Just Elementary, Inc. » Selling A Business
H.R. – Human Resource Questions for Small & Medium Sized businesses in regards to on going operations and Exit Strategy Planning
Tami Wiersma, PHR, the President at QCHR, Inc. based in Brea, California is kind enough to answer common questions that business owners have when it comes to H.R. issues with operating their business. QCHR, Inc. is a full service Human Resources Consulting firm in Brea, CA. Q: The employee handbook has not been updated in a while, how often should it be updated? A current employee handbook is the foundation of communication within a company and should … Read entire article »
Filed under: Business Tips, Selling A Business
Exit Strategy Planning: When to notify your Vendors, Customers & Employees that the company is being sold
Disclaimer: Consult legal professionals for legal advice. The information contained in this post is not legal advice, nor is it to be relied upon as such. Consult legal professionals for legal advice to ensure legal compliance. Selling a business can be a complicated process involving a plethora of moving parts that have disparate agendas, from a landlord, to a franchisor (if applicable), to equipment financing companies, etc. Vendors, Employees and Customers are also critical parties to … Read entire article »
Filed under: Selling A Business
How to Prepare Your Business for Sale
How To Prepare Your Business For Sale The key to the successful sale of a business is to think ahead, and the more time you allow for that thought process, the better the outcome will be. Planning ahead is paramount to not only selling your business more quickly and more easily than would otherwise be the case, but it also enables you to sell it for more money. The forward planning can be broken down into … Read entire article »
Filed under: Business Tips, Selling A Business
Increasing the Value of a Business: Exit Strategy Planning for Selling a Business
Want to make your business more valuable? A business owner should always have the long term in mind when operating a business. This means doing things to make the business more valuable upon transfer, whether it be by sale to an arms length third party buyer, or in some other fashion. Additional Text is below the embedded Video Here are some basic things to consider in regards to Increase the Value Of a Business Customers: • Minimize Customer Concentration: … Read entire article »
Filed under: Business Tips, Business Valuation, Selling A Business
What is a Business Broker & How Do They Help Me Sell My Business?
What is a Commercial Business Broker? A Business Broker helps a Business Owner Sell his or her business to a Buyer. Similar to Residential Real Estate Agent, except the client/product is a business, not a house. Here are common questions we get: Question: Does a Business Broker Buy the Business from a Business Owner? Answer: No! A Business Broker packages a business for sale and markets the business to attract qualified buyers. What does a Business Broker Do for Business Owners? Prepare the … Read entire article »
Filed under: Business Tips, Business Valuation, Commercial Leasing, Due Diligence, Featured, Negotiation, Selling A Business
Books & Records and Your Lease Two Factors That Impact the Attractiveness of Your Business to Potential Buyers
Two Tips to Sell Your Business Easier for a a Higher Price In most cases, there will come a time when the timing will be right to sell the business. To maximize the value of your business, you will want attract as many qualified buyers as possible. What are the things you can do to make your business as attractive as possible to maximize your buyer pool? Here are two topics that we’ll address in this post: #1. … Read entire article »
Filed under: Business Tips, Commercial Leasing, Selling A Business
Negotiating Lease Assignment Clauses for the Sale of a Business
An often overlooked and under-negotiated clause in any commercial lease is the lease assignment clause. No matter how long your lease is, and how long you plan to maintain ownership of the business, you need to negotiate a good lease assignment clause for proper exit strategy planning. What are some common things to consider in a lease assignment clause? Lease Assignment Fee Landlords will usually write into leases a fee for their time and consideration of your request … Read entire article »
Filed under: Commercial Leasing, Landlord, Negotiation, Selling A Business
Exit Strategy Planning Review: Data Security & IT Issues in Small Businesses
Continuing in our series on Exit Strategy Planning, we bring you an interview with Dan Le of Red Cup I.T. Red Cup I.T. is based out of Santa Ana, CA and provides computer related technology services for small business owners. Securing and managing the data of your business is very important. There are many issues at play, starting with the security of your confidential financial data, confidential client data, intellectual property, and network uptime. If your business … Read entire article »
Filed under: Business Tips, Selling A Business
Exit Strategy Planning – Training the Buyer of Your Business
Exit Strategy Planning for Selling Your Business – Training the Buyer of Your Business Another one of the important points to consider when preparing your business for sale and when negotiating the contract to sell the business to the buyer is the seller training you will be providing. Like everything else in business, there are no hard and fast rules, but there are important factors to consider when proposing seller training terms. Which items to offer training for … Read entire article »
Filed under: Selling A Business
Seller Financing Why & Why Not to offer it in Selling your Business
Given the serious tightening of lending criteria, we’re back to the good ‘ol days of using seller financing to sell businesses again. So, what are the things you should consider in deciding whether or not to offer seller financing? (A) Why you shouldn’t offer seller financing: You need all of the money upfront You have to payoff business debts You are concerned you won’t get paid back (B) Reasons you should offer seller financing: Make buyers feel the business offering is credible … Read entire article »
Filed under: Business Tips, Selling A Business
Non Compete Covenants in the Sale of a Business
During the course of negotiating a purchase and sale contract for a business, Non-Compete Covenants need to be addressed. Just for reference, Non-Compete Covenants are also referred to as Covenants Not To Compete. Let’s get down to it. What is a Non-Compete Covenant? In the case of the sale of a business, it is contractual covenant that dictates that the selling party will not compete against the buying party by opening or partnering in a competitive business. … Read entire article »
Filed under: Due Diligence, Selling A Business
Tips to make your business easier to sell or transfer to heirs or employees
If you are going to one day sell or transfer your business to heirs or employees via an E.S.O.P., then you need to consider factors that will make the business easier to transition to a qualified buyer or even your heirs. Here are 10 tips to consider. #1. Have a good lease that is reasonably assignable. If your lease is a problem, then renegotiate it. Difficult leases are a non-starter for good buyers, they don’t want an … Read entire article »
Filed under: Business Tips, Selling A Business
Making Multiple Units & Locations Work
The Los Angeles Times Small Business section recently profiled a local small business that is facing a typical dilemma for Southern California business owners. The dilemna of financial struggles amid biting off more than you can chew. The mantra in business is to multiply and use scale of economy to wring out greater profits, which is how a great deal of fortunes have been made, of which IN-N-Out Burger is a great example. People forget though, … Read entire article »
Filed under: Selling A Business
Small Business Exit Strategy Planning
When you are ready to retire and run off into the sunset, your business will have three possible outcomes: Going out of business, transferring to heirs/employees, or being merged/sold to a buyer. Going out of business at best yields liquidation value for the business, which is usually pennies on the dollar. The upside to going out of business, is that you won’t incur any future liabilities in warranties, employer obligations etc. Though it isn’t much of … Read entire article »
Filed under: Selling A Business
Tips to Make a Business Easier to Sell
Let’s face it, business buyers and commercial property investors have a lot of opportunities to choose from when they searching online. They easily sort results and inquire on numerous different opportunities available. Because of this, getting and keeping their attention is hard. Given that you have put in an amazing amount of blood sweat and tears setting up and operating your business, when it comes time to secure a buyer, how well positioned is your business … Read entire article »
Filed under: Business Tips, Selling A Business
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