You put a great deal of yourself into your business. Inevitably, the day will come when you have no choice but to walk away and begin a new chapter of your life. In these eventualities, businesses are often transferred from one family member to another. This article will address 5 of the key factors you’ll want to consider when transferring your business to a family member.
DetailsYour partnership agreement is one of the most important business documents you will ever sign. Many people go into business with loved ones, relatives, or lifelong friends only to discover (once it’s too late) that they should have had a partnership agreement. This agreement protects everyone involved and can help reduce problems that may arise.…
DetailsThere are two key ingredients when it comes to selling a business: professionalism and confidentiality. If either of these two ingredients are lacking, then you’ll probably run into problems. Sadly, many sellers see their deals fall apart due to a breach of confidentiality. You don’t want to be one of them.
DetailsNo one works forever. Regardless of how much you love your business, sooner or later you will have to step away. Owning a business can be demanding. This can be doubly true for owner-operators of businesses. At some point, you’ll have to embrace retirement and that will require a transition out of your business.
DetailsLike many things in life, timing can be everything when it comes to selling your company. Every day more and more baby-boomers are now reaching retirement age. Soon, the market will likely be flooded with companies seeking to sell. According to a 2016 survey of business brokers, 54% plan to exit in the next ten years. We may…
DetailsMany people know owning a business isn’t for them. But for others, the appeal and lure of owning their own business and gaining a greater measure of control over their future can be powerful. If you are uncertain as to whether this path is for you, there are a few simple questions you can ask to gain almost instant clarity. In this article, we will explore those key questions and help you determine if owning a business is in your future.
DetailsAre you looking for a way to perfect your presentation? Understanding what a serious buyer wants will help you prepare your business for sale.
By considering five relevant areas in which a potential buyer will have questions, this post will help you understand how to tailor your presentation to make your business even more attractive to a serious buyer. Taking these points into account will also help you save time as you present your business to potential buyers, answering their questions before they are asked.
DetailsWithout employees, you don’t have a business. Because they are tremendously important, there is great value associated with keeping your employees happy. When it comes to you as a business owner, your success is greatly influenced by your employees’ satisfaction.
DetailsMany experts agree that the best time to prepare to sell your business is when you start your business. However, few business owners reach that level of preparedness. Usually, the preparation that goes into selling a business is event-driven. Factors such as problems with a partnership, health issues, burnout, or even divorce can drive a business owner to sell.
Once you decide to sell your business, unexpected events and factors will always arise. In this article, we’ll explore four key questions you should address, to help you prepare for the unexpected, before selling your business.
DetailsWhen it comes to acquiring or selling a business, negotiation is vitally important. But it can also be complicated. Unfortunately, many prospective business buyers and sellers overlook the significance and complexity of negotiation.
There are four basic ways to negotiate. It is wise and worthwhile to consider your strategies before the time to buy or sell arrives.
DetailsWhen it comes to your deal being completed, having a signed letter of intent is great. While everything may seem as though it is moving along fine, it is vital to remember that the deal isn’t done until many boxes have been checked.
The due diligence process should never be overlooked. It is during due diligence that a buyer truly decides whether to move forward with a given deal. Depending on what is discovered, a buyer may want to renegotiate the price or even withdraw from the deal altogether.
DetailsOwners often fail to understand their leases, and this can be problematic. If your business is location-sensitive, then the status of your lease could be of paramount importance. Restaurants and retail businesses, for example, are usually location-dependent and their owners need to pay special attention to their leases. But every business owner should understand in detail the terms of their lease.
There are many key factors involving leases that should not be overlooked. If you adhere to the following guidelines, you’ll be much more likely to control your outcomes.
DetailsWhen selling a business, several things can go wrong. A number of these issues come with advance warnings: “red flags.” If sellers keep their eyes open for these warnings, it is possible to avoid bigger problems further along in the sale process.
Rarely does a “white knight” ride in and rescue a business with no questions asked. And if this were to happen, you should be asking, “Why?” Until a deal is officially inked, sellers need to evaluate every aspect of a transaction to make sure something isn’t happening that could ruin the deal.
DetailsBuyers, seller, advisors, and intermediaries often mention use of a “term sheet” prior to the creation of an actual purchase or sale agreement, but rarely will you hear the term explained. What is a term sheet and why is it important? This post will address these questions.
DetailsWhen it comes to selling a family-owned business there are no shortage of complicating factors, but one pops up quite often. This article contains a true story about a popular family business that was built from the ground up only to later meet a very sad ending. While this is just one story, there are countless similar situations across the country.
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