open door and window policy

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allo all, happy thursday! how’s your week going? i’m sure you’re looking forward to a great, relaxing weekend.  over here it’s day 3 of my self imposed 365 day challenge to turn my business around. my goal is to have a viable company that will be something of value whether it’s sold, bequeathed or turned into a .org. i spent time studying what it takes to sell a business whether physical or e-commerce and it’s left me with mixed emotions. i’ve had The Paris Apartment for so long that it’s practically another limb. that said, i’ve read it’s difficult to sell a business where the entrepreneur is such a big part of it. so the challenge comes in tweaking it so someone could walk in to a profitable business and grow it further, easily. it’s definitely one avenue to consider and below are some of the notes i took while doing the research. have you ever sold a business? hey, lots of the sharks on Shark Tank have done it and if they can, well…anyway that’s one option. the other is to create something i can leave when i die. not to be morbid but i have 6 nieces and nephews and no kids, great friends with kids and a family who has had my back since the beginning. it’s a built-in board of directors, but do they want it? i’ll ask and we’ll see. if so, the other route i’m contemplating is to set up the site so that just as a buyer could step in if i were gone, so could those i leave it to. as it is now if i fall off the planet tomorrow, so does TPA.

in an effort to be proactive, i set up an appointment with SCORE. funny cause i met with them just before i opened way back when and they gave great advice and i highly recommend them. the acronym if you don’t know the organization stands for Service Corps of Retired Executives. their affiliates have insane resumes.

here’s their link: score.org

so without further ado, these are some highlights to consider now.  maybe it’s easier just to do ebay…? kidding! i’m ready to work.

What an e-commerce business is worth is relative to your individual business, the market and what potential buyers are willing to pay.

Questions to consider include:

  • What are the sales?
  • What is the profit?
  • What are the growth trends?
  • What is driving new sales and is that sustainable?
  • What channels do new customers come from and what is the breakdown of each channel?
  • What is your market position?
  • How reliant is the business on the owner?
  • What systems and processes are in place to run the business?

source: shopify.com/blog/17642316-how-to-sell-your-ecommerce-business-for-maximum-value

meanwhile if you just want to wing it you can post it here: flippa.com/websites…if not, read on:

FLIPPA DOMAINS FOR SALE

Steps To Selling Your Small Business
By Brigitte Yuille (edited)

investopedia.com
Selling a small business is a complex venture that involves several considerations. It can require that you enlist a broker, accountant and an attorney as you proceed.

1. Reasons for the Sale
You’ve decided to sell your business. Why? That’s one of the first questions a potential buyer will ask. There are many attributes that can make your business appear more attractive, including:

*Consistent income figures
*A strong customer base
*A major contract that spans several years


2. Timing of the Sale
Prepare for the sale as early as possible, preferably a year or two ahead of time. The preparation will help you to improve your financial records, business structure and customer base to make the business more profitable. These improvements will also ease the transition for the buyer and keep the business running smoothly. (Make sure the business you built continues to thrive long after you’ve left the helm by reading How To Create A Business Succession Plan).

3. Business Valuation
Next, you’ll want to determine the worth of your business to make sure you don’t price it too high or too low. Locate a business appraiser to get a valuation. The appraiser will draw up a detailed explanation of the business’s worth. The document will bring credibility to the asking price and can serve as a gauge for your listing price.

DEFINITION of ‘Valuation’

The process of determining the current worth of an asset or company. There are many techniques that can be used to determine value, some are subjective and others are objective.

investopedia.com/articles/07/merger-advisor.asp?header_alt=b

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image: pinterest.com/parisapartment/doors-and-windows

ok well that is about 1/10000000 of what is out there but my brain will explode if i don’t go look at something really pretty so i’ll  about wrap it up for today. it feels good to open the doors and windows i’ve been avoiding looking out and stepping through. time to get back at it. but tonight i’m beat and HuNgRy!  hope you have a wonderful evening doing what you love with who you love to do it with!

January 7, 2016. Tags: . the paris apartment project.

5 Comments

  1. Chryle replied:

    Dearest Claudia~

    This is what you said on Day 1, “i’ll be working hard this year to restructure my business to free up time and resources to do the things i’ve always dreamed of.” Is it just me… or does it seem like one freakin’ big leap to go from that (restructuring) to considering selling The Paris Apartment, which is, as you said here, “practically another limb?” Did I miss something?

    After some 30 years as an operations professional in start-ups and very small organizations, I’m not sure how much help “conventional wisdom” – business and otherwise – will be, though I can see SCORE being helpful: You ARE the business.

    Would you consider looking for an apprentice? Someone to really work with. Maybe it will be one of your nieces or nephews? Perhaps someone who went to design school – fashion, jewelry, interior, furniture, architecture, etc., who might be looking for something more unconventional and less traditional? Someone who is likely to feel the same passion you do for Paris, for France, for beauty, for esthetics, for design, for interiors, etc.? You would have someone to work with, which could free up your time now. You could work to grow TPA, which could increase your income. And you could have someone to take the business over at some point.

    Just thinking out loud….

    And wishing for you 362 glorious days of discovery and creation, including valuable down time and play time,
    Chryle

    Liked by 1 person

  2. The Paris Apartment replied:

    Hi Chryle, thank you for your comments. The truth is that selling really isn’t what I want to do, I’m realizing that only a couple hours since posting this. Maybe I won’t continue this 365 day workout with a sale in mind, rather a restructuring. I really appreciate you taking the time to check in. What you said has a lot of merit and means a lot to me. xoc

    Like

    • Chryle replied:

      Dearest Claudia~

      You are most welcome! I’ve know people who have researched themselves to death for months on end before deciding to follow their heart, which had spoken to them months before, telling them not to sell. You are months ahead of them… so good!! ;)

      Wishing you one freakin’ fabulous Day 4!
      Chryle

      Like

  3. Maryanne Flaherty replied:

    No one can say you are not doing your homework. You will find the right option. I can say there are many women out there that are envious of what you built. Just remember information is power. Which ever way the wind blows you you will make it work. ;)xo

    Liked by 1 person

    • The Paris Apartment replied:

      Thanks for having my back Maryanne. I don’t think I’ve done anything anyone else couldn’t do. In fact I see people doing ‘me’ better than I do me lol. But there’s room for everyone and never a need for envy. But I admire a lot of strong women out there and will use their wisdom for inspiration and to gather information.

      Like

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