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So, you want to sail off into the sunset, retire, do something different? A professional practice can have challenges that other businesses do not, when it comes to selling. Often a professional practice has more success embedded in the individual practitioner than, for instance, the owner of a retail store.  For this reason, buyers can be afraid.  Yes, afraid.  A wise buyer is one who pushes and pokes for the problems that might [...]

Before you begin reading my article, please consider these overriding comments: 1)   Every business is unique.  The statements below are generalities. 2)   Every business usually requires working capital – extra money to pay bills, buy equipment, operate while waiting for payments to come in. 3)   When someone starts or buys a business, they likely are buying an opportunity to do something far greater than the business.  Think bigger. 4)  We are talking small [...]

Yes, some can operate without a website but likely it is not a great idea. A website not only helps in the success but it helps in the sale of your business.  Businesses without websites are not valued as highly as those with.  Websites are often a primary means people use of VALIDATING that the business is a reality. Not too long ago, I was selling a small marketing company.  It is an [...]

Like with everything there are reasons.  Understanding why businesses don't sell can help you to know how to adapt yours to increase the chances. Three top reasons why businesses don't sell are: 1) Unrealistic expectations of the real value of the business:  Business owners have worked hard to build their businesses and, after all that hard work, it must be worth a lot.  Ensuring 'worth a lot' in this statement is the challenge [...]

As business owner Philip said "knowing the value of my business is everything."  Philip and other business owners need to know how their business will fund their retirement and provide for their children through sale or continued operation.  Understanding more about value is the foundation for business owners' retirement planning and more. These are three critical components to understand: 1)  In just three years, an owner can dramatically increase value. Most business owners [...]

In a linked in group, there was this question Exit Strategy - Company For Sale? What is your exit strategy when you receive a letter of interest to buy your company One owner replied: I started (Company)  with selling the business as the exit strategy. I do not advertise that I am the owner and promote my employees whenever possible. Now I am selling the company I do not have the problem of [...]

Recently I posted a LinkedIn inquiry about selling businesses for retiring baby boomers.  The group where I posted is all about businesses for sale, brokering businesses, etc.  A grand debate followed with various responses.  Following is the original posting: "As we start into the era of baby boomer retirements, owners wanting/needing to sell, what strategies brokers can implement to serve buyers and sellers well, maintaining the broker's robust practice? " The range of [...]

I just received this inquiry from a friend.  Following is my response. Inquiry: My son has a business in xxx. REAL estate management. been in business about 3 years. An investor he has met, for whom he manages several properties, is offering to buy in as a 50% partner in his business. He told (my son) he'd offer him about 2.5x the annual income of the business for this share. It sounds low [...]

Since forever, I have been a glass-half-full person.  Certainly there are days that the glass is more than half full by a lot and others not so much. For those of us in the business of business selling, today there was a report that suggests the market for these transactions is picking up.  Certainly my office is picking up.  Those of us most seasoned in this work remember the time when, seemingly, every [...]

Perhaps one of the most disappointing things for a business person is when a transaction they anticipated does not happen.  This could apply to the buying and selling of a business as well as the tee shirt the customer carried around for an hour and then put down and walked out.  Hopes dashed. In the world of selling a business, there are many reasons for the deal to falter.  First, it could be [...]