Sometimes in the life of a business owner, the all-important decision of when to sell your business is made for you and is totally outside of your control. A sudden family illness, a need to move to another area or state – for these situations it is easy to make the decision to sell because you have no choice.

What if you’re never forced to sell? If you don’t want to stay the owner forever, never retire or pursue a different goal, then you will have to make a decision about when the right time to sell might be.

First and foremost, you need to be ready – emotionally ready. If the first buyer who makes an offer causes you to panic and pull your business from the market – then you have wasted a colossal amount of time and energy listing the business in the first place. You won’t be able to hand over the keys on closing day if you haven’t prepared yourself to let go.

Secondly, the business itself needs to be ready to hit the market. If it isn’t you need to be ready, willing and able to get it where it needs to be. If all of your paperwork is in a big, disorganized box under your desk, you haven’t filed your taxes in three years and half of your equipment is broken – you probably need to take some time to sort out all of the parts of your business a buyer will want to see before you list. Someone who really wants to sell a house is willing to clean out the clutter and give it a fresh coat of paint. If you aren’t willing to do something similar to get your business ready to sell, then perhaps you yourself aren’t really ready.

Lastly, you need to look at the market. If you were thinking about selling your business right after the financial crisis that caused the recession, you probably would have decided that it would be smarter to wait until the market came around. Market fluctuations in the small business world can vary as a whole, by specific industries and/or by local area. The best thing you can do to feel out the market for your business is to have a conversation with a business broker. Finding out the general health of the small business market, how your area is faring and what businesses comparable to yours have recently sold for will probably help you immensely in determining if now is the right time to sell.

Deciding the right time to sell can be very difficult because the perfect time to sell doesn’t exist. You need to weigh your goals and the market to determine when the best time would likely be. Talk to a good business broker today and then do some personal soul searching to decide if you really are ready.

Would you like to know what businesses comparable to yours have recently sold for? Do you have more questions about how to decide the best time to sell? Please feel free to leave any questions or comments here and we would be happy to help.

Michael Monnot

941.518.7138
Mike@infinitybusinessbrokers.com
12995 South Cleveland Avenue, Suite 249
Fort Myers, FL 33907

https://infinitybusinessbrokers.com

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You may be completely burned out and ready to sell your business today, but the one part of the selling process many business owners aren’t ready for is how they feel the moment they walk away from the closing table.

Sure, you will likely feel relief that the business transaction is over and excited about what the money you’ll get from selling your business might mean in terms of future endeavors – but you are also going to miss it.

I’m selling because I don’t want to be the owner of this business anymore, I’m over it. What could I possibly miss?

When you are the owner of a small business, that business becomes a huge part of your life and a part of your identity. When you suddenly aren’t tied to that business it will feel like you’ve lost a part of yourself. Your day-to-day routines will change, your role as owner and your status as self-employed will end.

Why are we telling you this?

“I’m going to be unemployed tomorrow” and “what do I do now?” are often stronger emotional notions than many owners expect, and can cause a very serious case of cold-feet on closing day.

Don’t derail your deal by freaking out at the last minute.

Instead, be mentally prepared to feel a sense of loss and focus instead on what your future might hold.

Perhaps a long vacation is in your immediate plans, a well-deserved and much-needed bit of time off.

Perhaps you think you might like to buy a different business, maybe in a different industry so you can give yourself a fresh start. Have you done a cursory search to see what’s out there? You can start by searching here, then contact your business broker to discuss what investment options might be available to you after you sell.

By preparing yourself and by having a future plan to focus on you will have a better experience after the closing table.

Are you thinking about selling but are concerned about how you will feel after the sale? Do you have questions about other businesses that might be available as a next venture? Leave any questions or comments here and we would be happy to help.

Michael Monnot

941.518.7138
Mike@infinitybusinessbrokers.com
12995 South Cleveland Avenue, Suite 249
Fort Myers, FL 33907

https://infinitybusinessbrokers.com

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By Guest Contributor Mark Welker – www.bpinsights.com

I have a different perspective about business success. First, it is driven by what the individual business owner or founder wants to accomplish. There is a global perspective that “it is all about making money.”

The research seems to focus on this perspective. I am not sure based on my perspective that this is the only reason. I would speculate that independence as a reason is as valid. Why, because I have seen business owners that make decisions away from money and towards pursuing other values.

This is important because it impacts the actions that an owner is willing to initiate. The actions are closely linked to their motivations for taking the risk to be in business the first place. My experience indicates that the business practices, while important, are available to everyone. I mean that what to do when a problem or change presents itself is available to everyone; whether it be on the internet, the SBA or in numerous business books available to every owner.

It is important to understand the owner’s vision of success, whatever the color. I think they become confused due to the basically materialistic view caused by societal pressures, which causes lack of clarity of purpose. It is quite possible to have a good business that satisfies the owner’s values and the needs of customers while making a good living.

What most owners are looking for is fulfillment, whatever the definition. We should understand the goal and not assume it is the almighty dollar. This is important to understand because the potential solutions are very different.

The circular argument is this, somebody once said, “the most important thing is to decide what is most important.” Can you clarify your goals, independence or money? Independence does not mean lack of money, it means there is another definition and this business might look very different. It could be a good feeling about how you treat customers or a passionate interest in the subject. The point is that whatever it is that fulfills you, since you have taken the risk, should accomplish your dream.

The reasons I have come to this perspective are twofold. First, I have suggested many strategies that, if implemented, would prove fruitful for founders. The interesting part is that some owners would implement the suggestions and others would not. The implementation was not a question of money or about execution. I came to understand that it was about what the owner actually wanted the business to add to their life.

Second, business owners are very complex people and the businesses they create are also complex no matter how simple the business. It is important for the owner to clarify exactly what they want the business to provide in their life so the business is designed to do that. The best example of that is when a client said to me, “I want to make $60,000 a year and be home for cookies and milk.”

Please request a complimentary DISC and Motivators Assessment at
http://www.businessperformanceinsights.com/contact-1.html

Business Performance Insights
4575 Via Royale
Suite 218
Ft. Myers, FL 33919
www.bpinsights.com
jessica@bpinsights.com
201.563.2243
mark@bpinsights.com
239.872.4555

Michael Monnot

941.518.7138
Mike@infinitybusinessbrokers.com
12995 South Cleveland Avenue, Suite 249
Fort Myers, FL 33907

https://infinitybusinessbrokers.com

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http://www.sbnation.com/nfl/2016/3/2/11150116/kam-chancellor-gym-police-boot-camp

Seattle Seahawk Kam Chancellor was in the market for a gym, so he popped by a local gym to have a look. His visit spooked the gym’s employees so much they called the police, leading to a media hoopla.

If you are considering selling your business, then you should know that confidentiality is one of the major keys to a successful sale. Why? There is a horrible perception held by most that a business for sale is a business on the brink of failure – so disclosure of your for-sale status can cause your employees to panic and quit, can cause your customers to find a more “stable” business with which to spend their money and can even cause some of your vendors to jump ship.

While this notion of failure and the knee-jerk reactions it can cause might seem ridiculous to a business seller (it is completely reasonable for a great business to be put up for sale, right?), it is a reality of the business sales process that confidentiality is key.

So we return to the Seattle Seahawks. You wouldn’t go into a professional football game without a coach. You wouldn’t face a lawsuit without a lawyer. Why then, would you as a small business owner try to sell your business on your own? Sellers who go it alone are almost assured of a confidentiality breach because they do not have the tools or the experience to keep the status of their business under wraps.

Who does? A business broker. A good business broker has the tools to confidentially market your business to a pool of buyers who have been vetted to be assured they are not someone who would breach confidentiality.

They do this by requiring all potential buyers sign the appropriate non-disclosure agreements, by ensuring those who are looking at the business are not on your do-not-disclose list (think employees, competitors, etc.) and by limiting publicly viewed listings to information that makes it impossible for a buyer to determine what and where the business is (so no pictures of the signage, no posting of the address, no specific details that would allow someone to figure out the identity of the business).

By keeping your for-sale status under wraps, your business broker works to keep your business in one piece (will all of it’s employees, customers and vendors) all the way to the closing table.

The message here? Don’t end up with spooked employees and an NFL player on your doorstep – hire an experienced and qualified business broker to give your business sale the best chance of success.

Are you considering selling your business and have questions about the process? Would you like to know more about how we keep confidentiality in place? Please feel free to leave any questions or comments and we would be happy to help.

Michael Monnot

941.518.7138
Mike@infinitybusinessbrokers.com
12995 South Cleveland Avenue, Suite 249
Fort Myers, FL 33907

https://infinitybusinessbrokers.com

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It is an unpleasant reality that some of the business sellers we meet are coming to the business market because they have been forced to sell, and sell now. When circumstances force a sale – like a sudden illness, a family emergency or a personal issue like a divorce – the consequences of being unprepared for that sale can be serious. Many desperate sellers are forced to take low offers or forced to list their business for less than it would be worth had they had more time. In the worst of cases, the sudden need to discontinue as owner means the doors of the business must be closed for good.

Any good business plan comes equipped with an exit strategy, but many small business owners get so swept up in the seemingly endless responsibility of running a business that they leave this crucial part of planning until it is far too late.

How do you stay ahead of the game and prevent taking a loss or closing the doors if life suddenly forces you to sell?

Run your business like you are going to live forever and you need to sell tomorrow.

Why do I need to run my business like I’m going to live forever? Business owners who have one foot out the door invariably let important aspects of their businesses slide, and these neglected elements will always impact the bottom line. If you always act like you will live forever, then the future and longevity of your business will always remain your goals.

Why do I need to run it like I’m going to sell tomorrow? If life does get in the way of your best-laid plans and you have to sell suddenly – having your business ready to go (staying on top of general maintenance, keeping well organized financial records, etc.) will allow you to get the best possible return on your investment.

Are you a business owner who has never considered an exit strategy? Do you have questions about how the process of selling your business works? Contact us or leave any questions/comments here, and we will be happy to help.

Michael Monnot

941.518.7138
Mike@infinitybusinessbrokers.com
12995 South Cleveland Avenue, Suite 249
Fort Myers, FL 33907

https://infinitybusinessbrokers.com

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By Guest Contributor Jessica Trippler – www.bpinsights.com

When I discuss employee performance with business owners and managers, they often times have very similar concerns and questions;

• I have one sales person that isn’t selling as much as the others, I don’t understand why.
• I hired a great person as a technician, why is their performance is lacking?
• I hired someone with lots of experience but why they aren’t doing the job I need done?

These are all very good questions and valid concerns that all businesses struggle with at some point. They all want employees that perform a job to their standards. They want to save on the costs associated with employee turnovers and the time and energy it takes to do the hiring and training.

Ultimately, they want their employees to service their customers, every time, the way they would.

I believe the real question becomes “Did you hire the right person for the right job?”

Resumes and interviews are the most common tools used in the hiring process. But are they enough? Just because someone has experience in a certain industry or does well on an interview because we approve of their responses to our questions; it is not enough information to determine how someone is going to perform a particular job.

Did you know that only 20% of employees studied over a 16-year period were in a job that “fit” with their talents? It is important to recognize that different jobs require a different set of behaviors and values than other jobs. For example, the behaviors and values required to perform an accounting job are much different than the behaviors and values needed to perform a sales job. When looking to hire an accountant, you may search for someone who has experience, extensive attention to detail and someone who enjoys working with numbers. When hiring a sales person, you may search for someone who has an “outgoing” personality and a “can do” attitude. So how do we find the right person for the right job?

To answer this question, my business partner, Mark Welker, and I, use a process called Hiring Winners. This process begins with determining the behaviors and values needed to produce the key results for a certain job. Then, we assess the candidate for the job using a Disc and Motivators Assessment. This profile assessment is so important because helps to determine if that person’s behaviors and values match the jobs’ requirements. If we feel the applicant and the job may be a match, we can then move onto the next step which is our Hiring Winners Interview Process. This process includes twelve categories of hand selected questions used to further access how the person will perform the job. We have experienced a much higher employee retention rate, employee and employer satisfaction, and a higher productivity rate with all of the businesses we work with, since implementing our Hiring Winners process. It has become our proven method for hiring the right person for the right job, the first time and every time.

Please request a complimentary DISC and Motivators Assessment at
http://www.businessperformanceinsights.com/contact-1.html

Business Performance Insights
4575 Via Royale
Suite 218
Ft. Myers, FL 33919
www.bpinsights.com
jessica@bpinsights.com
201.563.2243
mark@bpinsights.com
239.872.4555

Michael Monnot

941.518.7138
Mike@infinitybusinessbrokers.com
12995 South Cleveland Avenue, Suite 249
Fort Myers, FL 33907

https://infinitybusinessbrokers.com

No Comments »

If you are considering selling your business, you may have asked this question – who is going to buy my business?

This question may be important to you for a myriad of reasons. For most small business owners, their business is a very large part of their life, sometimes even an extension of their life. They have spent a great deal of money, countless hours and an enormous amount of energy making the business what it is today. To personally invest so much into something without creating an emotional attachment would be nearly impossible.

This emotional attachment to your business is a good thing, it keeps you personally invested in the success and future of something you’ve worked so hard to build. It gets you out of bed every morning and helps you endure the long hours that are sometimes necessary.

This strong emotional attachment can become a problem, however, when the time comes to put your business up for sale. Your business is your baby, and you don’t want anyone who isn’t up to your version of par to take over the keys.

So, you ask yourself “who is going to buy my business?”

The answer is a simple one. Whoever has enough money.

This simple answer can cause havoc for the heartstrings of a seller because it means that you may need to hand over your business to someone you don’t necessarily like if you truly want to sell.

How do you get past your emotions and allow this to happen?

Remember why you are selling in the first place. No one can be at the helm of their business forever. By selling instead of closing the doors you are getting a financial return on all the investment of time, energy and money – and that financial investment can give you freedom to start a new chapter of your life.

Remember that once the keys have changed hands, it isn’t your business anymore. Most entrepreneurs are control freaks by nature – you have to be to keep a small business running. That control can’t carry over, however, to the new ownership. Once they write you a check that business now belongs to them. Considering this emotional switch beforehand will help you when the time comes to sit down at a closing table.

Remember that everyone’s money has the same value. You may not be madly in love with the person who would like to buy your business, but willing buyers shouldn’t be turned away because your personalities don’t mesh. All that matters is they want to write you a very big check and are willing to take over ownership of your business.

If you want a great return on all of your investment in your business – put your emotions to the side and instead focus on your new future after the business sale.

Are you considering selling your business but are worried about who might take over? Do you have questions about what kind of return you could get on your business? Please feel free to leave us any questions or comments here, and we will be happy to help.

Michael Monnot

941.518.7138
Mike@infinitybusinessbrokers.com
12995 South Cleveland Avenue, Suite 249
Fort Myers, FL 33907

https://infinitybusinessbrokers.com

No Comments »