If beauty is in the eye of the beholder, then the worth of a business lies in the eye of the market. For the market is really what decides the price an owner will get for their business when they go to sell – the scenario most have in mind when they ask what their business is worth.
Buyers want a business with a proven track record of consistent financial performance with solid/growing revenue and earnings. Yet, most of us are rather flabby when it comes to fiscal fitness. Spending some time with a trainer/coach can boost your strength and health and business worth.
Some people tell too much online. They announce to the world that they're going on vacation, letting potential burglars know that they'll be away from home for two full weeks. Or they reveal personal details that result in their identity being stolen.
The grocery store has been in John's family nearly 50 years now, central to the new life they began when they moved to Canada in the early 50s. He remembers them working long and hard to make enough to support him and his sister.
The recession has thrown many business owners off track, leaving them unsure and unequipped, akin to driving in an unfamiliar area without a GPS or map or navigating the wilderness without a compass.
In part one of this post, we explored how business brokers bring buyers and and sellers together, providing the all-important expertise to bring the deal to a conclusion that works for both. Here are some takeaway points specific to each party.
The Process of Selling a Business