Most small business owners would rather be in the drivers
seat than
to be driven. Yet, surprisingly enough, it's a different story when
they advertise a business for sale. 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 small business, only to watch
the business owner fail to reap their deserved rewards when it
comes to advertising a business for sale.
Sadly, the business owner usually doesn't know what to do, or where
to go when it comes to advertising a business for sale. More often than
not, the business owner lacks the required skills to present their business
effectively to potential buyers. They learn the hard way, because it's
not
just a case of advertising a business for sale and waiting for someone
to
hand them bags of money. The end result; the business owner becomes
stressed-out and bitterly disappointed with the whole process of
advertising a business for sale.
Don't fall into this small business owners trap. The day will come when
you want to (or have to) consider advertising a bussiness for sale.
That might not be in the near future, but now is the time to start
planning for your ultimate sale - selling your 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 visualize 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 advertising a business for sale,
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 your
business; your heirs may have no choice but to place your business
with an agent and say "advertise the business for sale and 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 your business well before the signs
of burn-out, boredom, or apathy start to show in your balance sheet.
When selling your business a decline in the financial results will, more
than likely, scare buyers (and their lenders) away. It may be the wrong
time to advertise a business for sale. 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. And, to come out on top, they
need to know exactly how to advertise a business for sale.
Every business owner needs to spend time on careful planning when
selling a business. They need prepare their business for sale. They
need to know exactly how to go about advertising a business for sale.
Then, 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.
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