The Business Edge Blog

November 6, 2012

For Sale: Your Business – but for how much? Part 2

When business owners start thinking about an exit plan there are a number of big questions to consider.

>  Do you want an immediate and total exit, or do you want to ease yourself away over a longer timeframe?

  • >  Is your business a good sale prospect – or even a great one?  If not, how much time and financial investment will it take to get it into sale-ready shape?

>  Are you better off selling to business insiders, family members, employees or associates – our should you seek an outside buyer?

>  What is your business worth?

Selling options range from liquidation (selling the physical assets and closing up shop) to transferring a portion of ownership and responsibility and staying involved while selling the business over time, or selling the business outright to a new owner or group.

The more sale-ready the business is, the more likely it is to attract a buyer, look like a good deal to the buyer, and realize a fair price.  This is very similar to selling your personal home.

For a business this means:

  • The business needs to be financially healthy, with growing revenue and earnings
  • It needs to have unique and desirable products and services, a desirable location, a healthy market and industry sector, clear ownership of facilities and equipment or long-term leases on them, strong staffing, a solid customer base, no legal or financial problems, and a name and reputation buyers are willing to pay for.
  • It needs to be easily transferable to new owners.

With some careful planning you can successfully sell your business and enjoy the retirement you have worked so hard for, but don’t wait too long.  All the work you would do to get your business ready to sell is work that you should do now – so that YOU can benefit while the business is still yours!

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Feel free to comment with your thoughts about preparing your business for sale. I look forward to hearing from you.  Join the discussion and post your thoughts below.

Until next time – Remember to mind your business!

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July 27, 2010

The Top 5 Benefits of Working With a Business Coach

A popular question prospects ask when considering hiring a business coach is…..”What will I get from working with you?” 

The following Top 5 Benefits are taken directly from comments made by my clients on what they have received from coaching together.

First – Clarity.  We take the time to create an image of your ideal business situation.  Who is your ideal client?  How many do you need?  Where can you find them?  Once things are defined we know where we are going.  It’s not just putting out fires and working hard each day, it’s working toward something we can envision.

Second – Values.  What are your values?  Can you actually write them down? The most successful business owners incorporate their values throughout all they do, including their business interactions.  Once you articulate your values you can instill them in your business and if you have employees, ensure they conduct business the way you would.    

Third – Goal Setting.  What are your goals?  Are they to grow your business, improve profits, or ready your business for sale as your exit strategy?  Once you know your goals, you know where to focus.    

Fourth – Milestones.  How do you get from where your business is today to where you’d like it to be?  In achieving most goals there are steps to take along the way.  These are called Milestones.  They are the stepping stones to get to the ultimate goal.  When you know the next milestone, you know more preciously where to step when options, distractions and detours are placed in front of you.

Fifth – Balance.  My clients tell me they acheive better Balance in their work and in their life.  I can see they are less stressed.  They know what they want to achieve, they know what their values are which guide them in their decision making, they have set goals, they know the next step to take, and they sleep better.  Priorities are in line.  I see them relax and enjoy work and life more.

Do any of these resonate with you?  I’d be happy to talk to you about your issues and how business coaching may be a benefit.

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