The value of documenting your processes and procedures if you are selling your business

Let’s imagine you want to buy a business and you are deciding between two almost identical companies with one exception, documentation.  Business #1, the owner shows you a procedure manual with each process documented to the smallest detail.  Business #2, the owner tells you he and his employees have “everything in their heads” and just…

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The plan every business owner needs but seldom has?

The answer is… EXIT PLAN. You know you need a Business Plan, Strategic Plan, and Marketing Plans, but have you thought about having an Exit Plan? The primary reason you need an Exit Plan is that someday you are going to exit your business, one way or another.  Isn’t it reasonable to make sure your…

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Is your business for sale?

If your business is for sale, or you are considering selling it in the near future, let me share with you some advice; don’t try to do it on your own! You could go on-line and list your business for a very low cost, but is that really wise? My professional opinion is that you…

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Building Business Value – 2 Reasons to get a Business Valuation

I talk in my book, How to Prepare Your Business For Sale, about the importance of getting a Certified Business Valuation as a means to help you create the value formula that you watch.  I would like to expand on that just a little by talking about what I think are the two best reasons to…

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Is it possible to double the value of your business in three years?

The answer is yes, and the formula is simple: Work on the things that drive value in the mind of the buyer! I said simple, not easy.  It can be very difficult to see through the eyes of the person who might buy your company.  You are too close to your business to see it…

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You must develop your management team if you want to sell your business at a premium price!

If you own a business with more the than 5 employees and want to sell it in the next 3 to 5 years, you need to be thinking about developing one or more key employees that can run your business when your are gone. Investors interested in buying your business are not likely to be…

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Is it time to sell your business?

The answer is… IT DEPENDS. The answer is vague but there are many things to consider before that question can be answered. There are some situations that force business owners to sell their business, even if the timing is not ideal.  Common issues that can force an untimely sale are health problems of the owner…

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Are you watching the correct metrics in preparing your Business For Sale?

Thinking about selling your business in the next few years? Are you focusing on the right number? I am sure you are watching important financial numbers like…    • Sales    • Cash flow projections    • Quick Ratios    • Gross Profit %    • Net Profit %    • Inventory turns    •…

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Statistics you must know if your business is for sale!

As I began to move my consulting practice toward helping owners who are wanting to sell their business in the next few years. And began doing research for my book “Double or Nothing”, I came across a startling and tragic statistic. 82 out of 100 businesses fail in their attempt to sell their businesses. 82%…

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