Posted in Seller Articles
In business circles, customers are often of the highest priority to business owners or managers. Perhaps, their focus should instead lie on their employees since happy employees mean happy customers. On the other hand, their unhappiness can easily hurt the company and mean a loss of business.
Selling a business is not what most owners think about at the time of prosperity. When asked if they think they will ever sell their business, the answers vary anywhere from “when I can get my price” to “I don’t really know.” There is nothing wrong with conducting business as usual, however, business owners should have the following proverb in mind: “it is a good idea to sell your horse before it dies.”
It is argued that the sale of a business should start right after its launch – by implementing the exit strategy. In practice, however, that is usually quite hypothetical and most business owners are spared from the urge of selling their business until later down the road. Once decided they would like to sell the business, the first big step and sudden realisation of what is ahead of them takes place during signing a listing agreement (a document required by business brokers).
Many businesses are location-sensitive, whether it is restaurants, retail stores or other operations. In fact, most businesses in Southeast Asia depend on customers finding them or coming upon them in particular parts of the city or suburbs. If your business belongs to such category, the following lines are written especially for you.
What we are about to discuss does not merely concern selling a business, but it can be applicable to selling in general, and that is the question – why do you want to sell? There is an anecdote about Ted Kennedy who was running the president of the United States. When asked why he wanted […]
As business valuations are often subject to personal judgement of the person conducting them, it comes as a no surprise that they are difficult and bring many challenges. Moreover, their accuracy sometimes leaves something to be desired. Why? It is because the person valuing the business has to rely on the accuracy of the information provided to them in the first place, so the numbers can get skewed along the way in a snowball effect.
Selling one’s company is no small feat by any means and thus it makes sense to conclude that so is not deciding to sell it, too. In most cases, sale of a business is driven by some event. Whether the decision to sell is triggered by a negative or positive event, the reason may have a lot of weight on the whole selling process and needs to be clearly communicated to the potential buyer. Some of the selling triggers are:
Customers eating in a nice restaurant always appreciate being greeted by the owner and asked how everything was after they finished their meal. This gesture that costs the business nothing pays big dividends in making customers happy, and more importantly, make them want to come back. Quite contrary to the above example, today’s customer service is sometimes handled more like a burden rather than something desirable.
We have talked about knowing the value of your company and why it is important to know it in many previous articles. In general, the value of your business can be obtained by many ways, one of which is assessing the following benchmark grid. Moreover, completing the table will help owners get a real idea of how their businesses compare to the ones of their competitors.
The chances are that most executives, including you, see a doctor to get a physical check-up about once a year. It would, therefore, make sense to assume that their businesses are treated with the same care. However, that is rarely the case. In reality, very few executives and business owners consider giving their companies an annual check-up, unless they are required to do so by relevant authorities.