Get to Know Your Financial Statements Before You Sell Your Business
As the saying goes, numbers don’t lie, and buyers know that. Worthy buyers will scrutinize your financial statements, so you need to be prepared. Well before you prepare your business for sale, it’s important that you keep track of your financial records and compare them year over year. When reviewing your documents, keep your eyes Read more
Transferring Licenses and Contracts When Selling a Business
Most buyers and sellers have at least one thing in common—they want the sale to move as quickly as possible. The nature of contracts and licenses is that the transfer of these items can be a slow and cumbersome process. It’s important to prepare yourself ahead of time to avoid delays. Common Types of Legal Read more
What is your motivation for selling your business?
Why are you selling your business? Maybe you’re getting older and it’s the next logical step. Maybe you’re moving on to a new business opportunity. Or maybe you’re undergoing a crisis or an abrupt change in business conditions. Whether you’re motivated by one of these, a combination, or a different reason entirely, you’ll need to Read more
Is selling the business to employees a good idea?
Many of us get attached to our businesses, and it is sad to see them go. It can be comforting to think of passing the baton to a friend, family member, or even a trusted employee. Though it seems like a basic and logical solution, it isn’t all that simple. There are benefits to selling Read more
Do Your Business Practices Need an Update?
Everything in our world changes at a rapid pace. Despite this, many business owners are stuck in their ways when it comes to business practices. It’s easy to fall into a trap of using the same method year after year without stopping to question its affects Prospective buyers want to own a business that has Read more
Top Ten Mistakes Made By Business Sellers
Neglecting the day-to-day running of their business since it will sell tomorrow. Starting off with too high a price since the price can always be reduced. Assuming that confidentiality is a given. Failing to plan ahead to sell / deciding to sell impulsively. Expecting that the buyers will only want to see last year’s P&L. Read more
How to Raise Prices Without Losing Customers
Business Owners Who Are Afraid to Raise Prices! Sometimes, you need to raise your prices. This is a scary prospect for many business owners. You don’t want to lose customers to less expensive competition. However, if your business isn’t making enough money, you’re going to have a hard time selling it. In order to keep Read more