For Business Owners Only – You Can’t Be Fired But Neither Can You Quit
The decision to sell, or not to sell your business is a difficult one. There are many questions that need to be answered before an informed decision can be made. Is selling your best alternative? Will one of the kids want to take over the business? Timing is everything. Is now the right time? You do not have to sell or decide right now. You are quite busy so maybe you will look into it after. . .
Facing the issue of succession or continuation of one’s business is very much akin to addressing the need for life insurance. Neither subject is addressed with much enthusiasm by the average person. The prudent address the inevitable and prepare. Although only one eventuality exists for us as individuals, three exist for our business: Transfer to family, sell to outsider, or close down.
As with the purchase of life insurance, the decision to sell or plan a viable business’ succession can be continually postponed. Unfortunately, when a business must be sold it usually is too late. Few people are willing to buy a business that has to be sold. Of the hundreds of business transfers we have facilitated, less than a handful could be classified as sales for “desperate sellers.”
Tags: businessDoes your business have a plan? It should
Some large companies spend over a billion dollars a year on accounting and financial analysis. These firms employ thousands across accounting, audit, finance, treasury and business development who’s core job function is to budget, plan and analyze numbers. These companies understand that this expense is an investment in information. An investment that will them enable to make more profitable business decisions and pay for itself many times over.
While these same principals hold true to businesses of all sizes, most small and medium sized businesses do not have a financial management system beyond basic accounting systems. Christian Harsh of Confluence Advisors (a Pittsburgh based middle market investment bank) said, “The first thing I do on any new engagement is analyze the company’s numbers, most could be doing a lot more to get a handle on their financial situation.”
This is because for many small businesses the costs appear greater than the potential benefits. This article highlights the benefits of budgeting, planning, performance measurement in addition to explaining why the total cost involved with implementing and maintaining a financial management system has declined significantly.
How to Buy a Business in Australia
So now its time to take that big plunge and be your own boss. Where will I start? What do I look for? And for that matter what business will I buy? Will I relocate? Can I get finance? Who do I go to for the right advise?
These are just a few of the concerns when you decide on buying a business and believe me its not an easy road ahead, but with the right advise and the right business for you there are rewards unlimited to help you on the way to building a bank and a good quality of life. This article will help you all the way.
Important Points when Buying a Business
Every day I receive emails from purchasers and business owners needing assistance in selling or buying. I use my many years of experience in business sales and running a chain of shops to assist them in the right decision for them. It’s a bit like a psychologist really. Its just not a sale for me, it’s a dedication.
Tags: business