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Four must ask questions for your business broker

So you’ve decided to sell your business. Good for you! It’s the right move for a lot of people especially if they’re getting burned out on the day to day bustle of running the shop. It’s time to reap what you’ve sown and enjoy your friends, family and sleeping in a bit. Maybe you’ve started shopping around for a business broker to help you sell your business. Selecting the right broker for you is no easy task. You want to ensure your broker is knowledgeable, considers your feelings, and works tirelessly to get you the best possible price. How do you know?

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Why is now the riskiest time to own your business?

A lot of people think that starting your own business is a risky venture. In one way, it is. You’re committing a whole heck of a lot of capital into something that isn’t completely fleshed out. It’s all relying on your expertise and hard work to get the business off the ground.

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The Biggest Mistake Owners Make When Selling

Selling your company is fraught with potential pitfalls. Understanding the value of your business and assets, reading the market and managing bids can be a difficult process, particularly for the unfamiliar. There is, however, one mistake that owners make when selling their business that accounts for the highest amount of lost sale proceeds; proprietary deals.

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Your Business is Worth More than You Think

When you’re on the ground, in the thick of running your business every day, you probably don’t give a whole heck of a lot of thought about how much it’s actually worth. Why would you? You’re busy taking care of clients, cleaning up homes and businesses and ensuring you’ve got happy employees. You’ve got enough going on.

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In Summary: The 5 Stages Of The Business Lifecycle

Every business passes through five distinct lifecycle stages and each is a factor in how buyers value your company.   

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Top Reasons To Sell Your Small Business. #5: Crucial Factors You Shouldn’t Ignore

Your top manager plans to retire in a couple of years. It won’t be easy to replace this key leader. In fact, many potential buyers consider the strength and performance of your staff when determining the amount of their offer. It’s far better to sell when your top managers are still in place.

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Top Reasons To Sell Your Small Business. #4: Family Members Aren’t Willing Or Able To Take Over.

Far too many business owners assume a family member will take over the helm when they’re ready to retire.

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Top Reasons To Sell Your Small Business. #3: You Can’t Keep Up With Technology

These days, technology becomes obsolete at a mind-blowing speed. To stay competitive you have to keep up with technological advances and continually train your team in its use.

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Top Reasons To Sell Your Small Business. #2: Your Market Share Is Stagnating

What are the signs your market share has started to stagnate or, worse, on a slow decline?

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Top Reasons To Sell Your Small Business. #1: Business Owner Burnout

The thrill is gone. You feel a sense of dread on your way to your office. You’ve grown tired of managing your people, dealing with your customers, and handling the curve balls that come up when running a business.

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