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A Business Owner Selling A Business? What Business Owners Need To Know When Selling A Business. By Noel Peebles |
| 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. © Market Leaders Limited. All Rights Reserved. Please Note: The following information must be included if you reprint this article or post it on a website: ******************************************** Get Your 100% FREE mini-course "17 Powerful Secrets That Have Made Business Owners Into Millionaires." 100% FREE! Simply send a blank email to: instantsellbusiness@SubscribeMeNow.com ******************************************** |