As a contributing article in the Australian Businesswomen’s Network latest newsletter, this article discusses the best time to Buy a Business:
Quitting life as you know it and looking to buy a business makes the answers to these questions crucial:
What do I want to do?
Why do I want to do it?
Can I afford to do it?
Will I be happy doing it?
Why do I want to take on someone else’s “stuff”?
To explore the answers to these in the Business Buying context, read the full article…
On August 10, my latest article for the australian Businesswomen’s Network resource centre on knowing when the right time is to sell your business featured. The start of which goes like this:
Imagine, as business owner, you are about to review the good, the bad and the ugly of your business. Will you be happy with what is revealed? Is it Saleable?
Here are some questions to ask yourself in evaluating your business:
Is the business in great shape – growing and profitable?
Is there a management team in place or is it completely reliant on you?
Can the business continue to operate smoothly without you?
Are there systems and procedures in place to ensure everything works post handover as it does today?
Are the financial statements clean, excluding personal expenses?
Are the agreements and contracts with clients, employees, contractors and suppliers in place? Are they up to date?
Is the business as recession-proof as possible?
Is there potential to use the existing business as a platform to grow, franchise or buy other businesses?
Do you know what your business is worth in today’s market?
Are you ready to hand it over? What will you do next?
To continue reading, this link will take you to the complete article… enjoy!