Most small business owners would
rather be in the drivers seat than
to be driven. Yet, surprisingly enough, it's a different story
when they advertise a business for sale. Many small business
owners put little effort into planning to sell to their biggest
and ultimate customer... the person (or company) that buys the
business owner out.
I've seen genuine hardworking small business owners struggle
and persevere to build up a successful small business, only
to watch the business owner fail to reap their deserved rewards
when it comes to advertising a business
for sale.
Sadly, the business owner usually doesn't know what to do, or
where to go when it comes to advertising a business for sale.
More often than
not, the business owner lacks the required skills to present
their business effectively to potential buyers. They learn the
hard way, because it's not just a case of advertising a business
for sale and waiting for someone to hand them bags of money.
The end result; the business owner becomes stressed-out and
bitterly disappointed with the whole process of advertising
a business for sale.
Don't fall into this small business owners trap. The day will
come when
you want to (or have to) consider advertising a bussiness for
sale. That might not be in the near future, but now is the time
to start planning for your ultimate sale - selling your business.
Self-made millionaire business owner Mal Emery, has bought,
developed and sold 14 small businesses. Mal had this to say:
"Before I even consider buying a business, I must be able to
visualize or articulate a clear and concise picture of what
that business will look like when I sell out."
Mal went on to say:
"You see, I design all my businesses
to sell. I call the buyer of my business, my ultimate customer...
the one who puts me out of business."
Even if you are many years away from advertising a business
for sale, it still pays to plan a business owners exit strategy,
because that time will eventually come. What would happen if
you died unexpectedly?
If you haven't got a workable exit strategy in place for selling
your business; your heirs may have no choice but to place your
business with an agent and say "advertise the business
for sale and get what you can for it." The assets may be
liquidated and sold off piecemeal, getting virtually nothing
for the goodwill that you as the business owner, have built
up over the course of many years.
Plan for the big change of selling
your business well before the signs of burn-out, boredom,
or apathy start to show in your balance sheet. When selling
your business a decline in the financial results will, more
than likely, scare buyers (and their lenders) away. It may be
the wrong
time to advertise a business for sale. You could get less for
your business than what it's really worth.
Put simply; business owners have more chance of coming out on
top, both financially and personally, when they make an effort
to understand the vital steps to selling a business. And, to
come out on top, they need to know exactly how to advertise
a business for
sale.
Every business owner needs to spend time on careful planning
when selling a business. They need prepare their business for
sale. They need to know exactly how to go about advertising
a business for sale. Then, it is critical that business owners
take the time to negotiate a price and terms that will satisfy
his or her own reasons for selling.
Noel Peebles is author of the best selling business ebook "Sell
Your Business The Easy Way"
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