Selling your business?

Picture of the BMV building on Reforma Ave. Me... 

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There are a lot many things to do before selling your business. If you can, then take the help of a company lawyer to understand the nitty-gritty’s of selling your business. Firstly, you should understand why you want to sell your business. If you are undergoing losses, then it makes sense. If you are making profits, would you throw it all away?
Before selling your business, you should understand its value. What is it worth? How much can I sell it for? Get the help of consultants who can adjudicate the worth of your business. For this, you need to furnish your balance sheet and other sources of income.

You can always adjust your balance sheet to favorable market prices. Take the help of an accountant to do this. This way, your discretionary income is factored-in, making your balance sheet something to consider for prospective buyers.

The adjusted balance sheet will also weed out liabilities. Typically buyers would not want to invest in this portion unless an agreement is reached between the parties.

Your accountant or consultant will tell you the benefits of asset sale over business sale. Make the selling of your business a case of selling assets. You can get tax benefits with this approach. Other things include reduced liability due to ownership of the business.

Sellers want to know the business before they lay their hands upon it. You need to prepare a report of what the business is all about. A detailed description of the business, its processes, branches, subsidiaries, and so on will help. The more information you provide your sellers, the more closer you will get to the deal.

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How to Include all Your Business Partners

In the world of business, it has sometimes been acceptable to invite business partners to socialize through weekend golf excursions or even to go out drinking or to a strip club. In an increasingly diverse world, it is important to consider the interests, gender, religion, and culture of your business partners before suggesting a social activity that may alienate some people and leave out important potential partners in commerce. This is not mere political correctness, it is important for your survival in a competitive business world that will penalize you for rude behavior towards others. When you have an idea for a social activity, here are some important considerations to take into account:

  • Is it considered inappropriate to take part in this activity by the cultural or religious groups of any of the partners?
  • Does this activity potentially objectify one of my potential partners? Is it insulting to the race or gender of people you intend to engage in business?
  • Will everyone be able to physically take part in the activity?
  • Will anyone be more than moderately bored?

If you cannot come up with an activity for which ‘no’ is always the answer to these questions, here are some suggestions:

  • Host a catered meal with lots of dietary options in an elegant setting. Everyone has to eat, but you can make it an occasion that includes everyone.
  • Charter a tour of a scenic location. Sightseeing at a non-offensive natural setting is relaxing and is accessible for everyone, regardless of their physical limitations.
  • Engage a knowledgable speaker about your business. Have an expert in your field present an informative talk about their work. This will involve everyone and require nothing that will make your guests uncomfortable.
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Hand Out Postcard Promotion

Galata in a 19th century postcard
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Successful businesses are well aware of the concept of spending money to make money. Usually, the spending comes in the form of marketing dollars. If you’re one of the big boys of business you can afford a million dollar Super Bowl spot. For the small businesses it’s more about direct local marketing. One very efficient tool is a creative postcard used to promote your services. But just because you have a postcard doesn’t mean you need to mail it out. Postcards can be just as effective as hand-out promotional material.

There are many restaurants that have small postcard kiosks hanging in hallways and restrooms. These allow customers to pick through a variety of postcards to pull out their favorite. To stand out from the crowd, you’ll want to have a striking image and offer a special deal. Don’t just settle for “Hi, this is my business.” The goal is to get a person to leave with the postcard and that can be accomplished with a striking image.

Another way to spread your business postcards is to make them available to friendly stores in the neighborhood. Obviously, you’re not going to get much exposure with a competing business. However, if you have a dry cleaning store then it makes sense to have your business postcards at a nearby dress shop. You can also offer an exchange: you’ll take a neighboring business’s postcards if they take yours. This is perfect way to spread the message of supporting local shops.

If the idea of creating an artistic postcard sends a shudder down your spine, have no fear. The online postcard printing company you choose will have talented graphic artists standing by to help you come up with a unique postcard. You can still do a mailing campaign. Just make sure you have plenty of leftover postcards to hand out!

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Filed Under: Human Resources Tagged With: , ,