Transition Plan When Selling Your Business

For most owners of a privately held company, when the time is right they want to sell their business for the highest price possible in the quickest time possible and live happily ever after. There is nothing too complicated in that and at a basic level, that's perfectly fine. However, a question to ask is whether the business owner wants to sell the business or is their preference to transition the business? The difference between selling the business and transitioning the business is as different as night and day. Selling the business simply means looking for the buyer at that moment in time who will pay the highest price possible. Transitioning the business requires the owner to step back, systematically review all the options available to the business then creating a plan to arrive at that outcome. For example, the business owner may have other options other than selling the business and taking the highest or best price. If the business owner has immediate family working in the business the preference may be to continue the legacy of the current owner by transitioning the business to the immediate family members. If this is the case, this brings into play a number of actions that need to be carefully and fully researched. Answering questions such as tax implications, legal questions such as what liabilities and responsibilities move from the current owner to the new owner, finance questions such as how any current loans need to be handled and indeed, how much and where is any money coming from to pay the current owner for the value they have created in the business that will fund their retirement or next journey in life. Before spending time working through the above scenario, the question of transitioning the business goes back to a simpler level. And this is the point of this article. It requires the current business owner to look at their own needs and either make decisions or arrive at conclusions that make sense to them. A list of the items to consider can be long and obviously vary with the individual but could include asking questions about what to do with the business and how any decisions impact the owner's family needs. Other less self evident areas include the owner themselves and what they want from their legacy. It also touches who they are as well as their attainment of goals, self esteem, need for recognition, appreciation and self respect. dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao Owning and operating a business often provides many emotional and life sustaining needs such as job security, retirement, business colleagues, group affiliations, status, recognition, self respect, success and creative energy to name a few. If owning and operating a business provides these, then selling the business requires the business letting these things go and moving to more or equally rewarding opportunities. If you are a business owner planning on selling your business, recognize these areas so you get answers before you start the process of trying to sell and perhaps end up changing your mind. If you are planning on becoming a business owner, recognize these areas will be part of your decision making process as you look for the right opportunity. Andrew Rogerson is a 5 time business owner who specializes in business transfer transactions. For business owners that wish to sell their business, Andrew partners with them to value their business, understand tax issues, market the business to potential buyers and handle all parts of the transaction including third-party lending, due diligence and escrow. For entrepreneurs thinking of business ownership, Andrew partners with them to determine their best option - buy an existing business, buy the rights to a franchise or start their business from scratch. He is the author of four books on business ownership called Successfully Start Your Business,

Income From Home

Millions of people dream about starting their own home based business. Are you one of those millions? It's great if you are, but please don't be like many of the dreamers who either chase after every new "opportunity" and never really succeed, or dream and dream, but never start. Or, they do start some kind of home business and then give up too soon because success doesn't come as fast as they expected so they lose hope, or don't know what to do next. If you dream of having your own home business, you can finally discover a legitimate home business that has the best chance of being successful. And then, you can start your own home based business now. Why wait any longer? Imagine being able to discover the PERFECT home based business. Imagine being able to focus only on that business so you can stop wasting your time and money trying out every new "opportunity" that sounds good. Imagine starting your own PERFECT home based business and becoming successful in it. There are four steps to turning your dream into reality: 1. Check out each home business "opportunity" to see if it meets the 7 key requirements a home business must have in order to qualify as the PERFECT Home Based Business. It is important for you to be convinced that the business you choose is the right one. Each letter in the word P.E.R.F.E.C.T. stands for one of the 7 key requirements. Is it Profitable? Is it Easy? Is it Real? Does it Fit with your desired lifestyle? Is it E-Friendly (uses the internet and e-mail for marketing)? Is it Competitve? Is it Testable at low risk? 2. When you find out which business fits the requirements better than any other business, you must have the personal strength and commitment to focus only on that business. Stop trying out something else every week that sounds good. Stick with the P.E.R.F.E.C.T. home business you discovered in step one and work at it until you make it a success. Yes, it will take some work. Expect it. And it will almost certainly take longer than you think. So what? Wouldn't it be worth it to finally make your home business dream a reality? 3. Learn everything you can about the business you choose. Learn how successful businesses (like your perfect home business) are started and how they make money. What will you need to do, what skills will you need, and what will you need to learn in order to succeed? Who has already succeeded and is willing to teach you the ropes so you don't waste time and money learning the hard way? 4. Take directed action until you succeed and don't give up. Follow the seven action steps that will lead you to success in the P.E.R.F.E.C.T. home based business. Here are the 7 action steps: Passion: Find a business you can be passionate about that matches your core desires and leverages your strengths. Economics: If there is no profitable market for the products or services you intend to form your business around, it won't do much good for you to be passionate about them. Find a profitable market before you create any products. Research: Learn everything you can about your intended prospects and your market, about products or services already being bought in your market, and about your competitors. But, don't get paralyzed by analysis. Learn what you can quickly and move on to the next step. dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao dccwao Find your business model: For most businesses and markets, there are at least several different business models you could follow and be successful. Choose the one related to your perfect home business that sounds best to you, the one that makes best use of your strengths, and the one that sounds like the most fun. Establish your product line: Create or find products to offer to your prospects. Think about creating a long term business and not just a short term income stream. So, don't just create or find one product, plan for at least several related products in your product line. You should have products at various price points so prospects can buy your less expensive product first. As they develop trust in you and your products they will buy your more expensive products also. Complete your marketing machine: Your marketing machine will almost certainly be more than just a website. Whatever is required for effective marketing in your perfect home business, make sure you have it set up and tested to make sure it is working properly. At a minimum, you need a way to reach your intended prospects, you need an offer to present your products or services to them, a way to take payment, and a way to follow up with your prospects and customers to build your relationship with them and continue offering them value and products. Traffic and Conversion: Getting prospects to view and read your offer is Traffic. Without traffic, you can't get any orders. But, getting prospects to take the action you desire on your offer page is Conversion. That action could be getting them to opt in to your e-mail list or getting them to place an order for one of your products for example. If you have millions of people viewing your offer, but nobody takes your desired action, you won't get any orders either. Once you have your marketing machine set up, getting both Traffic and Conversion is critical. Here are the 4 steps again to turn your dream of a home business into reality. 1. Determine which business best fits the 7 key requirements for a P.E.R.F.E.C.T. home based business. 2. Focus on just that business until you are successful with it, and ignore other enticing possibilities when they come along. 3. Quickly learn everything you can about the business you choose. 4. Take action, following the 7 action steps for a P.E.R.F.E.C.T. home business. Don't give up.

Landing A Small Business

Banks are not currently and probably will not be lending to small, growing businesses anytime soon. They view these small firms as too risky and banks are just not taking on any risk (any risk at all). But, that does not mean that your business cannot get the money its needs to start or grow. You just might have to go about it in a different manner which, in the long-run, may be a benefit to you and your business. mktvpass mktvpass mktvpass mktvpass mktvpass mktvpass mktvpass mktvpass mktvpass mktvpass mktvpass mktvpass mktvpass mktvpass mktvpass mktvpass mktvpass mktvpass mktvpass mktvpass mktvpass mktvpass mktvpass mktvpass mktvpass mktvpass mktvpass mktvpass mktvpass mktvpass