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5 Mistakes to Avoid When Selling Your Small Business

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By Debbie Allen

Updated May 11, 2017

Everyday small business owners (retailers) make drastic mistakes when selling their business and lose thousands of dollars in the process. All their hard work and long-term investment goes down the drain. As entrepreneurs, they had once dreamed of owning their own business and building it to success. They then plan to reap the rewards in the form of a successful business sale. Sounds like a great plan! But, making the sale is not as easy as it may appear.

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Tips for Marketing Your Business for Sale

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When you’re looking into selling your business, there are a ton of factors to consider. Proper business valuation is huge – going too high or too low can both have enormous financial consequences if you get it wrong. There’s also the issue of any outstanding debts, expenses or other finances to complete before any sale can be possible.

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The Sweep Precedes the Inspection

The Sweep Precedes the Inspection

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Business owners often hear the question, “Are you ever going to put your company on the market?” The response of the potential seller is usually unique, varying from, “Sure!” to “not in a million years” to “everything has its price.” Most do not think of a specific date, but rather place the broad “when the time is right” qualifier over their sale. …Read More

Selling Your Business to Employees

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Setting the Rules

Structuring a transaction through an employee buyout should accomplish the same objective as selling to an outside buyer. Your objective is to structure a sale that maximizes value while minimizing risk (tax consequences included). If an employee group can fulfill that objective, the offer is worth considering; if not, look elsewhere.

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Tips For Buyers

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Don’t be greedy.

Sellers deserve a fair price for the years they have spent developing their business.  Be prepared to pay for the goodwill of the business.

Have a good reason to be buying.

Buying a business is hard work!  It takes commitment!  Employees will be counting you. Spend time deciding why you want the responsibility of owning a business.

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It's Time to Sell

Seven Signs that it’s Time to Sell

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I’ve been a CPA for thirty eight years and a Business Broker for nineteen. By now I know the signs that indicate when a business owner should consider selling his or her business.  Sales have been flat for several years. This indicates that you have either taken the business as far as you are able, or that you are burning out and just don’t care anymore. …Read More

Adding Value to Your Business

Adding Value To Your Business

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If you are considering selling your business, remember that there are positive factors that influence value and those that detract from it. Looking at your business from a buyer’s perspective is important since a prudent buyer will be adding and subtracting these various factors when arriving at an asking price. …Read More