There is the oft-told story about Ray Kroc, the founder of McDonalds. Before he approached the McDonald brothers at their California hamburger restaurant, he spent quite a few days sitting in his car watching the business. Only when he was convinced that the business and the concept worked, did he make an offer that the brothers […]
Burnout is an often-used reason for an owner selling his or her business. Potential buyers may have trouble accepting this as a valid reason for sale. However, burnout is a valid reason for selling one’s business. A business owner can experience burnout even with a business that’s successful and growing. Many independent business owners feel[…..]
Three years of profit and loss statements Federal taxes for the same three years Current list of fixtures and equipment The lease and related documents Franchise agreement (if applicable) List of encumbrances, loans, equipment leases, etc. Approximate amount of inventory on hand Names of outside advisors with contact information Marketing materials, catalogs, promotional pieces, etc.[…..]
Most business owners think that their business is unique. There are obviously many different attributes that can make a business stand out from others. However, there are some key factors that make a business both unique and, at the same time, make it more valuable in the marketplace and more desirable by prospective purchasers. Just[…..]
There are three good questions to consider before selling your business. First, “Do you really want to sell this business?” If you’re really serious about selling and have a solid reason (or reasons) why you want to sell, it will most likely happen. Second, “Do you have reasonable expectations?” You increase your chances of selling[…..]
When the owner of a business makes the decision to sell, he or she is taking a giant step that involves the emotions as well as the marketplace, each with its own set of complexities. Those sellers who are tempted to undertake the transaction on their own should understand both the process and the emotional[…..]