Most small business
owners would rather be in the drivers seat than to be driven.
Yet, surprisingly enough, it's a different story when it comes
to selling a business.
Many small business
owners put little effort into planning to sell to their
biggest and ultimate customer... the person (or company) that
buys the business owner out.
I've seen genuine hardworking small business owners struggle
and persevere to build up a successful business, only to watch
the business owner fail to reap their deserved rewards when
it comes to selling a business.
Sadly, the business owner usually doesn't know what to do, or
where to go. More often than not, when selling
a business, the business owner lacks the required skills
to present their business effectively to potential buyers. The
end result; the business owner becomes stressed-out and bitterly
disappointed with the whole process of selling a business.
Don't fall into the small business owners trap. The day will
come when you want to (or have to) consider selling a business.
That might not be in the near future, but now is the time to
start planning for your ultimate sale of selling a business.
Self-made millionaire business owner Mal Emery, has bought,
developed and sold 14 small businesses. Mal had this to say:
"Before I even consider buying a business, I must be able to
visualise or articulate a clear and concise picture of what
that business will look like when I sell out."
Mal went on to say:
"You see, I design all my businesses to sell. I call the buyer
of my business, my ultimate customer... the one who puts me
out of business."
Even if you are many years away from selling
a business, it still pays to plan a business owners exit
strategy, because that time will eventually come. What would
happen if you died unexpectedly?
If you haven't got a workable exit strategy in place for selling
a business, your heirs may have no choice but to place your
business with an agent and say "get what you can for it." The
assets may be liquidated and sold off piecemeal, getting virtually
nothing for the goodwill that you as the business
owner, have built up over the course of many years.
Plan for the big change of selling a business well before the
signs of burn-out, boredom, or apathy start to show in your
balance sheet. When selling
a business a decline in the financial results will, more
than likely, scare buyers (and their lenders) away. As the business
owner, you could get less for your business than what it's really
worth.
Put simply; business owners have more chance of coming out on
top, both financially and personally, when they make an effort
to understand the vital steps to selling a business.
Every business owner needs to spend time on careful planning
when selling a
business. It is critical that business owners take the time
to negotiate a price and terms that will satisfy his or her
own reasons for selling.
Noel Peebles is author of the best selling business ebook "Sell
Your Business The Easy Way"
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