Wednesday, 26 January 2022
Monday, 25 October 2021
Starting a new business is an exciting time. With so much information available today, how is a person to know what will work for them? Everyone should know that having a plan is key to business success. Developing a plan is the part that scares, confuses and eludes many emerging business owners. We recommend that business owners treat their plan like a Prescription; Think of each step forward as a dose of medicine designed to give you a healthy business. Before you start a business there some key decisions that must be answered; 1. Who are my customers? 2. Where are my customers? 3. How will I attract my customers? 4. How will I delivery my product/service to my customers? 5. How will I manage my finances? 6. Can I afford this? Within each of these questions are the building blocks of a healthy business. To many, these questions seem out of order, or are not all inclusive of what is needed to start and maintain a healthy business. We could not disagree more as these questions are the Prescription for a Healthy Business. Who and where are my customers? No business can be successful without customers. To not know your customers is one of the biggest mistakes small business people make. The consumer is becoming more educated and has more buying opportunities today than ever in the past. Additionally, the consumer has become more cost conscientious and uses a more thoughtful buying strategy today than ever before. Knowing what your product or service does for your customers is the easy part, understanding that customer and how to attract them to your product or service is the harder part. Most of the time, new business owners come from a business where they dealt with customers using the particular product or service that will be the breadwinner for their new business. Profiling who these customers are will help the business owner gain the insight needed to knowing who the customers are. It's important to understand your company's position on competition. Make sure you are not bound by a non-compete or some other non-disclosure or confidentiality agreement prior to profiling customers. If you're moving into a new area or are under some sort of confidentiality or non-compete clause, subscribe to a data mining service that can help you understand who your customers are. Services such as Sales Genie, Hudson or Dun & Bradstreet offer cost effective mining tools that can put customer information in front of you so you know all you need to know about your potential new customers. How will I attract my customers? Once you know who your customers are and where they are doing business and what they may need of your product or service, a plan can be made to attract them to your company. Understanding what customers look for when making buying decisions can be difficult for some and seemingly easy for other. Many items or services that are commodities may be chosen for price or ease of delivery. Other things may be chosen by necessity, region or rarity. 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Competition is made tougher due to more businesses competing for the same customer base. There are ways to differentiate you from others by having a better company image, customer services or delivery model that might better define your company from the others. Keeping your image can be as simple as a professional clean look, easy to understand ordering guidelines and quick response to questions, concerns or issues. Using your regional advantages or the availability to get rare or hard to find items should be incorporated into your image or presentation so that companies know intuitively that you're different from your competitors. Using a professional branding company to help you define your image and understand how to reach them in different ways will be an investment that will have a good return on investment if you have a good understanding of your message and customers. Social media outlets such as Facebook, Twitter and LinkedIn can be good avenues for some businesses, but all of them are still new to the marketing game and their impact on buying decisions is still hard to measure. However, all offer free accounts and should be implemented to support your brand and give your company one added access point to the markets. Having a website is important as is a good email address. Websites do not need to be complex or overly flamboyant to be successful. People appreciate the ability to quickly access a webpage and efficiently understand a company and their product or service offering. Having an email address that is easy to remember and use will help people to communicate with your company and give you an opportunity to begin to capture communication history with potential customers. How will I delivery my product/service to my customers? Product or service delivery is a very important aspect of your business. The delivery of products or services is synergistic with Customer Service, and at the same time it is wholly separate. Product delivery failures can meet or exceed customer expectations and still be inefficient and costly and hamper a growing business. Understanding how the market expects delivery of your company's product or service is only the first part. Products and services can be reliant on the supply chain. The procurement of vendors and contractors that will aid in the development or delivery of end products or services must be understood and in place at all times; Failure in your supply chain is a failure of your company. Make sure you hold vendors and contractors to the same standards you expect from employees, or even better, to the standards you want to be held to by your customers. Create vendor performance policy and procedures that are bullet pointed and simple. Only use complex contracts and vendors terms if your particular industry requires special legal treatment or you have proprietary or special contractual obligations. Using complex legal documents when simple business processes suffice can lead to inefficiency, poor relationships and difficult issue resolutions. Develop a customer feedback program that is simple and easy to give to customers and to track. Make the customer's review part of regular employee meetings so that your staff understands what the customer is saying about you, your products and your staff. Use criticism as a development tool, not a disciplinary tool, and keep looking forward as you refine your business and the delivery of your products and services. How will I manage my Finances? Finance management is not something that you just know. Getting help from a professional in setting up your company will establish a solid legal foundation to build your business. To be a Sole Proprietor, Limited Liability Company or Corporation are all important decisions that set your financial future on a solid foundation. There are a multitude of companies that can help you decide which legal formation is right for you; LegalZoom is one company that specialize in helping people understand and choose the right corporate structure. Choosing an Accountant is another important choice. Understanding your taxing requirements and having guidance is crucial to long term financial success. The penalty for ignorance in the tax law is expensive, as most government entities have stiff penalties for delinquent filings and tardy payments of Sales Taxes, Franchise Taxes, Payroll Taxes and more. Having an organized system to keep track of your money is also very important. There are a multitude of choices for financial tracking systems. Retail environments may get by with a simple cash drawer and ledger, or require a cash register or point of sale system. Other companies may need to track inventory, customer and vendor ledgers along with accounts receivable, payable and payroll. All of these financial issues can be tracked with simple ledgers or fully functional accounting systems such as QuickBooks, Peachtree or something even more complex. There are sites like FindAccountingSoftware.com that can help to understand the choices and how they apply to your particular business. The key issue to remember most of all is that you should never commingle your personal money with your business money. Keep written records to make life easier on you and your support people. When it comes to your money, your chances for success will be increased immeasurably when your money is counted in an organized and structured way. Can I Afford This? Often times a person starts a business and quickly runs out of money. The cause of this is almost always a complete lack of planning. We have traced the reasons for running out of money to: 1. Not knowing the customer. 2. Not knowing where the customers are. 3. Not having a plan to attract customers. 4. Not having a plan to delivery products or services. 5. Not understanding the financial needs or implications of business decisions. Creating a Business Plan that addresses the six major areas outlined in this article will set a foundation that any business owner can build on and be successful. The Business Plan will identify anticipated revenue, expenditures and market issues that will affect both in the near and short term. Also understanding your personal financial needs and what you can expect to take from the company while you build it, will help to establish a financial plan that the business should adhere to with no exceptions. Often people see cash coming into their business and spend that money before executing a planned policy or procedure required for continued growth. If during the plan development process, your financial projections don't provide you with a clear path to financial success, talk with a professional about how you can resolve the shortages you may anticipate during growth and understand the cost of borrowing or using credit cards or other financial options available. SBA and SCORE have programs to help small business people understand the costs of doing business. They are generally free and should be considered if paying for help is not an option. Finally, if you find the financial risk causes personal, professional or family stress, consider options like taking on a partner or finding a company in the industry to learn more about what you want to do. Sacrificing one's personal well being or that of his friends and family should not be an option to admitting that a plan is too aggressive or risky. By having a prescription for success before you start a business, you will give yourself a much better chance at success. Structure is key to success in any applied program and these measures should be written down to paint a picture that you can live with going forward. As your company grows and becomes successful, you may have the opportunity to add employees, more customers and even more locations. By implementing a prescription for success as your company changes, you will help to create a viable business that you, your employees and your customers can rely on.
The analogy between marketing and a business is similar to the relationship of body and food. Marketing is the heart of the business. Every business is different so each business has to offer marketing and development, which fits each unique business's need. There are many ways of developing and marketing for any business, but first let's find the true concept and definition of marketing. Marketing definition: "Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large". 1- Thinking advertising is marketing: The biggest mistake most of the business owners make is to think advertising and spending money is the only marketing way exist. This group only focuses on advertising, which when the desire result is not achieved at the end of the month, they complain of how much money they wasted away. Advertisement is merely one of many ways of marketing. 2- You don't enjoy what you do: As stated above Marketing has many ways and approaches. The main marketing for your business is to love what you do. Nothing is better than your "Love what you do" attitude since it brings out your creativity, shows your talent and tells everyone how devoted you are to your business. Your daily positive attitude defines the successful future of your business. The love of your business construe in your daily interaction with new clients, employee's moral and making important and effective marketing decisions. To be a good marketer for your business, first rule is your love for what you do. 3- Don't have a good business plan: What is business plan? "A written document describing the nature of the business, the sales and marketing strategy, and the financial background, and containing a projected profit and loss statement". Having a business plan is like having a map. Many businesses start their business ignoring this very effective tool and get lost in the middle of the road. Every business plan states the exact details of the business's concept and outlines clearly the marketing strategies, profit and loss, demographic, place of business, finances and targeted niche market. In order to make a solid business plan: A) Know your business inside and out Knowledge of your business is important to know the answer to all the categories of business plan. If you do not know the concept of your product or service, business plan and the pillar of your business does not exist. B) Study, analyze and scrutinize When you know the back and forth of every detail in your business, you can access all the required information needed to project your business in a business plan. In order to access all this information you need to study, analyze and scrutinize every file and information in libraries, city records and valid informative site on the Internet. C) Print it and have it accessible When you put all the info together and created your fully detailed business plan, print a copy and keep a file handy and accessible. Your projected analysis for the business works as a map to your success. Don't drive to an unknown destination, not having a map on hand. 4- Don't have any plans: Marketing and developing its strategy is vital for every business. Marketing works as fertilizer to boost the lawn of your business. Even more importantly, marketing acts like sun to shed light and direction to your business for finding leads for the potential clients. Marketing is like having your open sign on in the dark street. I think I emphasized enough and you understood how important marketing is for any business, small or large. 5- Not analyzing the market for correct pricing. Every business offers products or services. Then producing and providing the products and services involves certain cost and fees. Setting the price according to the market is very important and cause for a major failure for small businesses if done without market awareness. The root and source to find a perfect price is your business plan. It is necessary for every small business owner to investigate: A) The demographic income of the targeted niche and audience: The business plan states the average income of the targeted audience and the niche market. Set prices based on the factual statistic and spending ability of potential clients. B) Market needs and economy balance: An involved business owner is always aware of the market needs and the economy balance. Based on your niche market, be on top of the factors of change in economy that can impact your client's ability to spend. If you deal with bankers and investors, keep up with stock market news and its daily changes and adjust your prices regularly. C) Competitive market prices: A business person is always on a lookout for its competitors and is aware of their side of story. It is necessary to know your competitors and adjust your prices based on their offering and similar services. D) Demand of the product or service: Investigate the demand before putting the price tag on your product and service. You can find this information through the data in your business plan. Balance your prices based on the market demands; If you projecting a good volume of sale, price it lower than competitors. If the demand is lower and the project of volume is slow, price higher to accommodate the distance between each sale. E) Uniqueness of the product or service: A unique product and service in the market attracts more attention. Price it higher than other regular products. F) Acceptable profit margin range in the area: Profit margin's acceptability is always decided based on the market and economy as well as the market demand for the product. Consider a big city. If you have a product or service that is unique, but projecting a high volume of demand, based on the economy and your targeted niche, the profit margin should set higher than normal. In a small community, If you are investing on a product with limited demand, go conservative on your profit margin. 6- Not having any budget Many small business owners make a big mistake and do not place any budget for daily, monthly or yearly marketing plans. Whatever the profit and loss data projects on your business, it must include certain amount of budget for marketing plans that are realistic and traceable. Unfortunately small business owners mostly have no budget and deduct the cost of marketing plans from their profit data. This particular budget assignment is very effective in the future of business growth. Increase the marketing budget with business slowly reaching the peak of demands for your product and services. 7- Spending money on non-traceable ads As the market changes, so as the marketing plan, pricing and target audience. Invest and assign marketing plans that are traceable. Traceable marketing means follow-up charts to analyze data. The worst mistake of marketing is to spend money on a plan that cannot be traced and measured. This marketing mistake is wasting money or in other terms is shooting in the dark. 8- Do not trace the result Many businesses have assigned a budget for the traceable marketing plan but sadly do not follow-up on the result and do not trace it. This is just the same as spending wasteful money on non-traceable. 9- Think in a closed box: Each business is unique. Even if the business offers a same product as other business few streets down the road, the two are still unique and different in many ways. The biggest mistake small business owners make is to follow other businesses' footsteps. Marketing and its strategies should not have any limitation. Think of marketing out side of the box and do not limit the marketing strategies to a cliché approach others do. Be creative and design a plan unique and suitable for the very business. 10- Don't know what plans to set: Everyone is familiar with the word marketing. The first conversation when opening a new enterprise is "Lets do marketing!" But do we all really realize the core meaning of it? I compare marketing strategies and its unique approach to our fingerprints, which is distinctive. Many understand the word marketing but are not familiar with how to set the strategy and the game planning related to the business. It is a big mistake not knowing how to set the strategies while being fully aware of marketing important role in the business. Since setting the marketing plan requires research, analysis and knowledge of he market, hire a professional researcher and marketer to create the necessary game plan. 11- Assuming the product or service will sell itself: One of the biggest marketing mistakes is to assume your product or service is going to sell itself. This assumption is misleadingly translating marketing into advertisement. I have met many small business owners who declared that quote-to-quote "I don't spend money on the marketing, to me I only rely on word of mouth". Word Of Mouth is the strongest way of marketing. So what this small business owner was under impression that he does not do any marketing because he thought marketing was spending money on advertisement. So he was counting on the most effective marketing, the word of mouth. Word of mouth consists of two factors: A) Product or service: People have to like the product or service to continue talk about it and refer their friends. B) Customer service Another major difference between businesses is the level of customer service. I didn't say the level of good or bad. What I mean is each business owner or employee that has been fully trained to look after a client as a customer service has his or her own charm. This specific charisma and character make the business unique to others and is a major influence for word of mouth. Let me give you an example of how powerful the word of mouth and spreading the word is to any business. While ago, I worked as a junior manager in an up-scale restaurant. The general manager identified his target niche as young professionals in downtown area. So he hand-picked few employees in the same age range as the targeted niche to use public transportation and talk about the restaurant among each other. His decision, although was not directly traceable, but yet had an amazing effect. How did I analyse the result and witness the proof? The restaurant offered comment cards, asking "How you hear about us?" and many without any surprise responded via word of mouth in public transportation. https://telegra.ph/Proof-That-BEST-BUSINESS-OPPORTUNITIES-Is-Exactly-What-You-Are-Looking-For-10-23 https://controlc.com/3875a8fe https://notes.io/Gvp9 https://anotepad.com/notes/878wifjq https://pbase.com/topics/llamasharon37/secrets_to_best_business_opp https://akhtar-wilder.blogbright.net/how-to-win-clients-and-influence-markets-with-best-business-opportunities https://boswell-simmons.technetbloggers.de/10-things-you-have-in-common-with-best-business-opportunities https://www.folkd.com/submit/marylandceraso.blogspot.com// https://zzb.bz/fXrKE https://bom.to/k31p4t https://shorl.com/kepretrelugryste https://s.id/ https://cutt.ly/YRTerxH https://flipboard.com/@dinghynapkin09 https://public.sitejot.com/sodasock05.html http://gematodiatrofi.hua.gr/wiki/index.php?title=Clear_And_Unbiased_Facts_About_BEST_BUSINESS_OPPORTUNITIES_Without_All_the_Hype http://archives.bia.or.th/wiki/index.php?title=Marriage_And_BEST_BUSINESS_OPPORTUNITIES_Have_More_In_Common_Than_You_Think https://www.transtats.bts.gov/exit.asp?url=https://marylandceraso.blogspot.com/ http://pandora.nla.gov.au/external.html?link=https://marylandceraso.blogspot.com/ https://www.pcb.its.dot.gov/PageRedirect.aspx?redirectedurl=https://marylandceraso.blogspot.com/ http://www.astro.wisc.edu/?URL=marylandceraso.blogspot.com/ http://www.drugoffice.gov.hk/gb/unigb/marylandceraso.blogspot.com/ http://sc.sie.gov.hk/TuniS/marylandceraso.blogspot.com/ http://lodserver.iula.upf.edu/describe/?url=https://marylandceraso.blogspot.com/ http://www.bsaa.edu.ru/bitrix/rk.php?goto=https://marylandceraso.blogspot.com/ https://www.fcc.gov/fcc-bin/bye?https://marylandceraso.blogspot.com/ https://historyhub.history.gov/external-link.jspa?url=https://marylandceraso.blogspot.com/ http://gmprvolg.ru/user/dinghylycra08/ https://bbs.pku.edu.cn/v2/jump-to.php?url=https://marylandceraso.blogspot.com/ http://ezproxy.cityu.edu.hk/login?url=https://marylandceraso.blogspot.com/ https://www.misterpoll.com/users/dinghyevent034 http://vinculacion.udla.edu.ec/forums/forum/ideas-y-vinculacion/ https://vuf.minagricultura.gov.co/Lists/Informacin%20Servicios%20Web/DispForm.aspx?ID=12523 http://www.alexandria.gov.eg/Lists/comp_new/DispForm.aspx?ID=704335 https://list.ly/lopezmcfadden279 https://vimeo.com/dinghynapkin61 https://www.pinterest.com/lopezmcfadden279/ http://bioimagingcore.be/q2a/index.php?qa=user&qa_1=koreannapkin38 https://www.mixcloud.com/comiclycra34/ https://splice.com/dinghybow73 http://www.dellemimose.it/index.php?option=com_k2&view=itemlist&task=user&id=1867523 http://www.eduvision.edu.pk/counseling/index.php?qa=user&qa_1=llamasharon30 https://lib02.uwec.edu/ClarkWiki/index.php?title=If-You-Want-To-Be-A-Winner-Change-Your-BEST-BUSINESS-OPPORTUNITIES-Philosophy-Now-d https://setiweb.ssl.berkeley.edu/beta/team_display.php?teamid=2779025 https://git.sicom.gov.co/llamabow25 https://www.wattpad.com/user/comicbow19 http://www.authorstream.com/hawklycra72/ http://git.radenintan.ac.id/linepain21 https://www.bonanza.com/users/50684575/profile https://genius.com/hawksharon25 https://intensedebate.com/people/hawkpickle8 http://qa.supermap.com/index.php?qa=user&qa_1=hawksharon21 https://www.ted.com/profiles/31136041 http://www.autogm.it/index.php?option=com_k2&view=itemlist&task=user&id=1980293 http://www.nidiinfanziaolbia.it/index.php?option=com_k2&view=itemlist&task=user&id=3094599 https://ask.fm/dinghypickle10076222 https://forums.ppsspp.org/member.php?action=profile&uid=1509020 http://www.sygk100.cn/home.php?mod=space&uid=8981239 http://appdev.163.ca/dz163/home.php?mod=space&uid=4131105 http://www.ccwin.cn/space-uid-5445336.html http://www.bbs.91tata.com/home.php?mod=space&uid=7762527 https://dailyuploads.net/hdwutmg6v3bg https://www.file-upload.com/safrzjiev5rx http://www.docspal.com/viewer?id=xlacbpos-19318383 https://files.fm/f/jj83vm7gp Even if the business owner is avoiding any advertisement cost, they still rely on spread of word about their service and product via the community and the word of mouth marketing. 12- Don't know the target audience: To plan and set a marketing strategy, any small business has to have a direct target niche as an audience. Analyze everything about the niche audience. The list certainly is not limited to the audience's income, age, interest ratio to the product, sex, education, commitment ratio and their loyalty. 13- Don't know the competition: The best way to analyze the market is to get familiar with the competition and rivals. It might sound cliché but as the Godfather movie suggested, "Keep you enemy close". Or if I may rephrase " Keep your competition close and be aware of their moves". This is especially important for small business owners in small community to have a good relationship with other competition. To share my experience in the same restaurant I used to manage, the general manager always encouraged me to go to other local restaurants and dine. He even offered to pay the bill. All I had to do was to analyze everything from the greeting, staff knowledge, manager's presence, client's relation and the overall quality. My report helped him to understand his competition strengths and weaknesses. 14- Hiring wrong person to do marketing: Many small business owners out of desperation and lack of networking, hire wrong people to do their marketing. As we said earlier, every business has unique offering and services so must focus on unique planning for its marketing strategies. It is the small business owner's responsibility to hire a professional firm who can relate to the business's need and offerings. A good reputable marketing firm whose focus is to promote books and authors in not a good fit for a small local bistro. 15- Underestimate the value of existing clients: A good businessperson always knows the value of the existing clients; The best way of follow-up with the existing clients is to create informative data about them. Many small business owners lack this very important source of information. To avoid this mistake, keep a record of every client's information. If the information requires certain personal data, keep it in a safe and secure place. A client whom already has experienced your product and service knows about the quality of it. Always do follow-up calls and do not be afraid to ask how they liked the product or service. Even if the client responses back with dissatisfaction is a perfect opportunity for the business owner to fix the problem. Gain a new customer is costly. I am gong to explain this by an example: "Nancy enters Joe's café because of a coupon she found in a local magazine offering 10% discount. She solely relies on a menu attraction, prices, quality of the food and customer service. Joe the owner spent lots of money and time for marketing after analyzing the community needs, price affordability and the targeted niche market. Joe has three ways to collect emails or phone calls for follow back: A) placing a note pad in front of the cashier's desk asking new clients to write email or contact info for special promos. B) Placing a glass bowl by the cashier's desk offering the weekly draw of free lunch from dropped business cards. C) Offering comment cards and asking for contact info. Joe has three ways to accumulate client's information and follow-up with them. So everyday he goes through all the information and creates a secure data. Nancy finds the place charming and the food great but not a good customer service. It is Joe's responsibility to follow-up and gain back Nancy's business once again to avoid spending all the money and time all over to attract another new client." Existing clients are the perfect way to promote every business. Send special offering, communicate with them and even ask them to share your business with their friends. Respect the boundary between proper communication and spamming. 16- Not offering giveaways and novelty items: One of the most effective ways to attract clients is to giveaway your product or service for free. A) Test run: Offer a monthly test run of your product and service and giveaway a free sampler. People love to get samplers. It gives them information about your business and its quality. B) Propose monthly contest: Proffer a monthly contest and giveaway prizes based on participating in your business. People love contest and it excites them to know they can win something. If it didn't work, Lottery and Casinos didn't exist. C) Give out novelties like mugs, pen, key chain, notepad, calculator, shirts and hats with the business information printed on it. 17-Wrong niche: As a business owner recognizing correct niche market target is necessary for further marketing planning and budget assignment. To explain this better lets picture a shoe store that carries high-end fashion shoes for women. The first thing that comes into the mind, high-end fashion niche is only younger generation and teenagers. A good business owner will explore the possibilities to analyze further more into the data from business plan to understand the local community needs. If selling high-end, then its higher quality and higher prices. A teenager on a student living budget cannot be a direct and only target niche. So the correct niche is a professional and higher income spender who is more interested in quality without considering the price tag. This example clears how a business owner distinguishes the certain target audience by analyzing the local market data from business plan. With enough knowledge in market research, the business owner avoids wasting the marketing budget on a wrong niche. 18-Not participating in community: "Every big things has small beginning" Regardless of the geographical target of any business, whether global or corner store in a small village, it all begins with local community. Who are the first people you would share news with in your everyday life? Family and friends are the strongest link to marketing and spreading the word. It starts from friends and family and spreads to their friends and family and before you know it, is a snowball effect and cumulative. The local community is the test run before spending a time and money on a dead-end marketing plan.
It's an interesting question, but not one that can be answered in any meaningful way without drilling down into the specifics of the business because in the real world, the valuation of a business has many variables including industry types, differing market sectors and individual levels of profit and risk that make any 'prophecy' of business asset valuation as reliable in outcome as taking a trifecta bet at a race track. This is particularly true in relation to a privately owned small business valuation whether the business is incorporated as a private company or operates as a sole trader. Apart from their annual Tax Return, privately owned businesses in Australia, are not obliged, to lodge financial reports with any statutory body or publish any details of their activities in the public domain. With publicly listed entities (companies listed on a stock market) there is more data for a business valuation company to analyse in the form of share prices, price to earnings ratios, historical performance and annual reports. Comparisons can be made between these indicators to determine a range of valuation metrics. Private businesses, however, are as different as fingerprints - no two businesses are the same because they are generally 'built' around the needs of the business Owner. Business analysis and valuation of private businesses must therefore, in addition to a study of the financials, include a detailed Risk Assessment and take into account the Return on Investment that the business makes for the Owner and the Cost of Capital to buy the business. What to Look at When You Want to Value a Business for Sale? Commonly, many SME (Small to Medium Enterprises) business asset valuations focus on the 'Return on Investment' (ROI). This is usually expressed as a percentage (%) and is a measure of the Risk to an Owner versus the Return. For a privately held business in Australia this should be between 20% and 50%. The closer to 20% the more 'secure' the business investment - the closer to 50% the more 'riskier' the investment. A business valuation report that demonstrates a ROI under 20% indicates that it would be unlikely to generate an investment (or a Bank would not lend the funds to purchase) - quite simply the return would not be enough (because of the liquidity - or ease of conversion to cash) to warrant the investment and a return of over 50% would indicate that there are significant risks which would be outside of the comfort zone of most investors and financiers. As a general rule, private businesses and the valuation of companies in the private space tend to be based on historical financials with the valuation of intangible assets based on the adjusted net profit (before tax) - called EBIT (Earnings before Income Tax) Adjustments are made to the Accountant prepared financials to 'add back' any expenses to the business profit which are discretionary to the owner(s) personally, plus 'book' expenses like depreciation of P&E and any abnormal 'one off' expenses like a non recurring bad debt to arrive at the real Net Profit (before tax) of the business. It is multiples of this Net Profit, tempered by the Risk profile of the business and the ROI percentage which will determine the Value of the business. But whilst most people ask for a private or corporate business valuation, what they really want to know is the PRICE. Value and Price can be two very different numbers. https://telegra.ph/How-To-Sell-BEST-BUSINESS-OPPORTUNITIES-10-23 https://controlc.com/7901b84d https://notes.io/Gvig https://anotepad.com/notes/3hrc5idr https://pbase.com/topics/beambook0/here_is_what_you_should_do_f https://riber-johannesen.blogbright.net/never-lose-your-best-business-opportunities-again https://raahauge-lundgreen.technetbloggers.de/what-can-instagramm-teach-you-about-best-business-opportunities https://authorplanet8.werite.net/post/2021/10/23/10-Ways-To-Immediately-Start-Selling-BEST-BUSINESS-OPPORTUNITIES https://larchuse4.bravejournal.net/post/2021/10/23/Master-(Your)-BEST-BUSINESS-OPPORTUNITIES-in-5-Minutes-A-Day https://www.folkd.com/submit/kevinpoitier.blogspot.com// https://zzb.bz/b6T6g https://bom.to/uwVdaU https://shorl.com/pirylabefesi https://s.id/ https://cutt.ly/9RTwn9F https://public.sitejot.com/pinecamp4.html https://flipboard.com/@raillink7 http://gematodiatrofi.hua.gr/wiki/index.php?title=You_Can_Thank_Us_Later__3_Reasons_To_Stop_Thinking_About_BEST_BUSINESS_OPPORTUNITIES http://archives.bia.or.th/wiki/index.php?title=Should_Fixing_BEST_BUSINESS_OPPORTUNITIES_Take_60_Steps https://www.transtats.bts.gov/exit.asp?url=https://kevinpoitier.blogspot.com/ http://pandora.nla.gov.au/external.html?link=https://kevinpoitier.blogspot.com/ http://www.astro.wisc.edu/?URL=kevinpoitier.blogspot.com/ http://sc.sie.gov.hk/TuniS/kevinpoitier.blogspot.com/ http://www.drugoffice.gov.hk/gb/unigb/kevinpoitier.blogspot.com/ https://www.pcb.its.dot.gov/PageRedirect.aspx?redirectedurl=https://kevinpoitier.blogspot.com/ https://www.misterpoll.com/users/larchlink72 http://lodserver.iula.upf.edu/describe/?url=https://kevinpoitier.blogspot.com/ https://historyhub.history.gov/external-link.jspa?url=https://kevinpoitier.blogspot.com/ https://bbs.pku.edu.cn/v2/jump-to.php?url=https://kevinpoitier.blogspot.com/ http://ezproxy.cityu.edu.hk/login?url=https://kevinpoitier.blogspot.com/ http://www.bsaa.edu.ru/bitrix/rk.php?goto=https://kevinpoitier.blogspot.com/ https://www.fcc.gov/fcc-bin/bye?https://kevinpoitier.blogspot.com/ http://gmprvolg.ru/user/pinebook0/ https://vuf.minagricultura.gov.co/Lists/Informacin%20Servicios%20Web/DispForm.aspx?ID=12589 http://www.alexandria.gov.eg/Lists/comp_new/DispForm.aspx?ID=704298 https://list.ly/pereirapratt022 https://www.pinterest.com/pereirapratt022/ https://www.mixcloud.com/amountlink5/ https://splice.com/amountlink0 http://bioimagingcore.be/q2a/index.php?qa=user&qa_1=pinebook0 https://vimeo.com/pineplanet0 https://www.wattpad.com/user/amountuse9 http://www.dellemimose.it/index.php?option=com_k2&view=itemlist&task=user&id=1867445 https://ask.fm/authorshape33 https://setiweb.ssl.berkeley.edu/beta/team_display.php?teamid=2778978 https://lib02.uwec.edu/ClarkWiki/index.php?title=How-To-Win-Clients-And-Influence-Markets-with-BEST-BUSINESS-OPPORTUNITIES-w http://git.radenintan.ac.id/desireshape8 https://www.bonanza.com/users/50684474/profile https://git.sicom.gov.co/beamskill9 http://www.nidiinfanziaolbia.it/index.php?option=com_k2&view=itemlist&task=user&id=3094504 http://www.eduvision.edu.pk/counseling/index.php?qa=user&qa_1=authorshape2 http://qa.supermap.com/index.php?qa=user&qa_1=railbook2 https://genius.com/porchshape1 https://www.ted.com/profiles/31135933 http://www.autogm.it/index.php?option=com_k2&view=itemlist&task=user&id=1980213 http://www.authorstream.com/porchshape9/ https://forums.ppsspp.org/member.php?action=profile&uid=1508996 http://www.sygk100.cn/home.php?mod=space&uid=8979639 http://www.ccwin.cn/space-uid-5444829.html http://appdev.163.ca/dz163/home.php?mod=space&uid=4131079 http://www.bbs.91tata.com/home.php?mod=space&uid=7761713 https://dailyuploads.net/8sar6nakqog7 http://www.docspal.com/viewer?id=uvebnfaq-19318344 https://www.file-upload.com/prgoglsu97mo https://files.fm/f/q5wv7m6pz What is the Difference between 'Value' And 'Price' when You Want to Value a Business for Sale? In the valuation of companies where the reason for the valuation is for the re distribution of shares for a Management Buy In, the price conclusion must relate to the market (is the sales market for this type of business up or down?) so that a base price can be determined at that point in time even though there will be no actual "sale" of the business. Similarly, in business valuation for divorce where there could ultimately be an external transaction to sell but in some cases one party wants to retain ownership of the business and buy the other party out. In this case both parties want to know the 'Fair Market Value' of the business so they can settle even though the business is not actually being sold. In essence, 'Value' can be entirely based on hypothetical theory whereas 'Price' in the true sense can only be based on "what the market will pay". Paul Nielsen is a graduate of Chicago's Loyola University School of Business Administration and is a Certified Mergers and Acquisitions Advisor (CM&AA). He holds qualifications in Australia as a Certified Practicing Business Broker (CPBB) from both the REIQ & AIBB, is a Certified Machinery & Equipment Appraiser (CMEA), Licensed Real Estate Agent, Licensed Second Hand Dealer and Accredited Sponsor of the Australian Small Scale Offerings Board. Paul is a Fellow of the Institute of Directors & Managers (FIDM) and an Accredited Senior Business Analyst (SBA) with the International Society of Business Analysts. For three successive terms Paul was the elected National President of the Australian Institute of Business Brokers (AIBB) and is an active Member of the Australian Institute of Company Directors. Operationally, Paul has served on the Boards of Publicly Listed and Private Companies as Chairman, Executive and Non Executive Director over a 38+ year period.
Building a successful business takes years of effort and attention. Having expended plenty of blood, sweat and tears over that time, business owners want to maximize their value when selling. Many of the qualities that make a business owner successful will benefit a business seller, too. However, not many owners have much experience in selling a business. It is a long, complex process. Here are some of the major issues business owners should consider before, during and after a sale to secure the best value for their hard work. Preparing For The Sale No matter what sort of business you own or how big it is, determine why you are selling and what your priorities are. Do you want to hold out for an all-cash sale, which may be harder to successfully negotiate, or are you willing to consider an installment sale or taking equity in the acquiring company? Do you have a minimum price determined by factors other than the business's value, such as your retirement plans? Do you want to preserve the jobs of family members or long-term employees? These and other considerations may seem obvious, but it is essential that you articulate them to yourself before you begin. It is generally wise to hire outside help. Look for advisers who have relevant experience and vet them thoroughly. Make sure your experts have no potential conflicts of interest in a sale. Advisers you might consider hiring include an accountant, a tax expert, legal counsel, an appraiser or valuation expert, an investment banker and an intermediary or broker. Some people may fill more than one of these roles, and not every business sale will require all of them. Almost every business owner, however, will want at minimum an accountant, legal counsel and an intermediary on their side before and during a sale. The broker or intermediary can be the point person for identifying and working with potential buyers. The accountant (and the tax expert, if they aren't the same person) will help you get your books in order and consider issues such as how to allocate the business's purchase price most effectively and how to deal with federal, state and local tax concerns. Legal counsel will draft and review the documents and agreements necessary to complete the sale. https://telegra.ph/What-Everyone-Ought-To-Know-About-BEST-BUSINESS-OPPORTUNITIES-10-23 https://controlc.com/c69ffce6 https://notes.io/Gvtk https://anotepad.com/notes/636becmj https://pbase.com/topics/celljaguar4/the_hidden_mystery_behind_be https://castro-hubbard.blogbright.net/how-you-can-do-best-business-opportunities-almost-instantly https://boyle-eriksson.technetbloggers.de/omg-the-best-best-business-opportunities-ever https://flatjaguar2.werite.net/post/2021/10/23/The-Secret-of-Successful-BEST-BUSINESS-OPPORTUNITIES https://cellvase5.bravejournal.net/post/2021/10/23/Ho-To-(Do)-BEST-BUSINESS-OPPORTUNITIES-Without-Leaving-Your-Office(House). https://zzb.bz/B0JSB https://www.folkd.com/submit/errolbarriault.blogspot.com// https://bom.to/bgZUdQ https://shorl.com/vatobesupatu https://cutt.ly/8RR6bwG https://s.id/ https://public.sitejot.com/bladevase3.html https://flipboard.com/@cellsudan7 http://archives.bia.or.th/wiki/index.php?title=Is_BEST_BUSINESS_OPPORTUNITIES_Worth__To_You http://gematodiatrofi.hua.gr/wiki/index.php?title=The_Truth_About_BEST_BUSINESS_OPPORTUNITIES_In_3_Minutes https://www.transtats.bts.gov/exit.asp?url=https://errolbarriault.blogspot.com/ http://pandora.nla.gov.au/external.html?link=https://errolbarriault.blogspot.com/ http://sc.sie.gov.hk/TuniS/errolbarriault.blogspot.com/ http://www.drugoffice.gov.hk/gb/unigb/errolbarriault.blogspot.com/ http://www.astro.wisc.edu/?URL=errolbarriault.blogspot.com/ https://www.pcb.its.dot.gov/PageRedirect.aspx?redirectedurl=https://errolbarriault.blogspot.com/ https://www.misterpoll.com/users/pikerake99 http://www.bsaa.edu.ru/bitrix/rk.php?goto=https://errolbarriault.blogspot.com/ http://ezproxy.cityu.edu.hk/login?url=https://errolbarriault.blogspot.com/ https://bbs.pku.edu.cn/v2/jump-to.php?url=https://errolbarriault.blogspot.com/ https://historyhub.history.gov/external-link.jspa?url=https://errolbarriault.blogspot.com/ https://www.fcc.gov/fcc-bin/bye?https://errolbarriault.blogspot.com/ https://vuf.minagricultura.gov.co/Lists/Informacin%20Servicios%20Web/DispForm.aspx?ID=12570 https://splice.com/flattouch5 https://list.ly/leeshore776 https://www.pinterest.com/aguirreyoung/ https://www.mixcloud.com/pestcolt3/ http://gmprvolg.ru/user/cellsudan1/ http://bioimagingcore.be/q2a/index.php?qa=user&qa_1=printbrush8 http://www.alexandria.gov.eg/Lists/comp_new/DispForm.aspx?ID=704184 https://vimeo.com/pestmary7 http://www.eduvision.edu.pk/counseling/index.php?qa=user&qa_1=printcolt3 http://lodserver.iula.upf.edu/describe/?url=https://errolbarriault.blogspot.com/ https://lib02.uwec.edu/ClarkWiki/index.php?title=10-Warning-Signs-Of-Your-BEST-BUSINESS-OPPORTUNITIES-Demise-g https://git.sicom.gov.co/earbrush8 http://git.radenintan.ac.id/printjaguar0 http://www.nidiinfanziaolbia.it/index.php?option=com_k2&view=itemlist&task=user&id=3094340 https://setiweb.ssl.berkeley.edu/beta/team_display.php?teamid=2778868 https://genius.com/pikemary8 https://intensedebate.com/people/cellcolt6 http://www.authorstream.com/blademary1/ https://www.wattpad.com/user/pestsudan6 http://www.dellemimose.it/index.php?option=com_k2&view=itemlist&task=user&id=1867302 http://www.autogm.it/index.php?option=com_k2&view=itemlist&task=user&id=1980019 https://forums.ppsspp.org/member.php?action=profile&uid=1508951 http://www.sygk100.cn/home.php?mod=space&uid=8976239 http://appdev.163.ca/dz163/home.php?mod=space&uid=4131020 http://www.ccwin.cn/space-uid-5443730.html https://dailyuploads.net/mumx1twpi36g https://www.file-upload.com/h44lefah56w6 http://www.docspal.com/viewer?id=qpscewej-19318185 https://files.fm/f/zbn2cxwxc Be aware that many lawyers or other advisers will expect you to sign retainer agreements up front once you have decided to hire them. This protects both parties, but it can mean a substantial outlay of money at the beginning of the process. Also, if you have a business that is very small, you may have trouble finding a broker who is interested in your transaction. Many brokers who specialize in business sales look for businesses valued at several hundred thousand dollars or more. For very large businesses, an owner is more likely to hire an intermediary, who generally functions as a consultant and offers more sophisticated services. Once you have hired a team, work with it to understand how the sales process will unfold before you start. The better you understand the process, the more purposeful you can be with your choices throughout. One key aspect to have in order early is your bookkeeping and records. Consider conducting a mock due diligence process to make sure you are thoroughly prepared for a prospective buyer's examination. You may also want to obtain an objective third-party valuation. This will give you a realistic idea of your business's worth and will help you decide on a realistic asking price. Once a potential buyer has been identified, a tighter focus on compiling and presenting books and records is warranted, since the buyer will be able to specify the information for review and the preferred format. For example, many prospective buyers want to see books and records that have been prepared according to generally accepted accounting principles (GAAP), which most small businesses do not routinely use. The process of converting a business's books to GAAP can be a significant undertaking, so if this is a concern, it should be addressed early in the process. Finally, don't neglect personal preparation for letting your business go. Create or revisit your personal financial plan. Try to work out several scenarios for the sale to see how it will affect your short-term and long-term goals. For some business owners, especially founders, letting go of a business can also have an emotional component. Know what you plan to do next and accept that the new owners will change your business once you are gone. Both you and your business will begin new chapters after the sale closes. The Sale The process of selling a business can be protracted. Once you begin, prepare yourself for the sale to take six to 12 months, though, obviously, this timeline can vary. To make your business more attractive, consider improving assets, cleaning up potential liabilities and generally taking care to make your business look its best. Much as you might repaint your house before you sell it, you can take steps to spruce up your business, too. Consider the timing of the sale; try to avoid selling right before a lease or key contract expires so that a buyer doesn't face the prospect of renegotiating it as soon as he or she arrives. Ensure that your business continues to operate effectively throughout the sale process. The sale can occupy a large chunk of your attention if you are not careful. Be sure to manage your time wisely and do not neglect day-to-day operations. Keeping performance high will not only make the business more attractive from without, but also will keep morale and dedication high within your staff. This is another reason to hire outside consultants, as spreading yourself too thin may hurt the business and ultimately reduce the price you can obtain. Consider carefully who in the business needs to know that your company is for sale. You have a duty to any partners or co-owners, as well as to shareholders, which may dictate a certain level of disclosure. However, widespread knowledge that the business is for sale can create anxiety among employees, customers and vendors. This, too, can reduce the ultimate selling price. Once you or your broker has identified a prospective buyer, it makes sense to prequalify the candidate to make sure nobody's time is wasted. During the prequalification process, you will also want to secure confidentiality or nondisclosure agreements. Serious buyers should not have problems agreeing to such terms; if they resist, treat it as a red flag. (The same holds true for your team of advisers, who should also formally agree not to disclose sensitive information about the business.) The prospective buyer should offer a letter of intent, which is a nonbinding offer outlining all the major terms of the proposed transaction, including the total purchase price, the structure and all other important conditions. The letter of intent serves as a basis for you, your buyer and your respective lawyers to negotiate terms and draft the final legal documents. Be sure to have a good idea of which terms you are willing to compromise on and which are deal breakers. As a rule, the more thorough and specific you can be during the early stages of a deal, the better. A key decision for many business owners will be whether they want to structure the sale as an asset or a stock deal. Generally, buyers prefer to purchase assets because they can obtain a step-up in basis, resulting in enhanced tax deductions in the future. Buyers also limit their own risk in an asset sale. Sellers generally benefit more from a stock sale, if one is possible, because they obtain clear, long-term capital gains treatment by doing so. If the seller holds stock in a C corporation, the seller may have no choice but to hold out for a stock sale to avoid double taxation. In other cases, an asset sale will tend to attract more buyers, but a seller should not hesitate to ask for a higher price accordingly, given the benefits to the buyer inherent in an asset sale. In many cases, the structure of the business dictates the tax treatment of the sale. For example, the sale of a sole proprietorship is always treated as an asset sale. While a stock sale is relatively straightforward, an asset sale is treated as a sale of all business assets, with a portion of the purchase price allocated to each asset. Allocating the purchase price among assets is often a key part of the negotiation process, as buyers and sellers may want certain assets treated differently to receive the most favorable tax treatment. For example, buyers might want more of the purchase price allocated to hard assets, which they can depreciate, as opposed to intangible assets or goodwill, which generally must be expensed over longer periods of time. Sellers want the opposite, because the sale of hard assets often results in ordinary income tax treatment, whereas intangibles and goodwill can often receive capital gains treatment. Both parties must agree on the final allocation, as the buyer and seller will both disclose this in their tax filings with the Internal Revenue Service. You should also address issues of transition as part of the selling process. Will you stay on for any length of time to ease the transition? If so, you will need to negotiate an employment agreement explicitly outlining the terms of such work. If not, how will you hand over the business and when? At what point will key employees be notified? Follow best practices even in the small details as you proceed through the negotiation and the sale. Keep good, clear records and follow any directions from your lawyer carefully. Meeting exacting ethical standards is the right thing to do, and it also limits your liability. As a seller, not only do you have duties to your partners or shareholders, but you also have legal disclosure obligations to potential buyers. Make sure there is no question that you have met all such obligations fully. After The Sale In most business sales, your involvement with the business does not end on the day it's sold. Founders and key executives often receive employment contracts to stay on and help the business transition to the new ownership. Depending on how the sale was negotiated, this can also include additional incentive payments, or "earn-outs," which are contingent on how the business performs during the first few years after the sale. Earn-outs are common when founders and key executives stay on through the transition, providing them with incentives to keep the business running smoothly. Most business sale contracts include noncompete provisions, under which an owner's ability to continue to do business in a certain geographic area or industry can be limited. Remember that Uncle Sam will take a healthy share of the business sale proceeds. Work with your accountant to prepare all necessary tax filings following the sale. The tax impact could extend over multiple years if you receive payments under an installment sale. Selling a business is complex, and this article discusses only some of the legal and financial considerations involved. Do not hesitate to bring in a team with experience and to take the time you need to educate yourself before you proceed. Most business owners only sell a business once. It is important to get it right.