If you are a business owner, nobody is going pay you for what you put into the business - they will only pay you for the value they believe they can get out of it. Yet when it comes time to sell their business, many sellers have faulty expectations of what their business is worth and what the market will pay.
The rules of the business highway work to protect and benefit travelers in both directions - buyers as well as sellers - and sellers who ignore them, innocently or intentionally, usually end up losing time and money.
As we move into spring a good many of us get that restless feeling prompting us to seek change in our lives. For many business owners the change involves selling their business.
As far as grammar goes, "lawyer" is just a noun. In practice, though, the word comes with heavy baggage and associations that go way back in time, as seen in this quote in Voyager, by Diane Gabaldon.
Buyers and sellers sometimes overstate, understate or "forget" to state. Like teachers and the proverbial "dog ate my homework" cover story, seasoned business brokers have also heard it all. Only our tall-tale tellers are taller. And they often don’t realize what they’re telling us is untrue.
Business owners will be selling into a very competitive marketplace, which means it's likely that only the most attractive and well-prepared businesses will sell for what they're worth. You'll want your business to be one of them. Here are our top 10 tips to sell your business AND protect its value, increase your personal wealth and reduce the taxes you will need to pay on the proceeds.
Few realtors are business brokers, but a large number of business brokers are realtors. It's an important distinction—especially if you want to successfully sell your business.
With all that we try to fit into every day, setting aside the time for the truly important and meaningful activities can be/is difficult. Planning and good intentions go by the wayside. Yet not preparing for the sale of our business could cost us the very lifestyle we have worked so hard to build. Isn't it time you start thinking about the life you want when you leave your business?
Many small business owners love what they are doing. It’s the fuel that powers them through long days and adversity. It’s why three out of 10 in Canada opened up shop. But it’s also the kicker that can make it so hard to leave—a milestone that some seven out of 10 of us will be approaching this decade.
The Process of Selling a Business