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Would you like to retire? Relocate? Just want to cash out?
Before you begin, review the ten things I learned from my experience...
1. Use common sense when hiring a lawyer.
While it's important to have an attorney review most documents, getting your lawyer too involved may do more harm the good — particularly if he intimidates prospective buyers.
2. Use a reputable broker
Resist the temptation to save a broker's commission by selling yourself.
A good broker will have a large data base of prospective buyers. Therefore, he can often sell your business for a higher price — getting more than his commission. What's more, he can sell your business quickly and bring years of experience that will smooth out a million bumps and hurdles.
I was extrememly impressed with my broker. If you would like his name and contact information, send me an e-mail at 1492@teacher.com or call me at 1-812-372-1663 — ask for Kenny Paul.
3. Get your financial records in order
Any reputable buyer will expect to scour your financials. Be sure you have them in order and can answer questions as they arise.
4. Get your legal documents in order
These include such things as contracts, supplier contracts, staff contracts, patents, trademarks, advertising contracts, and so on.
5. Think like a buyer
Look at your business from a buyer's perspective. See anything that you don't like? Make changes whenever possible. And keep in mind that first impressions are always lasting.
6. Prepare to train the new owners
The new owners will need to become familiar with your day-to-day operations. Before you sell, be thinking of how to train the new owners.
7. Ask high; but sell at a fair price
Expect potential buyers to pay no more than your business is actually worth. While you can always come down from your original asking price, you can never go up. Consult with your broker. (Hint: If a broker wants to charge you for an evaluation of your business, DON'T HIRE HIM. An honest broker can calculate a reasonable asking price by reviewing your two-year financials. And he won't charge you a dime.)
8. Don't over-negotiate
By holding out for the very best price, you may end up losing the sale altogether. Dragging out the negotiations benefits no one.
9. Put everything in writing
Protect yourself and expect your buyers to protect themselves. It's just good business to make sure essentials contracts are written and signed. Again, a lawyers review may be in order. Your broker will know exactly the contracts that need to be signed.
Hit the golf course, move to your new location, start the new business...whatever it is you had in mind, say so long to the business and get on with the good things in life.
Where should we start? OK, How many times have you searched Goggle, Yahoo, and other search engines for creative and effective ways to market your business? Like most of us, I'm sure hundreds. Advertisers claim to have the Holy Grail of marketing system's for hundreds if not thousands of dollars, and they do know better than a classified ad.
So, after much thought and of course money I think that it is best that while marketing any product or service that you at least exhaust all the free stuff first. Let's face it, the free stuff works just as good if not better. For example, you could spend one hundred bucks on an ad in the Sunday post to sale your car, however you could put it on craigslist for free and sale it to. Make sense? Good.
Lets go to business 101, the number purpose of a person owning a business is to make a profit and spend as little money doing so. With that being said, lets make a vow right now. We are going to market are businesses everywhere there is to market for free first. Let's not try to cut corners (because you can't). We should all post blogs, pings your blogs, submit articles, and all the other free stuff first.
Now, don't get me wrong. Pay Per Click stuff will get you some traffic to your site. I'm not saying that it does, however what I an saying is that unless you are willing to spends hundreds of thousands of dollars on a premeir marketing firm, you are wasting your money any how. There are tons and tons o free marketing systems out there that really would assist and direct to some awesome and FREE sites. Here is one http://www.automaticmarket.ws . You must follow the system. Its all Free.
QUESTION?? Would you like to know of a place that I have found that you will find like-minded people. People who are truely looking for your products. People who could possibly have your missing link. I'll bet you do. Just click the link below and get starting networking FOR FREE.
Do not take this article for a joke. This is free information and you can advertise your site to hundreds of thousands of potential clients for free. It doesn't get any better tha that. I mean it does, but you will need to read my next article. FREE,FREE,FREE, IS THE KEY
I must also say that it's important not to give up. The internet has made and will continue to make millionaires. There will be trial and error. It is very important that you continue on your quest to become sucessful in what ever business you conduct. Online marketing is not for the weak, so if you are here, work hard. The world is onlne everyday, use that to your advantage. Everyday there is a new client who seeks you. Keep that in mind.
Until The next time,
DO ALL THE FREE STUFF FIRST
CNC