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Most business sellers want to know what can enhance the sale of their business. Several times this year the question has been, (you have my business listed,)” should I add a point of sale system. “ These systems are also known as point of purchase system. They can range in price from less than $1,000 to multi-thousands, depending on the type of system, capabilities, and business size. Whether it helps the value of [...]

It happens that today is a snow day in Northern New Mexico. This does not happen often and, when it does, I take advantage to achieve much needed planning time. Today, it is about the 2011 business plan for Dakin Business Group. Business owners need to take advantage of times when business is not as brisk to do the often dreaded planning. This is true for business sellers as well. No matter the [...]

Recently a business broker who has facilitated over 850 transaction, those of his own and those of folks who have worked under his management said: "In all of my 26 years of selling businesses, I have never seen private investors, particularly friends, come to the table."  Perhaps this is an exaggeration but can it happen? A buyer working to find money has had three 'friend' investors but really they did not want to [...]

Even for the business-for-sale entrepreneur, social media may be important.  As a leading-edge (meaning older) baby boomer, social media is perhaps not quite my cup of tea but I must not ignore it.  Thus, there is this blog and my LinkedIN and Facebook presence to stay, if not cutting edge, at least properly in tune. THEY say businesses typically have a 20-year life span.  It seems this is really more about the status [...]

My mantra to the person wanting to sell their business: “If your business is not performing today as well as it can and you can wait, do wait (to sell.)” However, for some waiting is not an option.  There are dread diseases that threaten the business owner or her family.  There are long awaited retirements.  There are other desired business opportunities that cannot wait.  The current owner may not see how to pull [...]

If your business is ready to be sold and you have an inside buyer, some friend, family member, staff or other known party, you can sell to them, perhaps with more confidence.  However, there are cautions to take. 1)   Don’t short yourself on seeking professional advice from your accountant, attorney, and broker.  They can each take a role in helping you to ensure a sound transaction. 2)   Use someone, perhaps a business broker, [...]

A friend sent me this via email.   Consider your business, your life... THE SITUATION In Washington DC , at a Metro Station, on a cold January morning in 2007, this man with a violin played six Bach pieces for about 45 minutes.  During that time, approximately 2,000 people went through the station, most of them on their way to work.  After about 3 minutes, a middle-aged man noticed that there was a musician [...]

Many business-for-sale buyers come from corporate environments, rich with education and colleagues providing opportunities for collaboration and group think. Often a new small to mid-size business owner, coming from that rich, though flawed, environment, finds themselves lonely with no sounding board.  Further, they have limited opportunities to share what they know with others. Business Tip:  In most every community there are networking opportunities already.  Join in or create your own.  Find people with [...]

Priscilla’s personal experience in buying a business for sale:  Some years ago I was in a transaction with a business broker.  We identified the likely business to buy and I reviewed a lot of the business background.  At one point, the seller asked me “Are you interested in the business only because of the money?” Prior to this question, I had determined the key components of the proper business for me to buy.  [...]

What if you were the buyer of your business for sale?  What would you look at to determine whether it is a great buy? This is a great exercise to do prior to selling the business. This is a checklist you might use: Note:  This list does not pass judgment at all on the proper answers to the questions but merely suggests you should know the answers and change those that should be [...]