With the volatility in today’s small-business marketplace, you may be looking at how to sell your business. You hope the transition is a smooth and profitable process. Under an ideal circumstance, selling a business is not an easy task. Lack of sale preparation, deficient or misaligned expectations can and often do conflict with market realities. No matter the industry and sector, the key to achieving your desired outcome is an efficient pre-sale planning. The most successful sellers are extremely careful. They ensure they get the pre-sale preparation right. Here are the common mistakes and how you can avoid them.
As a business owner, personal financial planning is key to getting to the next stage of life, whether that’s retirement or just a change in direction for your own personal gain. This is where you reach the point where you ask yourself, “Is my business WORTH the amount of money that I need to transition to the next phase?” Here’s the thing, when it comes to entrepreneurs, we’re audacious. We see the mountain and we start climbing. Failure just isn’t an option. We might stumble, but eventually, we will reach the peak or die trying. But when we are near leaving, this determination before we put our business up for sale can backfire on us. Cost-cutting measures to make our business look better on paper can ultimately hurt its sell-ability. How it is possible that streamlining a business could be bad?
For many, the process of creating a business plan seems daunting, but that doesn’t have to be the case. We’ve done the research for you. We’ve searched the statistics, journals, and reports within the Small Business Administration‘s website to give you the outline for what should be in a good business plan. Use this business plan as you create your company, restructure your company, or do a yearly review within your company to increase revenue and company cohesiveness.
One of the biggest benefits you will enjoy if you are self-employed is that there are more (and some would argue better) retirement options and plans available to you than are available to most taxpayers. You still have the ability to use the ROTH IRA and Traditional IRA. But being self-employed gives you three additional retirement savings options: SEP IRA, SIMPLE IRA, and Solo-K. With all these choices, how do you know which is the best retirement plan for the business owner like you? We will explore the pros and cons.
Choosing a financial advisor can seem overwhelming when you first start…especially if you’ve never delved into the financial world yourself. It can be tough knowing what to look for. However, there are some strategies that you can utilize to find the advisor that gels with your needs the most and will help you reach your ultimate goal. Making use of these three questions will undoubtedly land you with the advisor that can help you trek down the path you desire.