Top 5 Mistakes to Avoid When Selling Your Small Business

Top 5 Mistakes to Avoid When Selling Your Small Business

Congratulations! You know how to operate your business, and you’ve built it into a very successful enterprise.  However, the time has come to move on, whether it is for a new challenge or to kick back and enjoy the fruits of your labor. No matter the reason, you are ready to sell. However, too many small business owners mistake the knowledge they have accrued to succeed in their busines

How to Find the Best Advisor When Selling Your Business

How to Find the Best Advisor When Selling Your Business

Do-it-yourself home repairs have had their moment. But for anyone that has paid attention to that trend, it quickly became apparent that having an expert remodel their home offered a considerable advantage in terms of the quality of the work. The same holds true when it comes to other big tasks, such as selling your business. Sure, no one knows the ins and outs of your business better than you do,

Thinking of Selling Your Business to a Competitor? Here's How to Do it Right!

Thinking of Selling Your Business to a Competitor? Here's How to Do it Right!

The thought of selling your business to a competitor can seem daunting. However, it is not uncommon and certainly not impossible. There are 6 major tips for successfully doing so. Do not turn over confidential information too soon A nondisclosure agreement (NDA) is critical during any sale but especially when selling to a competitor. A potential buyer should never have access to trade se

Navigating the Sale of Your Business in the Current Economy: Strategies for Success

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Selling a business is a significant decision, and doing so in the midst of a dynamic and uncertain economy requires careful and strategic planning. While economic conditions may present challenges, they also offer opportunities for savvy entrepreneurs. Assess the Market: Before embarking on the sale process, it is crucial to assess the market conditions and understand how the current economy may

Three Key Takeaways from the BizBuySell Q1 2023 Insight Report

Three Key Takeaways from the BizBuySell Q1 2023 Insight Report

The most recent BizBuySell Insight Report, which surveys business brokers and small business owners for information on small business sales as well as general economic information, has been released. As the economy continues to be uncertain, there are three main takeaways from the report, which we outlined below. You can also read the full report by clicking HERE. Closed Transactions Bounce 4.8%,

How to Get the Best Deal When It's Time to Sell Your Business

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Once you have made the decision to sell your business, you need to be prepared to negotiate. Why? Because your goals and the buyer’s goals may be the same—to get the best deal—but that doesn’t mean the same thing for both parties. It will take time, and some give and take on both sides to arrive at an optimal deal for everyone involved. Ensuring that you are negotiating fro

Properly Package and Market Your Business

Properly Package and Market Your Business

How challenging is selling your small business? On the surface, the prospect appears simple. First, you have a business and want to sell it, then you share that information and wait for a buyer. But the reality is both more complicated and more nuanced. Using an knowledgeable business broker takes the pressure off you so you can focus on your business operations. Few business owners understand al

Key Takeaways from the IBBA Market Pulse Report for 4Q 2022

Key Takeaways from the IBBA Market Pulse Report for 4Q 2022

The quarterly International Business Brokers Association (IBBA) and M&A Source Market Pulse Survey was created to gain an accurate understanding of the market conditions for businesses being sold in Main Street (values $0-$2MM) and the lower middle market (values $2MM -$50MM). We want to provide you with some of the key points reviewed in the report. Why Most Deals Don’t Close and What You

How to Determine if Owning a Franchise is the Right Fit for You

How to Determine if Owning a Franchise is the Right Fit for You

Owning a franchise presents an exciting opportunity for both new and experienced business owners. A franchise is a unique business model that differs in some key ways from independent business ownership. If you are thinking about purchasing a franchise, there are a few things to consider. Here are some ways to determine if owning a franchise is right for you, along with some considerations to help

Three Key Takeaways from the BizBuySell Q3 2022 Insight Report

Three Key Takeaways from the BizBuySell Q3 2022 Insight Report

The Q3 Insight Report is in, and we have a few key takeaways for you! After five consecutive quarters of year-over-year growth, small business acquisition activity has slowed, according to BizBuySell’s Insight Report for Q3 2022, which tracks and analyzes U.S. business-for-sale transactions and sentiment from business owners, buyers, and brokers. 2022 Q3 Closed Small Business Transactions

What's the Difference Between the Listing Price and Selling Price of a Business?

What's the Difference Between the Listing Price and Selling Price of a Business?

If you’ve ever bought a house, you know that the appraised value isn’t what the house typically sells for in the end. It isn’t even what the sellers will use as the listing price in most cases. Most houses sell for a price that is less (or more) than what the seller asked for it. The same holds true for a business being sold. Why aren’t the listing price and the selling pr

How Long Does It Take to Sell a Small Business

How Long Does It Take to Sell a Small Business

Homebuyers are familiar with the mantra—location, location, location. Well, for a business owner looking to sell their business, there’s an equally important phrase to remember—timing, timing, timing. But if you are looking into selling your business, what does that mean for you? And exactly how long will the process take? As seen in the above chart (where intervals are measu

Business Sales Continue Strong, But Inflation Could Create Headwinds - Q1 2022 Market Pulse Report

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We just received the quarterly International Business Brokers Association (IBBA) and M&A Source Market Pulse Survey, which was created to gain an accurate understanding of the market conditions for businesses being sold in Main Street (values under $2MM) and the lower middle market (values $2MM -$50MM).  Market Headwinds are a Concern Labor shortages continue to create concerns for buyers,

How Quickly Can I (or Should I) Sell My Business?

How Quickly Can I (or Should I) Sell My Business?

In a perfect world, every entrepreneur would have ample time to prepare their business for sale. It’s a long, often complex process that demands our full attention—and ideally, assistance from professional brokers. After all, there are many, many factors to consider: Why am I selling? Is the market ideal? Do I have my legal and financial ducks in a row? (And more.) That being said, th

Business Trends to Look Out for in 2022

Business Trends to Look Out for in 2022

Thinking of selling your business in 2022? Give yourself an edge—read up on what we learned in 2021. 2021 was a year of unpredictable firsts for business owners and entrepreneurs. Nothing we learned in 2020 could have prepared America for pandemic shutdowns. Many small operations had to quickly pivot, improvise, and adapt to a world that changed overnight. But now, with a swiftly recoverin

How to Identify Trustworthy Buyers

How to Identify Trustworthy Buyers

For many entrepreneurs, selling a business is about more than money—it’s about passing down a legacy. After years of hard work, it’s only natural to want to see your creation in the hands of someone who shares your passion. However, finding that perfect “someone” can be a challenge. Not everyone that can buy your business should buy your business. As veteran brokers,

5 Factors that Make Your Business Stand Out When Trying to Sell

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Your business may be unique to you, but because it it part of a larger industry and has competitors, it falls under certain well-known categories. In order to stand out during a sale and get the best offer possible, there are 5 factors to consider. These factors will not only set your business apart, but they are also great guidelines to consider as you begin preparing to sell your business. ST

Five Reasons Business Brokers Improve Closing Rates

Five Reasons Business Brokers Improve Closing Rates

Hiring a business broker may seem complicated and an unnecessary expense to someone trying to save money and simplify the sale of their business. Why add more to your long list of to-dos when you have enough going on? Well, the thing is, a business broker is so much more than just an extra set of hands. Studies have shown that working with a broker increases your chances of selling your business m

The 3 Key Takeaways from BizBuySell's 1Q2021 Insight Report

The 3 Key Takeaways from BizBuySell's 1Q2021 Insight Report

One year after the onset of the pandemic, aspiring entrepreneurs continue to flock to high performing businesses. This resulted in median sale prices to jump 30% compared to Q1 of 2020, according to BizBuySell's Insight Report, which tracks and analyzes U.S. business-for-sale transactions and sentiment of business owners, buyers, and brokers. Sold businesses report 15% year over year increase in

Three Small Business Ownership Myths Debunked

Three Small Business Ownership Myths Debunked

As business brokers, we often hear that people's dreams are to be their own boss. Making money doing something you love and grow through your own efforts is one of the most common desires of someone purusing the entrepreneurial dream.Here’s the thing—many people are too afraid to pursue business ownership because they have have misconceptions about what actually goes into owning a succ

How to Value Your Business Post-COVID

How to Value Your Business Post-COVID

Now that we are well into 2021, we can now acknowledge that last year was quite possibly the most challenging year for your company. The effects of COVID-19 are still apparent as the pandemic continues to claim lives in high numbers every day. Effective vaccines are giving us hope for significant improvement in the 3rd and 4th quarters of 2021. What does this mean for you or your busines

Could following your passion be the perfect business move?

Could following your passion be the perfect business move?

Remember being 18 years old and full of equal parts curiosity and terror when you thought about your future? It was easy to get excited!  Were you drawn in by Art History 101 your freshman year? Did you find a passion for guitars sparked by a gig at a music store? Or perhaps you began experimenting with culinary creations while living on your own for the first time. Oftentimes, these bi

A Paradox of Opportunity & Uncertainty: The BizBuySell 3Q 2020 Report

A Paradox of Opportunity & Uncertainty: The BizBuySell 3Q 2020 Report

The 3Q 2020 Insight Report from BizBuySell, which is the result of extensive surveys of business brokers on small business purchase and sales activity, as well as buyer and seller confidence levels, provides the best information on what is going on in the market.  First, we have the good news! There continues to be a steady upward trend in small business sales since the pandemic hit back in

IBBA Market Pulse Report Calls Small Business Market "Shaken But Resilient"

IBBA Market Pulse Report Calls Small Business Market "Shaken But Resilient"

In addition to the BizBuySell Insights report highlighted in our prior blog, the International Business Brokers Association (IBBA) released the Q2 2020 Market Pulse report. Not surprisingly, it had similar conclusions as the economy is still uncertain, and it appears that things may not return to “normal” until at least 2Q 2021. This report takes a particularly close look at how CO

Business Opportunities in the New Economy

Business Opportunities in the New Economy

With the current situation, many people have lost their jobs, or are disillusioned with their current situation. People have been furloughed, taken a salary cut, or decided to retire a little ahead of schedule. The coronavirus has created a new reality for millions of people around the world. And while there’s no guarantee of when life will normalize, or what work will look on the other side

Small Business Emergency Plan - BRIDGE Plan

Small Business Emergency Plan - BRIDGE Plan

In such a singular moment in our global history, our thoughts continue to dwell on our fellow small business owners. As an entrepreneur, nimbleness and perseverance is in your DNA! We will be able to rise above this challenge, and we can anticipate a future beyond this pandemic, if we plan accordingly. As a prospective buyer, this could also be a good time to get your ducks in a row and be ready t

COVID-19 Updated Resources for Small Businesses

COVID-19 Updated Resources for Small Businesses

We’ve all been living with COVID-19 for weeks, and we’ve all had to make sacrifices and hard decisions. How are you holding up? First, we'd like to share some positive perspective with you. In this episode of The Deal Board podcast, our experts discuss the effects of COVID-19 on small business. This podcast includes plenty of opportunities you can plan to act on. Take a listen:&nb

How to Finance Your Business Purchase

How to Finance Your Business Purchase

You’ve caught the entrepreneurial bug and you’re ready to purchase a small business. Maybe you’ve even found the exact local company that’s a perfect fit for you. Whether you’re just starting out, looking for a change in career, or transitioning into a working retirement, your deal begins and ends with proper financing.  If the word financing sends a little shiv

3 Steps To Your 2020 Exit Planning

3 Steps To Your 2020 Exit Planning

2020 is fresh, and hopefully so are your eyes for the future. Whether you’re a resolution setter or you’re still trying to find an intention for the year, planning is a must-do for success in your business. If you’re a small business owner, maybe your resolutions include selling your business and starting an all new journey. No matter where you are on the path of small business

Five Things to Consider Before Buying a Business

Five Things to Consider Before Buying a Business

There are 28.8 million small businesses in the United States, employing more than 58 million people, according to the Small Business Administration. These small businesses (with less than 500 employees) represent over 99% of the businesses in the United States! Entrepreneurs think that they need to develop their own plan and build it from the ground up. However, you can purchase an existing busin

The Four Key Attributes of a Great Business Broker

The Four Key Attributes of a Great Business Broker

  When someone is looking to sell their business, or become a small business owner by purchasing a business, they often don’t know where or how to start the process. An effective business broker can add significant value to both parties in the transaction, but only if the broker is effective. There are four key attributes that define a great business broker, and all are equally importa