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Other Added - Selling Your Business - It's More Than The Price
1. Avoid getting in a power struggle. There is a noteworthy relationship between power and authority. Several times, as power increases, influence decreases and vice versa. Famous sociologist Erik Erikson noted that children turn out to be emotionally bothered when they hold power they cannot responsibly control. Clearly defined customs and rules are required to govern life, or people become self-destructive.A creative rejoinder you can bring to conflict is an ability to delegate power, allowing others to take responsibility of their feelings and the event in question. Your authority amplifies when you empower othe
I pose these questions not to deter you, but to illustrate some of the considerations beyond the purchase price which you must consider if you are to have a successful sale.
WHY DO YOU WANT TO SELL?
Your business was probably built with your blo
Business growth lies in the ability to share leads, referrals and recommendations. Unfortunately some people do not understand the difference in the quality of each action.Introducing Ponn’s Power Pun: You must Power Network to build a Power Network. Basically, the action of networking with power will allow you to build a powerful network of power people that will help you achieve your goals.Here’s the difference:• A lead points you in the right direction towards reaching your goal.• A referral is a name of someone who can help you reach your goal.• A recommendation (personal contact fro
- Will you be staying with the business for a time to help with the transition?
- Do you have plans to start another business which might compete with the business you are selling?
- How will the sale of your business impact your family, your employees, your personal finances?
- What will you do after the business is sold?
- After you have handed over the keys to the buyer, how will you feel?
- After the sale, if the buyer immediately runs your business into the ground how will you feel?
- Have your considered that a potential purchaser will want to see your financial records for the past few years. Are your books clean?
- Is your business attractive to a buyer?
- How will your taxes be affected by the sale of your business?
I pose these questions not to deter you, but to illustrate some of the considerations beyond the purchase price which you must consider if you are to have a successful sale.
WHY DO YOU WANT TO SELL?
Your business was probably built with your bloo
An option refers to a security contract that provides a buyer the right to buy or sell an asset at a particular price on or before a date and has strict terms and conditions.For instance, let us say, you intend to buy a house and have already chosen one. However, you do not have cash now to buy it. An option comes to your rescue in such a situation. You can negotiate with the owner of house and choose the option of buying the house three months later when you are able to generate adequate resources. For such an option, you will however have to pay a price, let us assume $4000 in this case.An option gives you
- Will you be staying with the business for a time to help with the transition?
- Do you have plans to start another business which might compete with the business you are selling?
- How will the sale of your business impact your family, your employees, your personal finances?
- What will you do after the business is sold?
- After you have handed over the keys to the buyer, how will you feel?
- After the sale, if the buyer immediately runs your business into the ground how will you feel?
- Have your considered that a potential purchaser will want to see your financial records for the past few years. Are your books clean?
- Is your business attractive to a buyer?
- How will your taxes be affected by the sale of your business?
I pose these questions not to deter you, but to illustrate some of the considerations beyond the purchase price which you must consider if you are to have a successful sale.
WHY DO YOU WANT TO SELL?
Your business was probably built with your blo
The 21st century, in its first decade, is looking like it will be the century of the franchise. It’s impossible to drive to any of the thousands of shopping centers and malls anywhere in the world, or down the main thoroughfares of any major suburban areas, and not pass franchise after franchise, ranging from restaurants, to dollar stores, to cellular providers, to fitness centers.A huge number of people both recognize and patronize the franchise giants. But not nearly as many realize that there are hundreds, if not thousands, of other franchises offering marketable products or services without commanding huge fr
I pose these questions not to deter you, but to illustrate some of the considerations beyond the purchase price which you must consider if you are to have a successful sale.
WHY DO YOU WANT TO SELL?
Your business was probably built with your blo
What are you focused on? How sharp is that focus? How relevant is that focus?As Stephen Covey says it is vital to “start with the end in mind”. So when you design your business or your life it is vital to have a clear idea of where you want to get to. How successful, how rich, how famous, how happy do you plan to be?Within that big picture what happens day by day? What are the individual steps that move you consistently and steadily towards this big view? Many of us have a head full of our ‘fantasy’ future. But this is so often nothing more than a vision, almost a diversion from the reality of what we are do
I pose these questions not to deter you, but to illustrate some of the considerations beyond the purchase price which you must consider if you are to have a successful sale.
WHY DO YOU WANT TO SELL?
Your business was probably built with your blo
When one begins looking for a job one often searches the Classified Advertising pages. Classified want ads have survived through the years because they provide a service that everyone needs at one time or other.Employers who place classified ads in newspapers often remark at the high number of resumes/responses they receive. Many, they say, do not qualify for the job advertised. So, they must weed through hundreds of candidates to find the few they will interview. The main annoyance employers with part-time positions face, is the candidates who accept the position and leave shortly after because they found the f
I pose these questions not to deter you, but to illustrate some of the considerations beyond the purchase price which you must consider if you are to have a successful sale.
WHY DO YOU WANT TO SELL?
Your business was probably built with your blood, sweat and tears. It took you years, perhaps a lifetime, or in the case of a family business, generations. Now you are ready to move on and leave your business. With so much time, money and energy invested, you hope that the fruits of your labor will be fairly returned to you. Look very closely at your reasons for selling, the most common of which are health, boredom, work load, business problems and money. If any of these reasons apply to you, perhaps you should consider alternatives such as franchising; developing a partnership; merging with a similar company; going public; and absentee ownership or partial retirement. If your main motive in considering sale is a decline in the health of the business, you should probably be considering something other than a sale.
If you want to sell because your business because it is failing or just past its peak, you are in a poor bargaining position and will probably not receive your expected purchase price nor will you be in a position to negotiate other important terms.
WHEN SHOULD YOU SELL?
The most common mistake made by sellers is to take the plunge fueled by emotion. Emotio
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