by theEmother | Mar 12, 2013 | build a Mother of a Business, Buy a Mother of a Business, EXIT execution, exit strategy, Finish Unfinished Business, Sell Your Business, SELL your Mother of a Business, Sellability Score, so you think you're in business, the business model
The Sellability Score
When you spend a lifetime trying to build a successful business, it leaves little time for much else, including thinking about an exit plan; but even if you are planning to pass the business on to family, you want to ensure you are offering them a valuable business. Whether you are creating an exit plan for the short term or for 20 years hence, it’s never too late or too soon to start understanding – and increasing – the value of your business.
Seventy percent of all business owners in today’s market plan to sell or pass their business on within 10 years. But 76% don’t have an exit plan, and many do not know the value of their business.
A well thought out exit plan can:
- Protect the legacy of your business;
- Build value for your business;
- Provide financial security for your family and your stakeholders;
- Make it easier to deal with any unexpected events (illness, accident or death); and
- Help to prepare you and your business for the future.
The Sellability Score is a highly effective tool to initiate the process of building a plan. By using it as a gauge to measure how sellable your business would be today, it can help you focus on where to increase your efforts within your business. The online tool is quick and easy to use, and it generates a personal report that highlights:
- What you should consider when thinking of transitioning your business;
- How saleable your business actually is;
- The likelihood of receiving a premium offer; and
- What your financial options are.
Click here to access the Sellability Score, with my compliments…
After completing the questionnaire online, you will be provided with a score for your business and a summary of what the score means.
Meanwhile, I will be notified that you have completed the questionnaire and I will receive a copy of the comprehensive report for your business. Once I receive the report, I will set up a time with you so we can meet, review the recommendations together, and discuss any next steps required.
I’m looking forward to discussing your Sellability Score with you.
by theEmother | Mar 8, 2013 | Buy a Mother of a Business, EXIT execution, exit strategy, Finish Unfinished Business, how to sell a business, Sell Your Business, SELL your Mother of a Business, so you think you're in business
If any of these tickle your fancy, please contact me by emailing sell@theentrepreneurialmother.com letting me know which one it is…
BS2 = Online Retailer
More offers received, more expected… just not quite hitting the mark.
The momentum continues to build. What will the crescendo bring?
BS3 Waiting on the Seller
BS6 Waiting on the Seller
Decided to hang on to business and keep working at it
BS7 Online Fashion Retailer
This one moved quickly. A great start-up price for the new business owner. Offer received and accepted.
BS8 Waiting on Seller
Was listed with another but no luck to date
Looking to get it moving but waiting out agreement period
BS9 = Specialist Leadership and Talent Management Provider
Looking to a 2013-14 kick off
Getting all ducks in a row in the meantime.
BS10 = Specialist Offline Retailer
1st meeting completed, next steps discussed.
Promising! Waiting on financials.
BS11 = Hairdresser
First chat to be booked.
BS12 Leading Niche Training Provider
Looks like this one will be SOLD!
Heads of Agreement happening already.
BS13 Specialist Equipment Provider
1st meeting led to much discussion and interest.
As a result, a number of options being considered.
BS14 Leading Book Supplier
Up to Stage 2. Waiting for financials.
The “Sellability Score” reports continue to dribble out each and every week.
Calls to make as a result 🙂
Onwards and Upwards!
by theEmother | Mar 7, 2013 | Buy a Mother of a Business, EXIT execution, Finish Unfinished Business, Sell Your Business, SELL your Mother of a Business, so you think you're in business
So, the Buyer and the Seller meet once more.
The purpose? To confirm the details of the details already confirmed! (because they are the ones contained in the Heads of Agreement).
Doubling up? maybe, but it’s this confirmed detail that feeds the contract so all parties must to be absolutely sure of what they are signing off.
Once agreed and signed, there’s nothing left to do but for the Buyer to hand over some money, a deposit. The time to dip the hand in their pocket and cough up some cash!
Trembles can start at this point…
And that’s where the broker comes into their own.
The smoothing out of the 2nd-last minute jitters is what’s needed. This is generally done by acknowledging the tremors together with keeping the pace ticking along nicely enough so that the desired result (for this meeting) is reached, taking all one step closer to their larger, respective goal.
Receiving notification of the deposit being deposited indicates that “game is on”… and what an exciting feeling it is too!
by theEmother | Mar 6, 2013 | Buy a Mother of a Business, EXIT execution, exit strategy, Finish Unfinished Business, Sell Your Business, SELL your Mother of a Business, so you think you're in business
Once the banter and the to’ing and fro’ing of a Business Sale negotiation has got to the stage where both parties have agreed to “let’s do it!”, then a whole round of new “work” comes into play…
“Isn’t that the end of it once they agree?” I hear you ask.
Oh no, it’s not.
You then have to get all the details into the Heads of Agreement, which in turn feeds the contract, meaning getting into the Legals…
Given the serious nature of the Legal component, it’s almost like starting the whole negotiation again. Well, not quite but, much more attention is paid to the details on both sides, and rightly so too.
The key learning is that getting an agreement on price is only half the battle! There’s a whole lot more water to flow under the bridge before the money actually changes hands.
by theEmother | Mar 5, 2013 | Buy a Mother of a Business, EXIT execution, exit strategy, Finish Unfinished Business, MEinc, Sell Your Business, SELL your Mother of a Business
3 Businesses on the market, 3 Offers being contemplated…
gotta be happy with that!
But lets not get too excited just yet. There’s a lot to happen before any of them actually get over the line.
The art of Brokering (I continue to discover) is not so much about getting a buyer and a seller to talk to each other but the facilitation between humans to get a YES into a committed and concrete form.
No surprise really as buyers and sellers are humans, granted.
But, as much as business is touted as being transactional, the sale of a business is equally as personal. And it is the personal that comes to the fore when the deal is about to the made.
When a Business Owner is to hand over their “identity” to someone unknown, they had better be ready as last minute sabotages are not unheard of. This is where a well formulated “exit strategy” comes into its own.
Hopefully though, this won’t happen with these 3 offers…
