Gaining a Better Understanding of Leases
06 Mar
Gaining a Better Understanding of Leases
Leases can, and do, play a significant role in the buying or selling of businesses. Leases are a common feature of many businesses and simply can’t be ignored. It is important to understand the lease upfront to avoid issues down the road.
Leases and Working with Your Attorney
Whenever a small business is sold, it is common that leases play a major role. In general,... Continue Reading →
What is Really in the Mind of Your Buyer?
It is always important to try and put yourself “in the other person’s shoes” during the entire sales process. This fact is of paramount importance when dealing with prospective buyers. Thinking like a prospective buyer could, in fact, be the difference between selling your business and not selling your business.
It is easy to think that because everything is going smoothly with the sale of your business that the tough part... Continue Reading →
Does Your Asking Price Truly Matter?
It is no great secret that sellers often aim high. The logic sellers use is simple, “I can always reduce my price.” While that is true, sellers do need to remember that if the asking price is initially too high, buyers won’t even take a serious look. In short, your selling price must be bound by reality and what the market will bear.
Pricing Does Matter
When an asking price is too high buyers will simply move on... Continue Reading →
Strong Selling Points: Let Your Strengths Work for You
“Independent Business Owner” is a phrase with two meanings. Of course, it means being the owner of an independent business. But another way to look at “Independent Business Owner” is to let this phrase define the very personality of the person at the helm. Independent, Confident, Self-Assured, Strong-Willed. These are vital entrepreneurial attributes, but, ironically, they can sometimes work against the business... Continue Reading →
What Are Your Company’s Weaknesses?
Every company has weaknesses; the trick is to fix them. There is a saying that the test of a good company president or CEO is what happens to the company when he or she leaves. Some companies–on paper–may look the same, but one company may be much more valuable due to weaknesses in the other company. Not all problems or weaknesses can be resolved or fixed, but most can be mitigated. Fixing or lessening company... Continue Reading →
Be a Winning Seller: Good Negotiation is the Key
You’ve made the big decision to put your business on the market. Your reasons for selling are valid, carefully-considered, and “good” – the kind that won’t make a prospective buyer shy away. Now, you may tell yourself, comes the fun part. You’ll come up with a price – maybe a little high, but why not? – and let gut instinct (an attribute common to successful business owners) lead the way.
Wait... Continue Reading →
Points to Ponder for Sellers
Who best understands my business?
When interviewing Intermediaries/Business Brokers to represent the sale of your firm, it is important that you discuss your decision process for selecting one. Without this discussion, an Intermediaries/Business Broker can’t respond to a prospective seller’s concerns.
Are there any potential buyers?
When dealing with Intermediaries/Business Broker, it always helps to reveal any possible... Continue Reading →
What Should Be in Your Partnership Agreement
17 Jan What Should Be in Your Partnership Agreement
Posted at 10:13h in Uncategorized by bbpadmin
Partnership agreements are essential business documents, the importance of which is difficult to overstate. No matter whether your business partner is essentially a stranger or a lifelong friend, it is prudent to have a written partnership agreement.
A good partnership agreement clearly outlines all rights and responsibilities and serves as... Continue Reading →
Sell Your Business and Start Your Retirement
11 Jan Sell Your Business and Start Your Retirement
Posted at 09:11h in Uncategorized by bbpadmin
When the day comes to sell your business, it is important that prospective buyers understand why you have made this decision. Having a valid reason why it is time for you to sell can make your business more attractive to prospective buyers. After all, it is only natural that you will have to retire at some point even if the business is... Continue Reading →
Can I Buy a Business With No Collateral
03 Jan Can I Buy a Business With No Collateral
Posted at 09:36h in Uncategorized by bbpadmin
At first glance the idea of buying a business with no collateral may seem impossible, but in reality it can be done. Let’s examine your options. When it comes to achieving this goal, your greatest assets are an open mind and a commitment to hanging in there despite the odds.
The Small Business Association’s 7 (a) Program is Your Friend
One... Continue Reading →