When Should I Sell My Business?

As a business broker, I work with current and potential business owners to help create a roadmap for their future success. For many of my clients, this includes planning for the sale of their business.

Most of the time, owners consider selling their business for personal reasons–perhaps they are ready for retirement, want to change professions, or are just feeling burned out. Other times, divorce, personal illness, or other life changes necessitate a sale. In any case, preparing for and timing the sale of your business will be critical to ensuring a successful transaction.

Do: Plan ahead

Failing to plan for the sale of your business can prevent you from recouping its true value. But the process of preparing a business for sale begins long before the actual transaction. Be sure that your records are detailed and complete, and always take the time to accomplish accounting and legal housecleaning. You may also consider sprucing up your physical facilities.

As you plan ahead, anticipate what your buyer will need and want during the transaction–things like appraisals on assets or information to satisfy environmental regulations–and do your best to address these needs in advance.

When you are ready to move into the sales process, I strongly recommend a third party, independent valuation to help you determine an asking price. Many sellers have expectations that are either too low or too high, while a neutral professional has a working knowledge of the marketplace and can best measure your value.

Don’t: Wait too long

One of the most common mistakes that companies make is waiting too long to sell. It’s important to sell your business when it is financially sound and ideally in an upward trend. A struggling business will have a lower valuation and a more difficult time finding a buyer. Companies with too much debt will face similar issues.

If your business is already in trouble, a business consultant can help you improve and connect with viable prospects. By enlisting professional support, you may be able to get back on track in time to make a sale.

Do: Structure the sale

A business sale will have significant tax ramifications for the owners, and a savvy seller can structure the deal to maximize net proceeds. It all depends on your corporate structure, debt level and, whether or not you choose to offer financing. An experienced business broker can help you work with your CPA and guide you to a favorable outcome.

Don’t: Go it alone

At first, many business owners try to sell on their own. They have often already identified a prospective buyer and put all of their eggs in that one basket. Unfortunately, these deals usually fall through, leaving the owners with no other prospects or resources.

Business consultants and brokers have proven methods of reaching viable and serious buyers. They may use a combination of tactics and tools such as online web advertising, databases of vetted buyers segmented by industry or interest, outbound telemarketing, newsletters, and networks of advisors.

While it may seem like you’re saving money, it is nearly always more costly to go it alone. Without the resources to find vetted, serious buyers, structure the sale, and coach you through the process, you compromise your ability to get the best possible deal.

A business consultant doesn’t just help you prepare for the sale; he or she will manage the process for you, enabling you to focus on running your business. Many sellers forget how important it is to maintain the highest quality in their daily operations to remain attractive, especially when they are in a period of due diligence with a prospective buyer.

Selling your business can be challenging, but with the right support and tools, you can ensure a successful, profitable transaction.

Take the Stress Out of Your Online MLM Business

So, you’ve decided to look online for a possible MLM business opportunity to generate additional income and relieve you of some of your money woes?? You most certainly are not alone. Many people all over the world recognize the potential in being able to use the internet to build a successful business from the comfort of their very own homes. The online MLM business offers a level playing field, making it attractive to individuals of all ages as a prospective means of generating income.

Some of the things that are so appealing about the idea of running an online MLM business, are the facts that it can often be less expensive than owning a traditional business, and it allows you access to a worldwide market at any time of the day. However, despite these facts, the truth behind starting an MLM business online is that it can be just as stressful as any other business. So, how do you prepare yourself for the obstacles involved? There is much to consider.

Starting an MLM business is a tough game. Be sure to always wear your “game face”. You will most definitely experience times when your self-confidence is shaken, you feel that you’re incapable of doing what it takes, and you beat yourself up for making mistakes. The key is to just keep things moving. It’s all a part of owning a business. You will have to face difficulties whether it is your first attempt, or you have been in the online MLM business for years. Changes can happen quickly in businesses, whether traditional or online. One day you will be excited, and amazed at your results, and next day you will feel defeated and maybe even consider quitting. The best way to deal with these obstacles is to expect them, and be prepared to move on despite your emotions.

Nearly every business can benefit from online exposure. Are you inspired by the many programs that promise you can be rich overnight with little to no effort? Do not believe it. Forget the hype! If you want to make money in your online MLM business, you better be prepared to learn the methods required to make your business work. This goes for newbies and veterans in business alike. The learning curve can be steep, and some people find it overwhelming and intimidating. It’s best to remember is that it is possible for just about anyone to operate an MLM business online, regardless of their previous experience, as long as they are patient and prepared to learn.

Since spending money online is so easy, it can be just as easy to forget the need for a budget. Do not spend all your money buying into every MLM business opportunity or training program that you see online. Visit online forums to get a feel for what systems will work best for you in your business. Make connections on these forums and build a support system for when you find yourself feeling overwhelmed or needing advice. While it feels bad realizing you made a mistake, it’s even worse finding out that it cost you money. Take each experience, good and bad, as a learning experience. Try to stick to a budget, but do not permit yourself to dwell on mistakes when they happen. Learn from it, and keep moving forward.

Being prepared to deal with the stress and rejection that all new online MLM business owners face will enable you to create a successful business. Fortunately, there are many who do not make it very far in the online MLM business world. So, that leaves the door wide open for you to succeed if you want it bad enough!

Innovation Services: The Changing Definition of Innovation in Business

As a business owner we know that the definition of innovation in business changes with the times. As a company we must always be on the cutting edge of innovation in order to keep up with our competitors. There are certain things we can do to ensure that we are on this cutting edge where we need to be. One of those involves fostering innovation services through our customers. Sometimes our customers can be our most viable resource and it is important to get feedback from then wherever possible. In the end the thing that every business has in common is their insatiable appetite for pleasing their customers. Some of the unique innovation services offered are tailored just to that fact. As far as the modern definition of innovation business it really lies in the different ways we have available to us to provide innovation services for clients. Let’s look at some of the innovative ways we have in order to grow our business by truly putting the customer first.

Innovation services involving the end-user have become increasingly popular in today’s business marketplace. If you have a certain product you’re selling or service you’re trying to get out to the masses who better to let you know if it’s working in the people who are your target market. The internet in particular has given us a great forum to foster this kind of innovation. We now have the statistics we need to make sound business decisions right at our fingertips, and it is no longer necessary for the results to roll in via mail or some other slower method of gathering information. This is just one aspect that allows innovation as a whole across all businesses to work a lot faster.

If you have worked at a business that has ignored the innovation services that their customers can provide, that is probably a business that was not around for long. Never underestimate the role that customer satisfaction will have on your overall bottom line. You will see that you will be exposed to different ways of communicating that you never thought possible once you take the time to listen to your customers. While your employees are an invaluable resource when you couple then with the knowledge of your customers you have a truly unbeatable combination. It is up to you to develop systems in order to enhance the definition of innovation in business to really enhance the scope of your operation.

Constant observation and assessment of how we are servicing our customers has become an obsession of this generation of business. You will want to implement these changes in unique ways so you stand out from your competition. Different methods of innovation services are being created each and every day with the customer in mind. You can even try giving out test samples of the product, maybe when your customers have the product in their hands it will foster ideas and innovations that you yourself haven’t even thought of. Anytime we can get our product in the hands of those that will use it, it will enhance the innovation services that we offer as a company.

Hopefully this article gives you a good idea as far as how the definition of innovation in business is ever-changing. In order to ensure your innovation services are up to par you want to do your research to in sure you are doing all you can in this area. Quite simply to be left behind in this area spells doom for any aspiring business.