Top Ten List Survive the Big Boomer Business Bust
Top Ten List Survive the Big Boomer Business Bust
Why is this happening? Reality is that not every business is saleable. Additionally, there are a limited amount of business buyers who have lots of businesses to choose from, and they are shopping for the best return on their investment. In the business acquisitions world, over the next few years it will likely become a buyer’s market.
Business owners are reluctant to create an exit plan; it seems like planning for your own funeral. They are afraid of what life will be like without their business, so they do nothing. However, the truth of the matter is that there is opportunity in selling. This is an opportunity to cash out now, and enjoy the fruits of their labor. This is an opportunity to try something else; another business, ministry, travel, time with family.
Below are some things you can do to increase your chances of selling for big bucks;
10. Create an Exit Plan. You know the drill; “those who fail to plan, plan to fail.” The problem with failing to plan is obvious. Hire an Exit Planning Coach.
9. Plan Three to Ten Years in Advance. Most experts say that you should have an exit plan when you start a business. Three to ten years is the minimum time to prepare.
8. Sell From a Position of Strength. You can command top dollar when your business is strong, growing and you love it! Unfortunately, many owners wait until an economic turndown, a health crisis, or burnout forces them to sell from a position of weakness.
7. Know the Value of Your Business. Every business owner should get an annual valuation on their business; this is the best indicator of a company’s performance.
6. Get Revenues and Profits up. Your business should be growing; both top line and bottom line. Become the number one or two largest business in your market.
5. Develop Management Succession. If you're the only one who can run your business, who will a buyer have to help run the business after you leave?
4. Maintain Confidentiality. This is critical to the health of your organization. If your competitors, customers, employees or vendors find out that you are selling, this could mean disaster for your company!
3. Keep Focused on the Business. Don't let your business performance decline because you're too focused on the sale of your business. Work on your business as if you don't plan to sell it.
2. Get Help From Professionals. You will need an Exit Planner, a Financial Planner, a Professional Employer Organization, a CPA and a Tax Attorney on your team.
1. Get Your Books and Records in Order. Hire a CPA to prepare your statements; this will give the buyer confidence in your financials. Also get your legal documents in order.
Even though only 20% of all small businesses are selling, it is possible to get yourself into that group. But it is going to take some planning and some more hard work to get yourself into that group. You should start today!
Top Ten List Survive the Big Boomer Business Bust - To learn more about this author, visit Alan Melton's Website.
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According to Price Waterhouse Coopers, over the next ten years approximately 50% of all owners of small and mid-sized companies will exit their companies. Retiring baby boomers are driving this massive exodus from the marketplace. Unfortunately, among the group of small business owners who exit their business, only about 1 in 5 owners are successful in selling their company. The remaining 80% of these business owners are closing their doors with a big fat zero for all their hard work!
Why is this happening? Reality is that not every business is saleable. Additionally, there are a limited amount of business buyers who have lots of businesses to choose from, and they are shopping for the best return on their investment. In the business acquisitions world, over the next few years it will likely become a buyer’s market.
Business owners are reluctant to create an exit plan; it seems like planning for your own funeral. They are afraid of what life will be like without their business, so they do nothing. However, the truth of the matter is that there is opportunity in selling. This is an opportunity to cash out now, and enjoy the fruits of their labor. This is an opportunity to try something else; another business, ministry, travel, time with family.
Below are some things you can do to increase your chances of selling for big bucks;
10. Create an Exit Plan. You know the drill; “those who fail to plan, plan to fail.” The problem with failing to plan is obvious. Hire an Exit Planning Coach.
9. Plan Three to Ten Years in Advance. Most experts say that you should have an exit plan when you start a business. Three to ten years is the minimum time to prepare.
8. Sell From a Position of Strength. You can command top dollar when your business is strong, growing and you love it! Unfortunately, many owners wait until an economic turndown, a health crisis, or burnout forces them to sell from a position of weakness.
7. Know the Value of Your Business. Every business owner should get an annual valuation on their business; this is the best indicator of a company’s performance.
6. Get Revenues and Profits up. Your business should be growing; both top line and bottom line. Become the number one or two largest business in your market.
5. Develop Management Succession. If you're the only one who can run your business, who will a buyer have to help run the business after you leave?
4. Maintain Confidentiality. This is critical to the health of your organization. If your competitors, customers, employees or vendors find out that you are selling, this could mean disaster for your company!
3. Keep Focused on the Business. Don't let your business performance decline because you're too focused on the sale of your business. Work on your business as if you don't plan to sell it.
2. Get Help From Professionals. You will need an Exit Planner, a Financial Planner, a Professional Employer Organization, a CPA and a Tax Attorney on your team.
1. Get Your Books and Records in Order. Hire a CPA to prepare your statements; this will give the buyer confidence in your financials. Also get your legal documents in order.
Even though only 20% of all small businesses are selling, it is possible to get yourself into that group. But it is going to take some planning and some more hard work to get yourself into that group. You should start today!
Top Ten List Survive the Big Boomer Business Bust - To learn more about this author, visit Alan Melton's Website.
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David BarrDavid Barr is the President of Venture Opportunities, Inc. David has been a professional business broker/intermediary since 1980 focusing on General Business Brokerage and Mergers and Acquisitions representing client transaction value from $400,000 to $20,000,000. Mr. Barr has handled the sale of over four hundred and fifty companies. David earned a university degree from the State University of New York majoring in economics and business. David holds the Mergers and Acquisition Master Intermediary and the Certified Business Intermediary designations from the International Business Brokers Association. He is also a Senior Business Analyst and a Texas licensed Real Estate Agent. For more information about David and Venture Opportunities, visit www.bizdealmaker.com. - Visit David Barr's Website |
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Anne BarrAnne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website |
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Casey GollanCasey Gollan, Business Coaching & Mentoring Programs. Add $1 Million to $10 Million in the next 1 to 3 years. Since 1996 Casey has to added hundreds of millions of dollars to businesses. Watch a free video see client results Business Coaching website. - Visit Casey Gollan's Website |
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Kim CastleWith nearly two decades in the advertising and design business, with clients like Domino's Pizza, General Motors, Direct TV, Pedigree, Wolfgang Puck, Higher Octave Music, Hollywood Celebrity Products, Disney, and Paramount, as well as thousands of entrepreneurs around the world define, structure, communicate, and position their business for greater profits, BrandU(R) co-creators Kim Castle and W. Vito Montone discovered that entrepreneurs could experience the same power that big brands command for a fraction of the cost with the world's only process-based results-drive Integral approach to business creation. BrandU(R) is helping entrepreneurs grow with the power of extreme clarity from idea...to brand...to market(TM) and helping one million entrepreneurs become successful and whole so that they can make a difference in the world. Are you one of them? If you want to experience clarity all the way to the bank(TM), get started now at http://www.brandu.com. - Visit Kim Castle's Website |
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Jeff FosterWebBizIdeas.com is a Minneapolis website design company founded to help people start an internet business by providing them with website, business, and internet resources that help foster the growth of successful online businesses and develop innovative Internet business ideas. We specialize in internet consulting & internet marketing. - Visit Jeff Foster's Website |
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David AchesonDavid Acheson is the founder of DCJA Consultancy. DCJA Consultancy is a management consultancy business specialising in B2B sales consultancy. They offer bespoke and packaged sales consultancy including Sales Optimisation Review, Interim Sales Management, Sales & Marketing Review, 1:1 Sales & Management Staff Analysis, Management Training, Solution Sales Training, Creation of New Pay Plan, KPI's, run Customer Feedback Campaigns, assist with Recruitment, Coaching, Appraisals and set up Strategic Marketing Campaigns. David spent his early career in accountancy and then moved into sales in 1982, working in Office Equipment, IT, Advertising, Training, Outsourcing and Consultancy. He has held many Senior Positions in SMBs and Global Organisations including Head of Sales Operations & Head of Business Development. His knowledge, skills and great experience of the Sales Industry has led to David making keynote speeches and running educational sessions to key businesses through organisations including The Chamber of Commerce and Business Link. - Visit David Acheson's Website |
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Leanne Hoagland-SmithAre your sales where you want them to be? Will you be one of the few who achieves sales or business success or one of the many who have failed to change? Are you tired of being told you are like everyone else? Then you may find my first book on sales of interest. Be the Red Jacket in the Sea of Gray Suits, The Keys to Unlocking Sales available at Amazon or at http://www.processspecialist.com/red-jacket.htm. This book is a reflection of my no-nonsense approach to improving sales to overall business results. If you are truly committed to making sustainable changes, then I can help you secure a positive return on your investment because I focus on executable solutions not telling you the problems you already know you have. From training to corporate (group) coaching to executive one on one coaching, my approach is to assess, create awareness, build a goal driven action plan and then execute. The bottom line question is "Not do you or your employees know it, but do you or they want to do it?" Please call for a free strategy session at 219.759.5601. - Visit Leanne Hoagland-Smith's Website |
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Cheryl MatthynssensCheryl is a life skills coach, licensed Chemical Dependency Counselor and a 20 year entrepreneur. Cheryl's dedication to achieving a life of balance led to her expanding her teaching from the simple managing of life's daily challenges to adding financial well being as well. A direct marketer with DrinkACT, she is gaining ground in the online community with her concepts of making sure business owners, entreprenuers and employees have well rounded life styles. She opened up a small affiliate site - The Balance Guide- to help others find resources for mental and emotional well being. Visit Cheryl's blog to see more of the diversity beyond business she has began offering online at www.thebalanceguide.blogspot.com - Visit Cheryl Matthynssens's Website |
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