrive at the best "win-win" price. 2. Carry on "business as usual." Don't become so obsessed with the...
Answering services, message machines, voice mail, "on hold" music, speaker phones . . . where would a business be without them? Perhaps--in some situations--a lot better off! In the small to midsized business, where every call should count, owners and managers need to ensure that...
There are myriad reasons why the sale of a business doesn't close successfully; these multiple causes can, however, be broken down into four categories: those caused by the seller, those caused by the buyer, those that just happen ("acts of fate"), and those caused by...
Buyers are expected to perform a thorough due diligence on both the business and the seller(s). However, many sellers don’t do an extensive due diligence on the buyer(s). Deals do not always close; many are aborted in the very early stages, and others tank somewhere...
The reasons for selling a business can be divided into two main categories. The first is a sale that is planned almost from the beginning or by an owner who knows that selling is or should be a planned event. The second is exactly the...