open door and window policy
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?
meanwhile if you just want to wing it you can post it here: flippa.com/websites…if not, read on:
Steps To Selling Your Small Business
By Brigitte Yuille (edited)
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.
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.
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.
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!