7 Tips For Selecting the Best Small Business Brokers to Sell Your Business

Are you thinking about selling your business? Have you ever gone through the process before? Are you confidant that you can do it yourself? Where would your time be better spent, running your business at peak performance while trying to sell it, or focused on the advertising campaign, networking, negotiating, and coordinating the closure of the sale of your business? Maybe you should consider doing what you do best, running the business, and search out small business brokers and let them do what they do best, sell businesses. If you go that route, here are 7 tips to choosing a business broker that makes sense for you.

1. Don’t get lost in the shuffle

You want your broker to have a proven record and a great reputation but you don’t want the organization to be so big that your deal is passed off to a junior staffer. You want the active involvement of the principals.

2. Do your due diligence

You’re about to engage the services of someone that is going to have a big impact on your financial life. Make sure you are comfortable with the relationship. Check with the International Business Brokers Association and see if your broker is a member in good standing. Follow up on the references provided and determine just how satisfied past clients are. Check with your local better business bureau and see if there are any unresolved complaints.

3. Use a specialist

Real estate agents and other professionals sometimes hold themselves out as business brokers on a part time basis. You want someone who makes their entire living selling businesses full time. Preferably somebody who has experience in your particular industry and someone who can point to successful sales they have made for your competitors.

4. Avoid heavy up front fee structures

Typically a business broker will charge between 10% and 15% of the sale price as a fee. While it is customary for them to ask for some up front fees to initiate the process, avoid those brokers who are looking for greater than a third. Also make sure that the up front fee is deductible from the sales fee when the business sells. Following this advice will save you from having to invest a ton of cash before you actually sell the business.

5. Only contract for the business selling services

Smaller business brokers will offer accounting and legal services that you will need during closing for an additional fee and these services are typically outsourced by the broker. It may be to your advantage to contract for those services directly leaving the broker with only the requirement to focus on the selling process and not generating add on fees.

6. Share your expectations

Before you select a broker you should have at least a general idea of what you want to accomplish by selling your business. You should have a rough valuation number and you should know if you want a cash sale or stock. Share this with the broker and see if he agrees with your plan. While there probably will be differences in valuation, your broker should be in tune with the rest of your objectives. If he’s reluctant or believes that it will be difficult to achieve your goals, find another broker.

7. Keep the whole process confidential

The last thing you want to do is let the word that you are seeking a business broker or that you are in negotiations with a buyer leak out. Once it becomes common knowledge that you are selling, your relationships with your employees, customers, vendors and bankers could be adversely affected. Have an exit plan for after the sale that includes sharing the news with all those listed above.

Using business brokers to help sell a business is usually the smart route to take for any business of substance. You want your organization to have as much “curb appeal” as possible during the process and that means you should be focusing your time on optimizing the business not chasing down buyers.

Four Tips Small Businesses Should Consider Before They Outsource Accounting Services

There are several important guidelines that you should take notice of when you intend to outsource accounting services. It is no waste of time to plan carefully before engaging in anything you need to do. Proper planning in this particular case is very worthwhile since it can reduce errors by a great margin. Small businesses especially should definitely implement the following guidelines since failure to do so may lead your business into financial trouble; something that you do not want to happen to you.

1. Does the company really exist on paper or it is conning you?

First and foremost, when it comes to identifying the best outsourcing services, it is very important for you to find out whether the outsourcing company is legally registered. Now that the world is turning digital a lot of people are taking advantage of the change to dupe others and extract money from them.

It is the role of the authorities to look into this, but, at the same time, as a businessperson, it is wise to ensure that your business is safe. In order to accomplish this you should carry out comprehensive research on the legality of the outsource accounting services provider that you may want to work with. This way you will avoid losing your money to conmen. This is not just talk; these cases are on the rise, believe it or not.

In your efforts to establish the right outsource accounting services always check if there are any laws or rules that have been put in place to guide you. If laws and rules exist,then abide by them in order that you get the best result possible.

2. Will outsourcing your accounting services actually benefit you?

The next thing you need to consider is the value that the outsource accounting services actually brings to your business. Does it benefit your business, and if it does then to what extent? If your business stands to gain at the end of the day then the deal is worthwhile and it is right to go ahead. If what your business stands to gain is fairly minimal then it is just common sense to simply walk away.

3. Are they trustworthy?

You business should target building long term partnerships with those providers who administer your business with outsource accounting services. This is because long-term partnerships lead to the development of greater trust and confidence between you and the outsourcing services provider.

4. How easy is it to outsource? Is it productive or not?

The moment you realize that the outsource accounting services are productive then you are safe. At the same time,if you perceive that the service is not flexible enough and is less productive for you then you need to abandon any idea of using it.

In conclusion, if you want your business to be successful outsource accounting services can be of great use to you. However, to find the best one for you, always research prospective services thoroughly to ensure success.

Small Business Solutions for Facing the Challenges of the Market

You have taken the step, no, the giant leap in your life – launching your own business. Now your dream is floating out there on the big bad sea of competitive business; dodging sharks, swimming in the space between the giant whales and gobbling what nourishment you can. It is a scary place to be but also exciting, can you make it in this jungle? Does your business have what it takes? Now is the time to remember one of life’s most important lessons. Never be too afraid to ask for help, small business help to be specific.

Let me introduce you to the concept of small business solutions. I am talking about optimizing every aspect of your company, of boosting your performance from surviving to thriving. You need solutions tailored to the requirements and factors unique to your business.

Among your most important resources is the human resource. Developing your staff and identifying future leaders and innovators is critical to the growth of your business. Get help to enable your employees to grow. Human Resource (HR) operations are essential to the smooth running of your company. The solutions can streamline these processes for you. Automate much of your HR operations, especially payroll. This will save time and resource on HR, which are better spent in other avenues to improve your business. Build loyalty and word-of-mouth publicity among customers by using small business solutions to develop and advance your customer care service to new levels of excellence.

Use Information Technology (IT) to your advantage. Go online and connect your staff. It can integrate and adapt processes to maintain quick and easy communication between your employees, reducing risks and costs while improving efficiency. You could use small business help in finding the cheapest sources of the best supplies. Improve your procurement procedures by engaging in online bidding. Develop processes to ensure terms and conditions of your contract are being met.

There are solutions to accelerate your financial closes and customer to cash processes. Do not hesitate to get small business help in managing your cash resources and liquidity, carefully handling your sensitive assets and protecting your business from risk, all while staying within compliance standards.

Small business solutions will revolutionize the way you operate. They will improve your company’s performance on every level, allowing you to make decisions and take up challenges with confidence.

There is always solution for any problem; just we have to find out that. But when problem arises we can’t think positively. That time consultancy shows the solution, a positive way to go ahead.

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