Sellers Knowledge Bank
Get the latest information, valuable tips and share in the professional knowledge of business experts on selling a business
If you have been considering selling your business, the words business broker have surely popped up on your radar recently. But what is a business broker and why would you use one when trying to sell your business? A business broker is a person who helps people buy and sell small and medium enterprises. These agents each specialise in companies belonging to specific industries that they are well versed in, to assist their clients in achieving their objectives and ultimately, selling their business.
When you’ve decided it’s time to sell your business there are a few specific steps that need to be taken by every seller. These steps make up the perfect checklist for selling a business and if you miss one it might lead to you making big mistakes within the selling process. This article will discuss the different steps you need to take to sell your business. A checklist can be a lifesaver when selling a business, so let's take a look at what one should include.
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If you're thinking, "I need to sell my business quickly," it's critical to list your business on the right platforms that can give you access to the perfect potential buyers. Business for Sale does just that! Our packages are designed to meet the needs of both entrepreneurs and professionals. Whether you're a business owner looking to sell your company or an agent looking to market various businesses to the right audience, our platform will help you. Visit Business for Sale today!
Selling a franchise isn’t the easiest process to complete in the world. The major confusion comes in when a business owner needs to answer the question: “how to sell a franchise?” Deciding that it’s time to sell, and actually successfully selling are two completely different concepts. However, it's important to strike when the iron is hot and not to delay the process unnecessarily.
Believe it or not, selling your business has never been easier. If you are a business owner trying to sell or someone selling a business on behalf of someone else, Business for Sale is the secret weapon you'll need. With our online broking platform, you can prepare market-related valuations of your business while emails, enquiries, and marketing activities are managed from a central point.
It’s always important to know your worth! A business valuation is a process of estimating the economic value of a company; as this provides owners with an unbiased assessment of its worth. A business valuation is often performed when an owner wants to sell all or a portion of their business or franchise. A business valuation calculator assists buyers and sellers in determining an approximate estimate of the worth of their business. Two of the most typical business valuation methods start with either yearly sales or annual profits, which are then multiplied by an industry multiple.
Franchising can be the perfect opportunity for business owners to expand their business. After all, it’s the franchisee’s responsibility to invest their own capital and therefore they will work hard to ensure that their investment is profitable.
The decision to sell a franchise is a big one that should be planned and prepared for carefully. If you are a franchise owner currently, chances are you have put a lot of money, time, and effort into the business. It makes sense that with this investment, you want to get the best possible price when you sell. The trick is to use the right steps to ensure a successful sale and a favourable outcome!
Starting out as a business broker may seem daunting; there are many who have been in the business for countless years who have all the connections that those just starting out would truly benefit from. This is where new brokers need to pluck up the courage to speak to those with more experience, and perhaps even form relationships with financial professionals, accountants, attorneys, and other professionals related to the buying and selling game. The right connections will put the broker a step ahead.
There are many small business owners who successfully manage to sell their businesses without using a business broker. There are a few benefits of selling your business without unnecessary third parties – a major one being that the business owner can avoid the transactional fees or commission that the business broker will require from the sale.
Accurate figures can help business owners determine the asking price and how much room there is for business negotiation. Potential buyers should not be chased away by unfair asking prices and negotiations that can’t be justified. Equipped with the right facts and figures, fair business negotiations can run a lot more smoothly.
Whether you’re a new franchisor, or one that has been around a few years, finding the right platform to sell on (when you’re ready to) can be tricky. Many business buyers are opting to buy a franchise rather than a standalone business, because of all the benefits and security of buying a franchise offers. Business for Sale provides an interactive online platform for those looking to buy and sell their businesses. Why would you use a business directory to sell your business? There are a few great reasons!
Selling your business is a serious undertaking, and requires immense preparation and planning. Buyers want to ensure that they are getting the best possible price, while sellers are trying to achieve the same. The process that takes place between the two parties in order to settle on a figure is the negotiation. And there is a definite art to negotiating!
When the market conditions are less than ideal (like now), you’ll probably be reluctant to sell your business. We have already provided useful tips for selling a distressed business, but selling a business in a depressed market is a whole different ballgame. There are many different ways that you can hook a serious buyer who will give you the best price, if you follow some basic best practices.
COVID-19 has had a devastating effect on South African businesses, with many being shut down indefinitely. Even major companies like Ster Kinekor took a huge knock and have had to close their doors, or file for business rescue assistance. Many others are in treacherous waters and have become distressed businesses. But this doesn’t necessarily need to spell D-O-O-M. There are people who are specifically looking to buy distressed businesses. If you are a business in distress, there are tips that you can follow to sell your business, and you can do it conveniently online!
Many businesses get to a stage where they consider expansion, and franchising is one way of expanding a business footprint. There are many benefits to be had from franchising a business, including expansion with third party capital and the dedication of an owner manager that promotes the business for their own profit. Not all businesses have franchise potential. Any business owner considering franchising should ask themselves the following questions. Ideally, all these questions should have a positive answer.
A great ActionCOACH first and foremost has a passion for business, as well as a passion for helping others. All our successful coaches love business. They love the mechanics of business, how it works, finding ways to improve it, fixing broken pieces, breaking unhealthy old ways, learning about different types, creating new ways of doing things, and having fun in the process. For more info contact: Claudell van Eeden, firstname.lastname@example.org
Unlike other businesses, the online venture may not have any tangible assets such as property, machinery, or vehicles instead they will have Intelectual Property, websites, and systems. The company may also have an online presence and income generation as proof of its value. Your business needs to be listed at a realistic market-related price. The correct valuation is thus imperative to ensure that the online business is sold at the right price. Below are four common online business valuation mistakes to avoid.
Employees drive the goodwill of the business and in the case of a change in ownership represent continuity. One of the most important deciding factors for a buyer would always be: Does the staff know about the sale? Will the manager stay on in the business? How long have your staff been working for you? Taking over a business, the continuity of the staff is the most important factor, especially if the buyer is new to the industry they will be very dependent on your current staff compliment.
Though there may be hundreds of businesses being advertised on websites “for sale”, at any given day there are only two types of businesses in the market: Those that don’t sell; and Those that sell.
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