The 7 Most Costly Mistakes Business Owners Make When Selling Their Business... And How To Avoid Them!
And... Why The Lion's Share Of Business Owners Who Successfully Grow Businesses MEET WITH DISASTER When They Attempt To Cash Out
Dear Fellow Business Owner,
Selling a business is completely different from selling a car, house, real estate, or anything else for that matter.
It's a lot more complicated which means you need to do a lot more thinking and do a lot more work in order to get the price you're after. For instance, did you know...
Get the Maximum from Selling Your Business
It takes years of plan and hard work to build a successful business. Many of the successful business owners have invested more than just financial resources to build a profitable business. They have sidelined other priorities and toiled hard to materialize their dream of being successful business persons. So, when you plan to sell your business, there are quite a few things that need to be considered.
Business Succession Planning. Developing an Exit Strategy
Very few soloists think about business succession and exit strategies, but one of the main ingredients to running a profitable enterprise is knowing what your role is going to be.
Rather than the commonly used term "exit strategy" to describe terminating your business involvement, I like to say ‘succession strategy,’ since you should be hoping the business will prosper even after you leave.
Effective Ways of Selling Your Business Quickly
Selling a business on short notice may not always get you the best deals. Although such situations do not arise often, a quick sale is sometimes necessary. The need to sell quickly can weaken the total value of your business or the bargaining power you may have over the buyer. The most common reasons for selling a business on short notice are financial hardships, differences with company shareholders or personal emergencies.
Business Exit Readiness Tips
Eyes Wide Open recently did a study that was able to identify the character traits of persons who were prone to getting trapped in their businesses. Read on to learn how flexible you are and how many options exist for your business and when and how you are working there.
Lifers are people who treat their business like a life sentence, one they cannot escape. The business cannot run without them and would go under; this would be catastrophic to their standard of living and renders them incapable of retiring or seeking other avenues of employment. People that have independence from their business are referred to as exiters. A business sale that is a success, or one year's vacation in the Maldives, only takes one quick telephone call. They can leave their business, and it'll do perfectly well in their absence. It is almost never an obvious decision.