Tips to Successfully Sell a Small Business

When you started your business you planned to grow it as a lifetime enterprise. Now, for whatever reason you have decided to sell your business and cash in on all your hard work. Maybe you want to stock up all over again in another field of business or maybe you just want to put up your feet and relax. Since selling a business is normally a once in a lifetime venture, it is unlikely that you would have any prior experience unless you have started or sold several small businesses in the past. Here is some good advice to get you started with selling your small business:

Defining your business sell expectations
In order to conclude a successful sale of your small business you need to plan the sale meticulously and the first step is to define your expectations:

  • Do you want to sell your business for cash or will you accept payment in another form such as stock or debt instruments?
  • What is your price expectation
  • What expectations do you have of the buyer in terms of business continuity and tradition?
  • Do you want to sell out to the public in an IPO or to your employees in a ESOPs scheme?

Timing and financing
It can sometimes take a long time to negotiate and conclude a sale of a business especially if there is complicated tax issues involved. The majority of small business sales involve some form of seller financing such as deferred payments so that you may not see a large lump sum of cash payment up front. Give some thought to the risk and how you would like to structure the small business seller financing.

Valuing the sell of your small business
You would need a detailed and sensible valuation of your business in order to justify the price that you will be asking for it. Decide on the method that you’ll use since methods may vary with the kind of business involved. The judgment on whether you will use asset value, replacement cost, or capitalization of earning or some combination thereof depends largely on your judgment and what a potential buyer will accept.

Re-doing your small business financial statements
As long as you are running your business, how you present your financial situation is largely dictated by tax considerations so as to minimize your tax bill. You will probably need to recast your accounts to show the true earning potential to backup any business valuation that you undertake. Though you should probably be cautious as to whom you show these records and consult an attorney in the process.

Sell small a business with privacy
It’s a good idea to sell your business with concerns for privacy. You should conduct all your sale negotiations in secret and restrict people in the know to as few information as possible. If word gets out that you are selling, you will find key employees leaving the company or being recruited by competitors, you’ll also find suppliers pulling lines of credit. This will simply impair your ability to get a decent price for your small business. The sale of a business usually screams financial troubles, you don’t want the wrong perception to get out in the public about your small business.

Use a competent small business broker
If possible use a competent business broker. Get referrals, shop around, and research. S/he will help you set a realistic price, identify and approach potential buyers in the strictest of confidence. Remember that s/he has a vested interest in getting the highest possible price since their rate for services rely on commissions of the sale.

Selling a business can take time, but due diligence will prove to breed success. One can expect a sale of their business if they’ve took the needed measures to ensure that their small business is aligned in a direction of growth and they are able to prove such statistics.

The Merits of Proper Document Shredding Services for Businesses

All businesses when operating generate documents that contain information about their employees, customers and suppliers as well as financial information about the company itself. Over time, some of this information is no longer needed and has become useless or is also being stored in an electronic system. Storing the documents is also a waste of precious office space. Cases of theft of important and confidential information from private documents have really increased. It is crucial for companies and the government to get rid of the excess paper is a way that is safe to ensure that the information contained is kept confidential.

Some of the documents that need to be destroyed include correspondence between firms which included addresses, tax documents, credit cards, and bank statements. In the wrong hands these can provide unscrupulous people with information that can be used for illegal purposes. This is why most businesses nowadays prefer getting shredding services to do their document destruction to make sure that they are completely pulverized. There are many advantages to working with proper document shredding services for businesses including affordable cost, service effectiveness and saving time.

It has become very popular to use document shredding services so the competitiveness is very high in this industry. There are many companies offering these services therefore it is easy to get quotes from several companies and bargain for the best deal. These companies either come to your location with the necessary equipment or take the materials to be shredded to their facilities. Either way you are getting a further cost savings as there is no need to purchase the equipment. Your workers are too busy to be worrying about the physical process of document destruction and need to focus on their daily tasks. This time savings is also a cost savings to the overall operations.

The basic service is the same so the effectiveness of the firm needs to be considered. All the documents need to be shredded into little pieces that no one can identify. However, the reliability of the firm you have chosen is important. How often will they come to destroy the documents? If one company comes every week but another one only once a month, even if the price is lower it is not a better deal. Better firms will provide certificates proving that your documents have been properly destroyed. Their service people will be respectful and efficient. Also, these firms are environment friendly. This is because they are dealing with shredding of papers, and papers can be recycled. They should have a program in place to recycle the paper.

What is the best way to find a document shredding service you can trust. Online research is a good place to start this task, as any professional company will have internet presence. Perhaps reviews exist from past client’s interactions with a specific shredding company, and their experiences are documented to help you make your decision. There are direct benefits to any given company or corporations when document shredding is done properly and efficiently by a professional company. While personal shredders do exist, to save time headaches and money, hire a document destruction company to do the work for you in a secure and professional manner.

Best Business Bank Account

Most people that have a business need a business bank account. You may be wondering with all the choices between banks which account is best for you. Some offer services that you need while other services are only “nice to have”, you may be looking for a free business checking account or a full service operating line of credit.

Regardless of what type of account you are looking for we know fore sure that banks love small businesses. Just look at the kinds of offers they have

  • Free for the first year
  • 0 rate APR on credit transfers
  • Free checking account

The reason many of these offers are only introductory offers is because banks are aware that if a small business owner begins working with 1 bank then they are unlikely to switch when they begin to grow. Even IBM had to open a business bank account when it was very small!

what bank account will be best for you, consider…

  1. Are you always carrying a positive balance. If you are always going to be carrying a positive balance than look for banks where you will be able to get a high interest rate on your deposit
  2. Are you often requiring a line of credit to make payroll? If this is the case look into accounts which have the lowest interest rate and no overdraft penalty.
  3. If you make a lot of cash withdrawals be sure to drive around your area and identify where the bank machines are for that bank.
  4. Online banking is becoming a default free option on most business banks but make sure that the bank you are going with offers a free online banking option as this is the best way to keep your costs down.
  5. Business advice – Some banks pride themselves on being partners in your business and will offer free business consultation. Depending on you and your business this may be useful. However, if you run a high tech niche business don’t expect your banker to be able to help forecast cash flow demand through product development. Don’t forget they work for the bank!
  6. Most likely you will want a credit card for your business and it makes sense to attach it to your business bank account. Make sure to understand the terms of the credit card and take that into consideration when selecting a bank. Some banks will give credit cards terrible terms and conditions because they know the entrepreneur will be putting more emphasis on the bank account compared to the credit card.

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