Many businesses are being affected by the Covid-19 shutdowns and their effect on business results. Because of this, it is likely that business buyers and lenders will consider this in valuing your business and approving a loan for a business buyer when you sell your business. But how it is considered will depend on your particular situation. Businesses in the same industry are being affected differently. It is likely that business buyers and lenders will want to dig deeper into what your business did during this time and how it was affected. Now is the time to create notes, or a journal, of what is occurring. Here are some suggestions on what to include in the notes.Read More
BayState Business Brokers Blog
When I meet with business owners who are preparing to sell their businesses, it is not uncommon to find that their marketing hasn’t changed much for several years. They still pay for the yellow pages. They may not have a website – or, if they do, they don’t know how to use it. They don’t use Google Adwords. They are probably not using social media.
Over the last several years, there has been a rise in “exit planning” services. For many business owners, this is planning for the sale of their business to insiders, family, or external buyers. Owners who have not yet decided to exit their business, or when to do so, may think that exit planning is not for them. Any planning normally should not start with the end solution (exiting, or selling, the business) decided. But, there are planning services that do make a lot of sense for a business owner at any stage in their life or the life of their business.