Author: The NYBB Group
12 Jul Buying or Selling a Business: The External View
[caption id="attachment_1571" align="aligncenter" width="300"]
Photo Credit: Victor1558 via Compfight cc[/caption]
There is the oft-told story about Ray Kroc, the founder of McDonalds. Before he approached the McDonald brothers at their California hamburger restaurant, he spent quite a few days sitting in his car watching the business. Only when he was convinced that the business and the concept worked, did he make an offer that the brothers could not refuse. The rest, as they say, is history.
The point, however, for both buyer and seller, is that it is important for both to sit across the proverbial street and watch the business. Buyers will get a lot of important information. For example, the buyer will learn about the customer base. How many customers does the business serve? How often? When are customers served? What is the make-up of the customer base? What are the busy days and times?
10 Jul Article on Sale of Boomer-Owned Businesses
Baby Boomers are Getting Ready to Sell in Mass It has been talked about often over the last few years; baby boomers are getting ready to exit their businesses on an enormous scale. As they near retirement age, (10,000 people per day turn 65 in the...
03 Jul What Would Your Business Sell For?
[caption id="attachment_1563" align="aligncenter" width="300"]
Photo Credit: Victor1558 via Compfight cc[/caption]
There is the old anecdote about the immigrant who opened his own business in the United States. Like many small business owners, he had his own bookkeeping system. He kept his accounts payable in a cigar box on the left side of his cash register, his daily receipts – cash and credit card receipts – in the cash register, and his invoices and paid bills in a cigar box on the right side of his cash register.
28 Jun Burnout: An Ever-Present Threat
[caption id="attachment_1556" align="aligncenter" width="300"]
Photo Credit: Lori Hersberger via Compfight cc[/caption]
Burnout is an often-used reason for an owner selling his or her business. Potential buyers may have trouble accepting this as a valid reason for sale. However, burnout is a valid reason for selling one’s business.
23 May How Long Does It Take to Sell a Business?
[caption id="attachment_1543" align="aligncenter" width="300"]
Photo Credit: gadl via Compfight cc[/caption]
Recent studies indicate that it now takes, on average, about eight to ten months to sell a small business. This figure seems to increase yearly. Why does it take so long to sell a business?
17 May Succession Planning – It’s Never Too Early. A Message For Today’s Business Owners
There are more than 15 million family businesses in the United States. History tells us that less than one-third of family owned companies will make it to a second generation. One reason for the disheartening statistic may be that business owners tend to forget about succession planning.03 May When to Create an Exit Strategy
[caption id="attachment_1537" align="aligncenter" width="300"]
Photo Credit: DoodleDeMoon via Compfight cc[/caption]
There is the old saying that the time to develop an exit strategy is the day you open for business. Sounds good, but it’s not very realistic. Further, it also isn’t very optimistic. On the day you open for business, thoughts about how you get out of it aren’t pleasant, or helpful, thoughts.
26 Apr Advantages of Buying an Existing Business
[caption id="attachment_1527" align="aligncenter" width="300"]
Photo Credit: morebyless via Compfight cc[/caption]
1. Established.
An existing business is a known entity. It has an established and historical track record. It has a customer or client base, established vendors, and suppliers.
