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Does Your Small Business Plan Involve Selling Your Small Business?
| Guest post by: Lee Artis |
Article Overview: Does Your Small Business Plan Involve Selling Your Small Business? It Should, Here's Why... You're probably aware that a small business needs the correct planning to conceptualise, start, build, and grow. But did you know that being fully prepared to sell is just as important? Well it absolutely is! Ideally, right at the inception of your business, your business plan should include a good strategy for selling whether through choice or necessity. It is important to be fully prepared for the unexpected than not. Even if you have no intention of selling it in the beginning because you would want to run it for the rest of your life, a comprehensive plan right at the start of your business that includes selling your small business will be a driving force for you to strive to steer your business to success and bring in the profits.
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Free Download - Does Your Small Business Plan Involve Selling Your Small Business? By Lee Artis |
Does Your Small Business Plan Involve Selling Your Small Business?
Just as your small business needs the correct planning to conceptualise, start, build, and grow, being fully prepared to sell is vital. Ideally, right at the inception of your business, your business plan should include a good strategy for selling whether through choice or necessity. It is important to be fully prepared for the unexpected than not. Even if you have no intention of selling it in the beginning because you see yourself running it for the rest of your life, a comprehensive plan right at the start of your business that includes selling your business will be a driving force for you to strive to steer your business to success and bring in the profits.
There are varied reasons for deciding to sell a business but the most common are:
- Disability due to health reasons
- Retirement
- Death of the small business owner or a business partner
- Disagreement with a business partner
- Change of location
- Bid for new venture/s
Remember, that the main goal of your small business plan is to achieve and constantly improve your bottom line and to provide you financial security throughout the life of your business as well as build your business value so to maximise your profit returns when the time comes to sell your business. Also, bear in mind that the bottom line will be the first consideration that interested buyers will look into. It is, therefore, important to understand the rationale as to why a good strategy for selling your business should be included in your small business plan.
Accurate financial records help you keep track of your small business' performance –
Many people believe that numbers generally do not lie. Accurate, complete, and factual financial records should be maintained at all times for you to be able to track the performance of your business. They should also be available for review by your financial advisors and government regulators. Serious business buyers get turned off with disorderly and inaccurate records.
Efficient systems and processes save time, effort, and unnecessary costs –
Simplifying and optimising systems and processes help avoid unwanted wastage on resources and the time needed to do certain tasks. An efficient implementation of these systems and processes likewise contribute to healthier profit margins.
A well developed work force is a motivated work force –
The right people are your business' most important asset and they are indeed key participants in the achievement of a robust bottom line. They should, therefore, be properly trained, developed, and fairly compensated to win their loyalty and raise their morale. An well managed work force means an well managed bottom line.
Cultivating relationships promote the proper connections –
Acquiring friends and fostering healthy professional relationships inside and outside your organisation will help you a lot in your search for potential buyers for your small business. Interested employees, customers, suppliers, advisors, other small business owners, or even competitors can be prospective buyers or can provide useful referrals.
Good housekeeping projects a good image –
All throughout the life of your business, everything should be in its assigned location. A clean and organised work place can inspire and motivate your employees to do their best to help realise a satisfactory bottom line as well as promote a good image for your company. Your company properties should be regularly maintained, repaired, refurbished, renovated, or reconditioned for optimum performance.
Several contingency plans lead to better options –
It is prudent to have on hand several selling options to fit the requirements of the specific circumstance compelling you to sell your business. Among these are:
• Selling your business yourself
• Selling your business through stock options
• Going into partnerships or mergers or simply liquidating all your assets
Keep in mind it is always worth while having a step by step business selling plan of action at reach in order for you to sell your own business anytime and on your terms.
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About the Author: Lee Artis RSS for Lee's articles - Visit Lee's website Lee has 12 years experience on both sides of the fence selling and valuing businesses of all types and sizes for her clients as well as acquiring corporate businesses as a buyer's agent. Prior to her successful business sales career she had an entrepreneurial background and built several successful small businesses. Her last business was the manufacture and distribution of a range of clothing for women and children Lee had manufactured in Fiji for distribution throughout Australia. Her passion is small business and developing innovative, internet centered commercial businesses of the future. Lee is a visionary and has the ability to see new and creative ways to transform old fashioned, traditional businesses. Lee's industry experience gives her insight into a new way of buying and selling businesses without the expensive involvement of business brokers. Her belief is so strong that she joined Terry McDonald to write this series of books and published articles to equip people with the skills they need to buy or sell a business themselves. For the most cost effective, comprehensive, easy to use DIY Kit (complete with detailed guide and highly regarded Small Business Valuation Software Tool) - For Business Buyers, Business Owners and Business Advisors visit The Bizbuy Kit or The Bizsale Kit Click here to visit Lee's website   Tips for Selling a Business Tips for Buying a Business |
Related Forum Posts
My entry
- 1. The Best Business Books Ever: The 100 Most Influential Business Books You'll Never Have Time to Read
- this is a fascinating book about the history of Business theory, and I'd recommend it to anybody.
2. The Big Book of Small Business: You Don't Have to Run Your Business by the Seat of Your Pants, by Tom Gegax. Ditto.
3. PADI: The Business of Diving Book
Okay, so this book won't be of use to anyone who doesn't want to start a scuba store, but I did, and this book was of course invaluable to me in reaching that goal.
Blog pinging
- Thanks Martin - yes, I do ping and it has been very effective. I'm currently on the first page of Google for Mastermind Group and on the second page for Selling to Small Business.
New Small Business Topic
- Hello everyone,
I'm on the lookout for new topics to add to my site. We just launched a Franchising section and are planning Human Resources section. Do you have any thoughts for a new section?
Here's a list of what we currently have:
Angel Investors
Branding
Bank Loans
Business Coaching
Business Plan
Franchises (New)
Insurance
Legal
Marketing
Public Relations
Sales
Small Biz Loans
Venture Capital
These maybe the coldest franchises out there:
- Here are the worst 15 performing franchises in regards to having the highest Small Business Administration (SBA) loan failure rates. The list is dotted with sub sandwich shops, fitness centers and car shops.
WORST FRANCHISE LOAN FAILURES Failure %
1 OBEE'S SOUP SALAD SUBS 55.56%
2 LADY OF AMERICA 41.94%
3 COUNTRY CLUTTER (BED & BREAKFAST) 41.18%
4 COPY CLUB 36.36%
5 ALL TUNE AND LUBE 35.71%
6 PICKERMAN'S 35.71%
7 PHILLY CONNECTION 35.59%
8 ROLY POLY ROLLED SANDWICHES 34.78%
9 COTTMAN TRANSMISSION 34.48%
10 HAIR COLOR EXPRESS 33.33%
11 LEE MYLES AUTOMOTIVE TRANSMISSIONS 33.33%
12 GODFATHER'S PIZZA 33.33%
13 SMOOTHIE FACTORY 33.33%
14 BLIMPIE 31.39%
15 GOLF U.S.A. (RETAIL GOLF EQUIP.) 30.77%
Source: Small Business Administration, SBA Loan Performance Within Franchise Code for the Period of FY 2001 - 2005
Exclusive: Interview with Results
- Hi Forum Members,
I'm helping start up a Business Coaching and Consulting company here in Toronto, Ontario, Canada (a Subsidiary of RSC Business in Los Angeles).
As a Research and Development Intern I am required to practice my listening and interview skills by surveying Small and Medium Businesses on thier Business.
This Survey is designed by RSC Business to also assist the Business being interviewed more insight into their own business.
I am looking to interview about 30 businesses across North America over the span of 3 months.
At the end of these interviews I will be publishing a report of the results and they will be made available for free to the Interviewees. The Report data will include responses from a minimum of 100 interviews.
I would like to extend this opportunity to members of the Forum.
If you would like to have this short 20-30 minute interview conducted on your Business and you reside in North America please send me an email or PM.
Please contact me at andy[at]jvprosperity[dot]com to arrange our interview and to get free access to the results when they are published.
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