Documents and Information Required for Selling a Business

Documents and Information Required for Selling a Business

Sell a Business, Tips for Selling a Business
Article by BizButSell.com If you’re considering selling your business, it’s important to remember that prospective buyers are looking for clear, objective facts that will convince them that your business will be a profitable investment for them. Although they may initially be attracted to your business for other reasons, their primary interest will be the bottom line. This means that you need to provide them with comprehensive, organized documentation and solid bookkeeping that demonstrates the historical performance of your business and back up your asking price. Preparing solid financials ahead of time will help determine a fair asking price, while giving you the opportunity to identify gaps or shortcomings. In order to get started in making an accurate assessment of your business, you’ll need to prepare your financial statements, ideally, for…
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Before You Buy — Recognizing Small Business Value Drivers

Before You Buy — Recognizing Small Business Value Drivers

Tips for Buying a Business, Tips for Selling a Business
By The BizBuySell Team Small Business Value Goes Beyond the Financials When it comes to determining small business value, one of the most common question buyers ask is, ‘If I buy this business, how much money can I make?’ Yet, it’s important to look beyond the financial records when determining small business value. Oftentimes, financial records can be inaccurate or incomplete. Furthermore, they are intended to help minimize taxes, not show how well the business is doing. Beyond the financials, here are some key value drivers to consider when buying a small business: 1. The Business Has Been Providing a Steady Income for Several Years A business that has been operating for at least 3-5 years is worth recognizing. This means the owner has been able to make some sort…
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Should You Sign a NDA when Buying a Business?

Should You Sign a NDA when Buying a Business?

Tips for Buying a Business, Tips for Selling a Business
Loren Marc Schmerler, CPC, APC and President/Founder of Bottom Line Management, Inc. and an expert Business Broker/Business Intermediary says, “Recently, I came across this article “Should You Sign a NDA when Buying a Business?" and from my more then 30 years experience in the Business Brokerage Industry, to protect my Sellers and Buyers I have always insisted upon using NDA documents." Article from GlobalBX and Biz Builder.com, George Massalas There are some steps in the business for sale process that benefit both the seller and you, the buyer. These steps protect the seller from “time-wasting” buyers, and the buyer from acquiring lemons. One of the most important questions when buying a business is “Can I see your financial statements?” Numbers provide vital information to help you decide if you should…
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Why Businesses Do Not Sell

Why Businesses Do Not Sell

Tips for Selling a Business
Loren Marc Schmerler, CPC, APC and President/Founder of Bottom Line Management, Inc. and an expert Business Broker/Business Intermediary says, “Recently, I came across the article “Why Businesses Do Not Sell” by Michael Fekkes, M&AMI, CBI, CEPA and from my more then 30 years experience in the Business Brokerage Industry feel that Michael makes many valid points and wanted to share this thoughtful article. Michael’s insights are valuable in every respect.” Why Businesses Do Not Sell By: Michael Fekkes, M&AMI, CBI, CEPA It would be nice to live in a world where every business-for-sale was sold at top dollar. While there is no such thing as a perfect business free from all defects, there are a number of problems that can hinder a sale that could be remedied, if given enough time.…
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Top Ten Must-dos When Selling a Business

Top Ten Must-dos When Selling a Business

Tips for Selling a Business
Are you ready to sell your business? Thinking about starting new adventures? Certain changes you may make now can help you increase your business value. Below are top 10 tips on how to prepare your business for sale from expert, Bottom Line Management, Inc. founder, Loren Marc Schmerler, a Certified Professional Consultant and Accredited Professional Consultant. Top Ten Must-dos When Selling a Business Know why you want to sell your business. Make sure it’s a good reason and not just to dump your problems into someone else’s lap. Give some thought as to what you will do with your time after your business sells. Finding yourself with nothing to do can be very demoralizing. Make certain that your taxes are current. This includes sales taxes, unemployment taxes, payroll taxes, state…
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Take a Small Business Workshop

Take a Small Business Workshop

News, Tips for Buying a Business, Tips for Selling a Business
Can you answer YES to any of the questions below: Are you tired of working for someone else and want to start your own business? Are you already in business, but you want to take it to the next level? Do you want to grow your business to the point where you can sell it for top dollar? Do you want to know how to create “customer loyalty programs” where referral and repeat business lets your business thrive? Do you want to know everything you must do to get your business ready for sale? If so, THEN join us for LIVE, small business workshop, "Maximizing your Bottom Line and Building Sweat Equity" led by Bottom Line Management, Inc. founder, Loren Marc Schmerler and hosted by SCORE North Metro Atlanta, a…
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Questions Business Owners Ask Me and the Answers I Give Them

Tips for Buying a Business, Tips for Selling a Business
Loren Marc Schmerler, President and Founder of Bottom Line Management, Inc. contributed “Questions Business Owners Ask Me and the Answers I Give Them” article for Business Broker Press, an organization dedicated to support the business brokerage industry. [ms_divider style="dotted" align="left" width="100%" margin_top="30" margin_bottom="30" border_size="5" border_color="#f2f2f2" icon="" class="" id=""][/ms_divider]   How much is my business worth? The correct answer is the price a Buyer offers you that you are willing to accept. It makes no difference whether you are making money or losing money. It makes no difference whether sales are increasing, declining or flat. It makes no difference how much blood, sweat and tears you have put into your business. It makes no difference how much money you have invested in the business. It makes no difference how much money…
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How to Get Emotionally, Psychologically and Financially Prepared for the Sale of Your Business

Tips for Selling a Business
Loren Marc Schmerler, President and Founder of Bottom Line Management, Inc. contributed “How to Get Emotionally, Psychologically and Financially Prepared for the Sale of Your Business” article for Business Broker Press, an organization dedicated to support the business brokerage industry. [ms_divider style="dotted" align="left" width="100%" margin_top="30" margin_bottom="30" border_size="5" border_color="#f2f2f2" icon="" class="" id=""][/ms_divider] Selling a business is a very daunting task. It is hard to be objective when you have devoted five, ten, twenty or more years towards creating and growing a business that has enabled you and your family to live comfortably. But during this time period, you have built up unrealized wealth that is tied up in the equity of your business. Only by selling your business can you adequately extract that equity and convert it to liquid assets. The…
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Nine Steps to Better Due Diligence, Closing Deals

Tips for Selling a Business
[caption id="attachment_1129" align="alignleft" width="300"] Loren Marc Schmerler, President and Founder of Bottom Line Management, Inc.[/caption] Third in a series on Business Brokering Buyer and seller strike a deal, but a thorough due diligence can either seal or sink that deal. Georgia Association of Business Brokers Vice President Mike Ramatowski moderated a panel discussion at the July meeting on getting buyers and sellers through due diligence and to the closing table. Panelists were GABB Board Member Loren Marc Schmerler, CPC, APC, President and Founder of Bottom Line Management, Inc.; Kim Romaner, President of Transworld Business Advisors, who has 30 years of corporate and entrepreneurial experience in sales, marketing, operations and technology; and attorney Sarah Wheeler of Moore & Reese. (more…)
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