by theEmother | Feb 9, 2015 | buy | sell websites, BUY a Business, Buy a Mother of a Business, Online Strategy incl. www, so you think you're in business, start with the end in mind, the business model
Recently, Lorraine Pirihi from “Relaunch your Life” and I had a good chat about “How to Avoid Losing Money When Buying a Business” (audio is below).
The key aspects of which are summarised here:
• Not certain of what to buy?
• You can spend a lot of time looking at a broad range of businesses.
• Whilst keen at the start it can be energy sapping in the long run if you’re uncertain of what to buy.
• Financial limitations
• Do you have an understanding of what you REALLY can “afford”?
• Can you pass the “sleep at night test”– losing sleep might indicate that you are over stretched!
• Procrastination
• Often after finding the right business that matches your criteria, you may continue to procrastinate with the decision to buy
• Lack of preparation
• Due to lack of preparation, you may not able to identify an opportunity even if you find one. Often buyers regret missing the opportunity after the business was bought by others.
• Seeking the perfect deal
• You may appear stuck in the buying process, and over analyze businesses with the focus on identifying actual or potential issues, thereby talking yourself out of the transaction.
A full transcript of the interview can be found here.
Follow along with this audio…
Podcast: How to Avoid Losing Money Buying a Business – a conversation with Lorraine Pirihi by Denise Hall on Mixcloud
by theEmother | Jan 28, 2015 | build a Mother of a Business, buy | sell websites, EXIT execution, exit strategy, Finish Unfinished Business, how to sell a business, Sell Your Business, SELL your Mother of a Business, Sellability Score, start with the end in mind
Lets have a chat, that’s what!
Whilst the BIG question, of course, is what do you see as your ultimate outcome…
To help get us there, with starting the process by doing the Sellability Score questionnaire, you now have a line-in-the-sand as to how your business stacks up within a worldwide sample set.
Indeed, a great place to start and I will send you the full report for your reading pleasure, if not already.
With your Score in mind, what do you want to explore in detail… is it more about?
1. “Improve the Score” = how to do the things that matter i.e. ideally making the business more Saleable?
2. “Selling” = how to go to market in the business’ current state, being guided by the market as to the price and where the value lies?
3. “Don’t Sell” = how to position the business as a possible “strategic acquisition” for another, enabling you to potentially stay involved past transition, post sale?
Answers to these will help guide me as to the best way to steer our discussion.
If you want to take the questionnaire, to determine your Score and get the process started then please do, with my compliments.
By way of introduction, in a little under 2 minutes, this video sets it out rather nicely.
Or, if you want to jump straight to it:
b) click on “get started now”
c) fill in your details and click “get score now”
d) the “Sellability Score” questionnaire is then uploaded, ready for you to complete
I have been advised of your report being ready, I will be in touch.
Just so you know, Hurst Partners own the right to distribute the “Sellability Score” and I have their permission to utilise it.
by theEmother | Jan 6, 2015 | buy | sell websites, EXIT execution, exit strategy, how to sell a business, Online Strategy incl. www, Sell Your Business, SELL your Mother of a Business, the business model
Recently, this really good article, “5 Questions to ask when Choosing a Business Broker“, got me thinking… can I answer the questions to your satisfaction? So I’ve given it a go. If my responses raise further questions for you, then please ask…
Finding the Right Business Broker
After you have decided to sell your company, it’s helpful to meet with multiple brokers to identify the one that is the best match for your unique needs and sale objectives. You have spent years building your business. You owe it to yourself to interview a number of candidates. As you go through this process, keep the following questions in mind when comparing brokers:
1. What are the broker’s background and credentials?
I have a track record in selling businesses, especially of the Online and Professional Services kind.
Not only have I done so for myself, but also for a growing number of clients over the last years.
I am also qualified and credentialed, e.g.:
CAR(REIV) = Certified Agents Representative with the Real Estate Institute of Victoria
AMAIBB = Associate Member of the Australian Institute of Business Brokers
MREIV = Member of the Real Estate Institute of Victoria (Business Brokers chapter)
MIMC = Member of the Institute of Management Consultants
BTD = Bachelor of Training and Development
2. Is the broker genuinely interested in learning about your business?
Allow me to introduce The Business Discovery Process…
As you’re no doubt aware, the sale of a business can be a complex and sensitive a process. So to get the best outcome for my clients, I prefer all parties to invest some time upfront before making any formal decision. At that point, I introduce the “Business Discovery” process, which allows both sides to gather sufficient information about each other before proceeding to any formal commitment.
3. How will the broker promote your sale?
As experts in selling businesses, the professional team that I am apart of and our experience have enabled us to deliver results for our clients over many years.
Our proactive approach is to have the appropriate marketing strategies in place to reach potential buyers of your business. As a result, we tailor our marketing strategy to deliver the optimum outcome.
The upside for you is that you do not have to spend a fortune to find a purchaser.
The beauty of being part of a well-respected and long-established trusted adviser in the community, is that they are also very well-connected with good relationships with accountants, lawyers, bankers and other small business professionals. Together with having an enviously large contact list, I am able to tap into markets and opportunities that many are not.
4. What process will the broker use to screen prospects?
I handle all initial inquiries, where tyre-kickers are immediately outed.
Once they get past first base, the next step is for them to sign and return a NDA/CA (confidentiality Agreement).
Once received, they in turn receive a preliminary Business Profile.
Then if still interested, it’s time to meet you, the owner.
5. How many listings is the broker currently managing?
At any given time, I am handling between 6-10 businesses and their owners.
This allows me to concentrate on the negotiations at hand, to ideally bring them to the outcome that all parties desire.
I trust that has addressed any questions you may have had, but if not, please email through whatever you want to know, to info@theentrepreneurialmother.com.au
by theEmother | Dec 18, 2014 | buy | sell websites, EXIT execution, how to sell a business, Sell Your Business, SELL your Mother of a Business
Had a great e-chat with Ann Molloy of the EDITION 17 of the magazine Renegade Collective, part of the collective hub.com a little while back.
What resulted was a most informative inclusion in the current edition of the magazine (the one with George Clooney on the front!), talking about “How to Shut Down a Business“.
It being the discussion piece by an Exit Strategist who knows what to do (namely me), complementary to the fabulous story “Exit Left”, about Nikki Durkin upon announcing the closure of her start-up 90dresses.
Her blog post went viral.
It seems we all want to know: how does it feel with the worst happens?
Key points covered are:
- eliminate debt
- set a D-Day
- care for your crew
- tell your customers
- sell business assets (including website, contact me to do so…)
- tax and legal matters
- save, save, save
- shut social media (or may be able to sell the parts with the website, see above)
- look after yourself
If you find yourself in this position, don’t despair.
I can help if you do not want to do so on your own. Contact me
by theEmother | Sep 19, 2014 | buy | sell websites, BUY a Business, Buy a Mother of a Business, EXIT execution, exit strategy, Finish Unfinished Business, growth by acquisition, how to sell a business, Sell Your Business, SELL your Mother of a Business, Sellability Score, so you think you're in business, start with the end in mind, TEMpting
How Saleable is Your Business in 2014?
How Saleable do you want Your Business 2014?
What are you waiting for? GET YOUR SCORE…
WANTED: BUSINESSES TO SELL!
Why, because we have buyers!
Yesterday I attended a funeral of a mother of a dear friend of mine.
Always of time of sadness and reflection…
Given the amount of grief experienced again today, I can’t help thinking about the poor families of business owners who have not done anything about their business affairs before they fall off the mortal coil, leaving it to their family to clean up. “Take me out in a box”, they say.
SO NOT SMART OR FAIR.
With the family grieving, the last thing they want to have to deal with is a business they most probably have no interest in. Lets face it, if they were going to be interested, they would have done so well before the fateful day. And the longer the business is left without being tended will mean the value drops away at a fairly rapid rate. Not good for selling purposes, at all.
Seriously, do something about the business before the owners are gone.
If you cannot, then call a broker just as soon as you can and have them get it sorted for you as soon as possible.
As the business probably forms part of the estate, the sooner it is sold the better the outcome will be for all, financially at least.
GOT A WEBSITE FOR SALE?
If you want to sell a website or you’re looking to buy a website (excellent bolt-on possibilities), please email me at dhall@businessbrokers.com.au
If any of the following tickle your fancy, please email me at dhall@businessbrokers.com.au, letting me know which one it is…
FOR SALE…
BS53 Balloons! and all that goes with them…
In the process of shutting this one down, unfortunately.
BS59 Niche Service Provider in Building Trade
via Sellability Score.
Waiting on the 2014 numbers done and then it’s good to go to market. Owner on holiday!
BS60 Advertising and Events agency
(via Sellability Score)
New premises locked in. Design of fit out done. Revenues increasing all the time. Excellent buy waiting to be snaffled up.
BS72 Niche Bookseller and Training Provider
The owner has changed their mind. Sadly, it looks like this will be taken off the market…
Training provider
Due diligence happening now.
3 meetings/phone calls next week:
- spa therapies (waiting on information)
- software provider (waiting on meeting date)
- drinks (waiting on information)
Exploring the Sale Option?
GET YOUR SCORE…
Onwards and Upwards!
by theEmother | Aug 26, 2014 | buy | sell websites, BUY a Business, Buy a Mother of a Business, growth by acquisition, how to sell a business, Sell Your Business, SELL your Mother of a Business
AIBB Sales Index_June 2014
Not surprisingly negative speculation in the media prior to the Federal Budget being tabled in May and the inability of the Government to sell its budget message has caused a loss of confidence in the marketplace for SME sales during this Quarter. The bump in optimism following the 2013 Federal election has been replaced with the ‘Budget Blues’, however, sales of Small Businesses are still occurring in spite of the fact that sales prices paid for businesses seem to be dropping.
“Whilst market conditions for business sales have deteriorated from those experienced before the Federal Budget was tabled, we believe the market will adjust over time to the new reality and provided overseas events stabilise it should be business as usual. If conditions deteriorate overseas then business sales pricing will fall as business confidence fades and vendors will need to ‘follow the market down’ if they want to sell” said Paul Nielsen, AIBB Vice President and Deputy Chair of COSBOA.
‘Unsolicited Offers’ have overtaken ‘Retirement’ as the primary reason for Sellers seeking a sale indicating that Buyers are becoming more aggressive in seeking discounts and Sellers are now ready to listen. Time will tell if this trend continues. Of greater concern is the second highest indicator of the reasons for sale being ‘Pending Insolvency’.
Read more by downloading the AIBB Small Business Sales Index for June 2014 – The State of the Australian Market
