As a business owner, you learn to tolerate the window shoppers. They come in, look around for a while, ask a few questions, and then leave empty handed. However, you learn to appreciate them because they may provide feedback to another potential customer, or give a good referral. There usually is no harm in accommodating a window shopper, however, when it comes to selling a business, these types of so-called buyers are not ones you want to accommodate. You want to avoid them at all costs, because in the end it will cost you valuable time and potential money.
Spring is here and soon you will see green everywhere you look—blooming trees, new grass, and for most people tax returns! However, if you are a business owner tax season looks a little different for you. Although you will not be eagerly anticipating seeing any green returned to you this season, you will still want to keep your eye on your green, especially if you are looking to sell your business. This spring, take the right steps toward getting your records in order. In specific your tax returns!
ASK YOURSELF THESE IMPORTANT QUESTIONS WHEN LOOKING TO BUY OR SELL A BUSINESS:
After months on the market, you are no closer to a business deal than the day you listed your business for sale. Prospective buyers have come and gone and still no sale. You may be downright stumped wondering why your business hasn't sold. Here are four reasons why your business may still be on the market.
You're a business owner and you've made the decision that you are ready to sell. You've successfully manage and marketed your business for years. You know your customers, products, suppliers and employees. You feel confident in your abilities, but does that qualify you to sell your business yourself or should you consider hiring someone to sell it for you? And, if you do, who?
You may have many questions and concerns regarding selling your business. You may have started a business from scratch and had much success wit it, but now you are looking to retire, start a new business, or simply just taking a break.
There are several benefits to buying an existing business rather than starting a business of your own. When starting a business, the risks are higher, with many businesses failing in the first year and 80% failing within five years. However, purchasing an existing business reduces an entrepreneur's risk, tipping the risk - to - reward ratio favorably, while creating opportunity for increased profit and growth.
WATCH FOR THESE WARNING SIGNS WHEN BUYING A BUSINESS