Prospective business buyers often make the terrible mistake of being overzealous when talking with a seller for the first time. I get it; you’re excited. Perhaps you have spent a ton of time looking at listings and do not want to waste any time on potential businesses that fail to meet your criteria. However, what you say and how you come across when you first engage a seller is critically important and sets the tone for continued discussions.
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6 Overlooked Benefits of a Company Valuation
Most business owners seek a valuation for their company when there’s an immediate need — they’re ready to sell or raise capital now, or they have a shareholder that is being bought out or gifting equity to family.
But valuations can be useful whether a deal is imminent or not. We talked to Cameron Cook, Managing Director of Business Valuations and Ryan Niermann, Manager of Business Valuations at Gordon Brothers-AccuVal, for their thoughts on some of the biggest benefits.
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IS YOUR BUSINESS READY TO BE SOLD?
Two recent discussions are worth considering when thinking of about selling your business. One gentleman wants to sell his business to a couple employees in a couple of years and the other wants to sell in 10 years.
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WHY YOU NEED A VALUATION
The buzz is that if you are a Baby Boomer and you want to sell your business in the next few years, then you are in the majority. You are not the only Baby Boomer and will possibly have your business compete against many more similar businesses in both model and industry. In order to be well-prepared, you will need a proper valuation. Establishing a baseline value of your business will help you overcome weak areas that keep you up at night. Why would a buyer want to buy your problems? Some savvy entrepreneurs will want your problems, but most will not.
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Murphy Business Broker Explains the Process of Selling Your Business Step by Step
Anyone selling a business should be considering the elements of the sales process. Business brokers are invaluable in each of these considerations:
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What Matters Most to Business Buyers?
An established business has much to offer a prospective buyer. A proven product or service exists, as well as a customer base. Typically, there are experienced employees and managers in place (and many choose to remain with the company after the sale is complete). There is a cash flow from the first day the buyer takes over the business. The company is already accustomed to paying its debt service in addition to a reasonable salary for the owner. The following are some of the things that will make your business stand out and be attractive to buyers:
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The Importance of Intangible Assets When Selling a Business – Business For Sale
You’ve spent a lifetime building up your business. Whether you have always planned to move on or are selling your business due to the continuing pressures exerted by the many recent economic downturns, you will be looking to achieve the greatest profit attainable for your efforts.
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You Have Goodwill Because?
From time to time, I am in the unfortunate position of telling some 50-year old business owner that they “just don’t have any goodwill”.
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When is the best time to sell a business? – Timing is Everything!
The biggest financial transaction in a private business owner’s life is likely the sale of his or her business. Although many transfers are predetermined, others result from unplanned events, which is why it is essential for business owners to have an exit strategy.
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