by theEmother | Apr 22, 2013 | business ideas & thinking, Sell Your Business, SELL your Mother of a Business
How many professions do you know of that are expected to cover expenses upfront with no guarantee that they will be repaid?
For inexplicable reasons (other than as a marketing ploy perhaps) there are some that have an expectation that the Selling of a Business by a Broker means all advertising fees to do so are to be covered by the Broker, for example. That is, if a Business Owner wants their business advertised for sale, then the Broker should pay for the privilege. The argument justifying this is that these expenses will be recouped once the Business is Sold.
But here’s the thing, a Broker can’t control the process of the sale nor the decision making capability of either the Buyer or the Seller. Some of these transactions take some time to get over the line, if it all. Some do not sell.
With so many factors affecting a Business Sale transaction, of which a Broker only plays a small part, to expect anyone else other than the Seller to cover the expenses of trying to sell their own business is just plain wrong.
No seriously, think about it?
How is that smart policy? if the Broker was in complete control of all parts and parties then so be it. If the Broker knew that the expenses were guaranteed to be collected at settlement, then so be it. But settlement can’t ever be guaranteed obviously so how is it smart to think that all will just work out in the end? No worries!
Hope is not a Strategy!
But if hope is the only strategy a Broker has got to work with, one could go broke very quickly…
A Broker is definitely part of the “A” team for a well-executed Sale.
Other members of the “A” team are your accountant, your lawyer, your financial planner, your estate planner etc…
Would you seriously ask any of them to cover your fees for you to sell your business?
by theEmother | Apr 19, 2013 | Buy a Mother of a Business, Consultant EXIT Options, EXIT execution, exit strategy, Finish Unfinished Business, Sell Your Business, SELL your Mother of a Business, so you think you're in business
GET YOUR SCORE!
If any of the following tickle your fancy,
please contact me by emailing sell@theentrepreneurialmother.com
letting me know which one it is…
BS2 = Online Retailer
Plan B – Due Diligence concluded, Contract next week
PENDING
*
BS8 Waiting on Seller
Change of plans due to recent events…
ON HOLD
*
BS9 = Specialist Leadership and Talent Management Provider
Completed Sellability Score.
Looking to a 2013-14 kick off, getting all ducks in a row in the meantime.
*
BS10 = Specialist Offline Retailer
Completed Sellability Score.
1st meeting completed, next steps discussed.
Waiting on financials, delayed due to issue in family.
*
BS11 = Hairdresser
Completed Sellability Score.
First chat April 8. Waiting on Stage 2 financials.
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BS13 Specialist Equipment Provider
Completed Sellability Score.
Recommendations being pursued with favourable feedback.
ON HOLD
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BS14 Leading Book Supplier
Completed Sellability Score
Financials received, more to come. Currently going through refinancing dramas!
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BS15 #1 in Google for This Offering
Completed Sellability Score
Offer made and support decisions to progress awaiting advise.
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BS16 Furnishings Importer, 60% owned
Completed Sellability Score
1st meeting (phone call) completed, Stage 2 financials due.
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BS17 Specialist Offering
Completed Sellability Score
Analysis done and advised. Decision NOT to sell made.
Now using Sellability Score information as a Business Plan – in Reverse!
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BS18 Beauty Salon
Meeting booked April 17
Offer made and support decisions to progress awaiting advise.
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BS19 Leading Wedding Services Provider
1st meeting had, waiting on Stage 2 financials
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BS20 Window Cleaner
“Sellability Score” completed
to be discussed next week
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BS21 Business “Consultancy”
“Sellability Score” completed
to be discussed next week
The “Sellability Score” reports continue to dribble in each and every week.
More calls to make as a result and more emails to send 🙂
Onwards and Upwards!
by theEmother | Apr 18, 2013 | build a Mother of a Business, business ideas & thinking, Buy a Mother of a Business, entrepreneur trends (past & present!), EXIT execution, Finish Unfinished Business, Online Strategy incl. www, Sell Your Business, SELL your Mother of a Business, so you think you're in business, the business model
Another day, another conversation with a Business Owner who thinks that having a website covers off the Online Strategy question…
IT DOES NOT!
A website forms part of an Online Strategy, absolutely.
But is it not the be-all that ends-all.
In fact it is only a small part of the overall digital consideration.
From a “Sale-ability” point of view, when asked about what digital | online strategies are in place, if “I’ve got a website” is offered as the answer, the potential buyer will start rubbing their hands together in glee (if it’s a business they want that is).
Why? Because it gives them an issue on which to start down a sale price-discounting path.
Do you have to cover off every little thing to appeal to a potential buyer?
Well ideally, yes, but we know that’s not necessarily doable.
However, given the growing impact and importance of the whole digital | online space, “what is your Online Strategy?” is one question Business Owners looking to sell have to have a well-formulated and accurate response for.
by theEmother | Apr 16, 2013 | Consultant EXIT Options, EXIT execution, exit strategy, Finish Unfinished Business, Sell Your Business, SELL your Mother of a Business, the business model
Not sure there is an actual answer to this, after all that! So why ask the question?
Because it needs to be explored…
This is such a personal decision. For all micro, even SME business owners, the answer has to be one that addresses
the timing,
the finances,
the energy levels,
the partnership situation,
the family situation
the other iterations
etc etc
at any given point in time.
Exploring this question is more than just talking to your accountant. The answer is as much about YOU; backing yourself to be brave enough to let this business go and move onto your next add-venture!
Having access to someone who has done what you want to do is a major advantage.
Be sure to seek them out…
by theEmother | Apr 11, 2013 | build a Mother of a Business, Buy a Mother of a Business, exit strategy, Finish Unfinished Business, MEinc, the business model
Once upon a time, a small cafe #1 had the neighbourhood to itself.
It opens and shuts as it pleased.
It takes long breaks for the owners overseas jaunts.
It has attitude.
It is rather pricey.
Perfectly fine.
Until, along came Cafe #2.
It opened and has almost never closed.
It has not had a break.
It has attitude.
It is reasonably priced.
Opened next door.
Should the two be able to live in harmony? Of course.
But Cafe #1 has got grumpy.
Instead of delighting and servicing their own clientele into it, Cafe #1 is attacking Cafe #2 and thinking that will work. Really?
A recipe for disaster!
What would you do?
