In the online era, potential customers have easy to access to your business reviews. Previous guests and clients can leave online reviews and companies dedicated to customer service can evaluate your business for others to see. It’s important to take note of how your products or services are received by guests.
How do you know the right time to sell your company? One answer to this age-old question is that the time to sell is when someone else is willing to invest more in your business than you are.
Stephanie Breedlove started Breedlove & Associates in 1992 as a way to pay her nanny. The big payroll processors weren’t interested in dealing with one person’s wages and doing it themselves was complicated and time-consuming, too much for the then overwhelmed Breedloves.
Are you tempted to resell someone else’s product to boost your top line revenue?
On the surface, becoming a distributor for a popular product can appear to be a simple way to grow your sales—simply find something that is already proven to be successful elsewhere and negotiate the rights to sell it in your local market.
You can now buy a subscription for everything from dog treats to razor blades. Music subscription services are booming as our appetite to buy tracks is replaced by our willingness to rent access to them. Starbucks now even offers coffee on subscription.
When two parties come together to buy and sell a business, they both share responsibility in the transaction. We will focus primarily on the seller, but note some responsibilities of the buyer as well.
It is often necessary to determine the value of a business, such as when courting investors or preparing it for sale. The specific process for determining the value of a business varies and can be achieved through a range of methods that we will review here. All of these methods fall under three common approaches that we will examine in detail.
Many businesses have a life cycle, either due to economic conditions, a change in customer buying patterns, or the desire for the owner to retire or move on. But most business owners will eventually reach the point when they need to decide whether or not to sell their business. Let’s review some of the thought processes behind this decision.
While every business owner initially enters the market with a plan to start and survive, many business owners miss out on a critical part of their planning early on: what will happen when I cannot (or ideally choose not) to continue with this business? Whether you succeed beyond all expectations with your business and are looking to sell or hand over management, or if the unfortunate and unexpected occurs and you are no longer able to continue, appropriate planning can save all manner of headaches… and money.