Career Planning for Baby Boomers -- Starting, Buying or Selling a Business
Career Planning for Baby Boomers -- Starting, Buying or Selling a Business
Starting a business can be a little overwhelming at the beginning. What you need to do is to strike upon a good business idea. You may know the field you want to work in. but not what specifically you want to do, or you may have no idea at all. Business ideas can come from market analysis of trends and consumer needs or by luck. Look for ideas in your own skills, market trends, fads, industry news, and possible inventions. Try to anticipate what will be needed in the future.
Franchises are another possible source of good small business ideas. Buy a franchise and you buy a ready made, already working business idea.
On the other hand, around 700,000 American businesses change hands every year. Most are small and mid-sized businesses like retail stores, salons, shops, and so on. If you want to get the best deal buying or selling a business, put in planning and preparation.
Buying a Business
If you’re planning to buy, you have to consider what the potential for success is, and the risks involved. Owning a business can mean longer hours and a lot more worries, but, if you succeed, the rewards both financial and personal are truly yours. There are, however, certain things to be considered.
• Franchise or independent business?
• How and where to find a business for sale?
• How to know if the asking price is reasonable?
• How to research history and finances?
Buying an existing business may be better than starting one because someone else has established a customer base, hired employees and negotiated leases etc. Your choice of business to buy should be based on your familiar work, special knowledge, or hobby based skills.
Selling a Business
If you want to sell a business, remember that it is of paramount importance to get the price right. If your price is too high, it will scare buyers away. If it is too low, you risk loss. Figure out a number that is realistic. Base the price on value of assets, add a sum for goodwill. See what other similar businesses have recently sold for. Use a formula, like value based on number of units sold annually.
Also make sure you know and comprehend the tax consequences. Taxes will take a large part of the money you receive, find out how much, and how to reduce it. This can be quite a complicated process, so go ahead and hire a CPA to handle all those figures.
As a preliminary to actually selling, take some basic measures to get ready, including a sprucing up of your premises, making everything as shiny, attractive, pretty and orderly as it can be. Another, and even more important, step is to get all your numbers in good shape.
© Anna D. Banks, GCDF
Career Planning for Baby Boomers Starting Buying or Selling a Business - To learn more about this author, visit Anna Banks's Website.
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If you are planning to continue working after retirement, or a change of track while you are employed, starting or buying a business may be just the thing for you. Or, if you already have a small or mid-sized business, you might consider selling it for a profit, or to switch fields.
Starting a business can be a little overwhelming at the beginning. What you need to do is to strike upon a good business idea. You may know the field you want to work in. but not what specifically you want to do, or you may have no idea at all. Business ideas can come from market analysis of trends and consumer needs or by luck. Look for ideas in your own skills, market trends, fads, industry news, and possible inventions. Try to anticipate what will be needed in the future.
Franchises are another possible source of good small business ideas. Buy a franchise and you buy a ready made, already working business idea.
On the other hand, around 700,000 American businesses change hands every year. Most are small and mid-sized businesses like retail stores, salons, shops, and so on. If you want to get the best deal buying or selling a business, put in planning and preparation.
Buying a Business
If you’re planning to buy, you have to consider what the potential for success is, and the risks involved. Owning a business can mean longer hours and a lot more worries, but, if you succeed, the rewards both financial and personal are truly yours. There are, however, certain things to be considered.
• Franchise or independent business?
• How and where to find a business for sale?
• How to know if the asking price is reasonable?
• How to research history and finances?
Buying an existing business may be better than starting one because someone else has established a customer base, hired employees and negotiated leases etc. Your choice of business to buy should be based on your familiar work, special knowledge, or hobby based skills.
Selling a Business
If you want to sell a business, remember that it is of paramount importance to get the price right. If your price is too high, it will scare buyers away. If it is too low, you risk loss. Figure out a number that is realistic. Base the price on value of assets, add a sum for goodwill. See what other similar businesses have recently sold for. Use a formula, like value based on number of units sold annually.
Also make sure you know and comprehend the tax consequences. Taxes will take a large part of the money you receive, find out how much, and how to reduce it. This can be quite a complicated process, so go ahead and hire a CPA to handle all those figures.
As a preliminary to actually selling, take some basic measures to get ready, including a sprucing up of your premises, making everything as shiny, attractive, pretty and orderly as it can be. Another, and even more important, step is to get all your numbers in good shape.
© Anna D. Banks, GCDF
Career Planning for Baby Boomers Starting Buying or Selling a Business - To learn more about this author, visit Anna Banks's Website.
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