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Is Selling Your Small Business Under Consideration? What's Your Formula For Selling Your Small Business?
| Guest post by: Lee Artis |
Article Overview: Is Selling Your Small Business Under Consideration? What Is Your Formula For Selling Your Small Business? As a small business owner you have a range of options that you need to carefully consider to make sure you really maximize your business sale potential. Let's face it, many of you will fund your retirement with the proceeds of the business sale, so it is critical for small business owners to have a well thought out formula for selling a business regardless of selling your business now or in the future - It just makes good business sense and provides peace of mind. Here are a few ideas to help you put your own formula for selling your small business together.
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Free Download - Does Your Small Business Plan Involve Selling Your Small Business? By Lee Artis |
Is Selling Your Small Business Under Consideration? What's Your Formula For Selling Your Small Business?
Understanding The Process of Selling your Small Business - Clarifying theformula for selling a business
Sooner or later most business owners will find themselves asking "what shall I do with my business?"
Like most business owners, you have put your all into your business to get it where it is today and it is a big part of your life you are parting with; there can be a lot of emotion tied up in the process but it is important to work out what you really want and follow a realistic path to get there. A well thought through and planned formula for selling a business will ensure you achieve a great result for you and the future ongoing success of the business.
Deciding who to sell to as part of your formula for selling a business - Many small business owners are very concerned with who they sell to and who is going to look after their 'baby' (business) if and when they go. Some common questions include:
- Should I sell directly to my staff?
- To the competition up the road?
- Perhaps to a much larger business?
- Should my children have first option?
- Should I stay on and play a role in the business's future after it sells or pursue other interests?
Customizing your own formula for selling a business - what do you really want and how will you get there?
Coming to grips with the simple fact that leaving your business is going to eventually happen for one reason or another is difficult, especially when you have invested so much time and energy. Try and put your emotions to one side for a moment; sit down and really think hard about what you truly want from selling your business. What is your desired outcome? What will you do with the proceeds? What about tax? What will you do with your time?
We all know that it is preferred to be deciding when, where and how to sell rather than having to deal with selling should something unexpected arise, however, in reality it is just as important to ensure you include the unforeseen.
Formula for selling a business- Planning
Having a good plan outlined and ready for selling your business is vital. Strategy comes into play here also and I recommend speaking with a few other business owners who have decided to sell or have been forced to sell in the past. Most business people are happy to share their experiences and recommendations. Obviously, this is just one source for information in the planning process.
Educating yourself and understand the process is highly recommended and with this comes a few serious questions to consider such as:
- What can I do to ensure my business is operating at its best with little time?
- What are the best strategies to market my business?
- When should I get my lawyer and accountant involved?
- How do I sell my business myself - without a business broker? Do I need a broker?
- How do I establish the correct value of my business?
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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 Buying a Business Tips for Selling a Business |
Related Forum Posts
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.
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.
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.
Re: Biz Plan Competition
- i just wanted to say that posting Small Business Events on CanadaOne is a great resource. Thanks Julie!
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