Benchmark Business Group

Selling a Business Newsletter

April 15, 2019

Business owners have been known to refer to the due diligence phase of selling their business as "the entrepreneur's proctology exam. It's a crude analogy but a good representation of what it feels like when a stranger pokes, prods, and looks inside every inch of your business. Most buyers will...
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March 18, 2019

The internet is the go-to source for buyers to assess your business reputation. And since information can live online for years, it’s essential that you know what buyers will see when they research your business. There is information you have control over, such as your website, personal and business social...
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January 22, 2019

Buyers love Sticky Customers! Repeat customers are what every business owner wishes for, and what buyers will pay a premium price to own! However customers can be fickle. Here's how to make them sticky. In traditional businesses, when a customer buys your product or service once, it’s up to you...
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December 17, 2018

Spoiler Alert! All business owners will eventually exit their business!

Logically, this is obvious.

Practically, we find only a small percentage of business owners have a clear idea, let alone a plan, for leaving their business.

 
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November 19, 2018

Many business owners believe the act of selling their business is similar to passing the baton in a 400 meter relay: once you're finished running, you get to relax. In reality, most buyers will insist that even though they're now holding the baton, you need to stay on for a transition period. During this time, anywhere from three months to three years or more, you continue to work in your business to help the buyer capitalize on the investment they're making. Each deal is different; however, there is always a timeline that needs to be agreed upon, where your knowledge, experience and expertise is available.
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October 22, 2018

Run your business like you're going to sell it - Sell your business like you're going to keep it.

Until you can slap a SOLD sign on your business, you need to run it like you're going to keep it. Buyers love consistency and will pay top dollar for it! Any hint of a decrease in the key activities that determine the success of your business will be a red flag to buyers. 
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September 17, 2018

Too often business owners fall into the trap of waiting for the "perfect time to sell." Most often this is described as a time when the market would be willing to pay the highest price for their business. After all - who wants to sell when the economy isn't peaking, when there's a likelihood you can't get top dollar for a business?

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August 20, 2018

Even the most stoic business owner has emotional ties to their business. Years of hard work, long hours and late nights, giving your business what it needs creates an emotional connection. That emotional connection, in combination with the uncertainties of selling a business, can be a ticket to an emotional roller coaster ride through the sales process. 
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July 16, 2018

When you put your business on the market it's not unusual to receive at least one offer that is much lower than you are willing to consider. Some buyers start low, hoping for a yes, then begin to negotiate price and terms with the seller. While extremely low offers can seem so ridiculous that you may initially feel insulted - they can be the start of a rewarding negotiation.
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June 18, 2018

Most business owners ready to sell their business have an idea of how much money they would like a buyer to pay them for their business. While having a clear idea of the financial offer you'd be happiest with is important, there are several other dynamics to consider, ensuring the deal you strike with a buyer meets your needs, and theirs.
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