Month: May 2022

HOW TO SELL YOUR BUSINESS IN 2022

Assume, for example, that the business pays for 100% of the vehicle cost for a family member who only works part-time in the business. Let’s also assume that a CPA audits the financial statements and determines that 100% of the vehicle cost is not consistent with Generally Accepted Accounting Principles (GAAP).

7 Steps to Selling Your Small Business

Selling a small business is a complex venture that involves several considerations. It can require that you enlist a broker, accountant, and/or an attorney as you proceed. Whether you profit will depend on the reason for the sale, the timing of the sale, the strength of the business’s operation, and its structure.

Key Takeaways

  • Selling your business starts with identifying your reasons why, making sure your business is in the shape it needs to be in to be sold, and the timing of the sale.
  • Preparing for the sale at least a year or more in advance is critical, as it gives you time to improve your financial records, customer base, and other factors that can make the business more successful.
  • Determine the value of your business so that you can price it appropriately. Consider hiring a business appraiser.
  • Make a decision as to whether you’d rather use a business broker, or negotiate the sale yourself.
  • Organize your financial statements and tax returns dating back a few years and go over the details with an accountant.
  • Finding a buyer is a huge undertaking that could stretch out several years. Once a good buyer is found, there are a series of financial screenings and other steps that need to be taken to keep the process moving.
  • Don’t spend the money all at once. Take the time to work with a financial professional and determine how you want to invest or otherwise use the money.

How to Sell Your Small Business

6 STEPS TO SELLING YOUR BUSINESS

STEP 1: GET A PROFESSIONAL VALUATION

Valuing a business is not always a straightforward process; you may need the service of a valuation firm to determine the true value of your company. Also, using a third-party firm for valuation will bring credibility to the asking price.

BUSINESS VALUE REALITY

Statistics show that the typical business owner has 80% of their net worth tied to their business, so preparing their business for sale to showcase maximum value is critical to their livelihood post-sale.According to experts, small businesses are worth two to five times their annual cash flow, plus any discretionary add-backs, depending on their location, market demand, financial health, eight core value drivers, etc.For many small businesses the focus is on cash flow, it’s very likely that physical assets will form only a small portion of the value of their businesses and is limited to what they generate towards the profit of the business.According to BizBuySell, small businesses with an annual cash flow of $100,000 and under received sales price of about 1.90 times their cash flow. And those with cash of flow $300,000 and above received a multiple of 2.81.

It’s important to note that cash flow alone will not satisfy savvy business buyers; you may need to present prospective buyers with a plan on how the business can grow and thrive without you at the helm.

STEP 2: ORGANIZE YOUR FINANCIALS

In today’s economic climate, buyers are looking to buy businesses that will not only be profitable but also have long-term viability. So many contemplate longer and perform their due diligence before making an offer. Savvy buyers will consider everything from equipment to real estate and business accrual-based financials; it’s your job to get these in order before taking your company to market.

Work with an accountant or business consultant to review your financial statements and tax returns dating back to 3 to 5 years.Create a list of inventories and equipment that you want to sell with the business, including any intellectual property and intangible assets.You should also provide information about how the company is run or present potential buyers with an operating manual to help them understand how you conduct business, buyers are looking for turn key operations.Make sure that all documents are organized and presented in a way that is useful to the buyers. You shouldn’t leave out any important information; you need to be as transparent as possible so that buyers know what they are getting. These will save you lots of time and future headaches, and they’ll present a consistent and unified story of the historical and future business.

STEP 3: INCREASE YOUR SALES

Companies with healthy income streams and multiple revenue sources are attractive; so you need to improve the overall performance of your company in order to maximize profits and ultimately your business value. Keep in mind that selling your business when sales are declining can hurt your profits.

Most buyers will look at sales and gross profit records to determine the viability of a business. They desire companies with sales growth year-over-year of 30 percent or more, which indicates buyers are looking to acquire businesses that are thriving, not surviving.Savvy buyers will also inquire about the contracts you have in place and whether those contracts are transferable.They’ll evaluate the future potential of your revenue streams as well, identifying recurring revenue opportunities that indicate ongoing sales sometimes years in the future.One thing that can put off a potential buyer is a business that has only a few customers. A significant revenue source will be lost if any of those customers left, so many buyers take the number of customers that a business has into account when negotiating.To make your company more attractive to buyers, you need to boost your sales and diversify your customer base if necessary. A diverse customer base, multiple income sources, and a robust management team will all help increase the value of your business.

STEP 4: TIME YOUR EXIT

Experts advise that business owners should plan their exit a year or two in advance. Being prepared will also help you get things in order including improving your sales, financial records, and customer base, which will make your business more attractive to potential buyers.

Statistics show that only 20-30% of businesses put on the market will actually sell, so timing is everything.You want to sell your business when things are good. Buyers want to buyer a growing and profitable business.You can’t expect to make a decent profit by selling your business overnight, experts warned.Markets change all the time; it is your responsibility to stay up/to-date with the current trends so that you can market your company as a leader in your industry.Don’t wait until disaster strikes before selling your business. If you let that happen, it will deplete the value of your company or lead to a potentially significant loss. The best time to sell a business is when it’s in good financial shape, experts said.

6 Mistakes to Avoid When Selling Your Business

1. Not Planning Ahead

2. Waiting too Long to Sell

3. Misrepresenting Your Business

4. Not Keeping Business Confidentiality

Nearly all sales of businesses include a nondisclosure or confidentiality agreement. This is not paperwork that is done when the business sells. It must be done before you provide any financial information about your business.

5. Finding the Wrong Buyer

6. Trying to Sell Your Business Alone

This is a tough row to hoe. The myriad of paperwork that’s required is daunting for the average business sale. This is where brokers are worth every penny. Brokers that have completed many deals will streamline the process. Brokers have contacts, including lenders.

Sources:

https://www.investopedia.com/articles/pf/08/sell-small-business.asp
https://raincatcher.com/how-to-sell-a-business
https://smallbiztrends.com/2021/05/how-to-sell-a-business.html


Focus on Yourself Quotes for Self Empowerment and Self Care

17. “Me and my buddies are all like brothers. So it’s okay for us to say ‘I love you’ or whatever. It’s always cool. I think that comes from my dad. That’s just the way he always was.” Paul Walker

Virgin Galactic is a bold entrepreneurial technology. It’s driving a revolution and Bitcoin is doing just the same when it comes to inventing a new currency

Focus on Yourself Quotes for Self Empowerment and Self Care

One widespread mistake that is usually primarily based in kindness and in love is to focus an excessive amount of on what you may give to your world and the folks in it.

As a result of that half is completely important to have the ability to assist and to share your personal items with the world within the longer time-perspective.

So on this put up I’d prefer to share 130 of essentially the most highly effective concentrate on your self quotes. That will help you assist your self and to not get misplaced in what others need, in unhappiness and maybe even in eventual burnout.

And if you would like much more motivational quotes then try this put up with quotes on self-care and this one stuffed with self-love and shallowness quotes.

Motivational Focus on Yourself Quotes

“You have to be self-interested in order to be selfless. You have to put yourself first if you want to be of use to other people.”
Rachel Bartholomew

“If you have a past with which you feel dissatisfied, then forget it, now. Imagine a new story for your life and believe in it. Focus only on the moments when you achieved what you desired, and that strength will help you to get what you want.”
Paulo Coelho

“The best day of your life is the one on which you decide your life is your own. No apologies or excuses. No one to lean on, rely on, or blame. The gift is yours – it is an amazing journey – and you alone are responsible for the quality of it. This is the day your life really begins.”
Bob Moawad

“I’m all about good vibes, big goals, amazing experiences, more happiness, less pain, healthy relationships and staying focused on what matters.”
Unknown

Inspirational Alhamdulillah Quotes

35 Inspirational Alhamdulillah Quotes

Alhamdulillah means All praises and thanks be to Allah (God). We should say this Zikr (Remembrance) at all times to show gratitude to Allah (God), in prosperity and adversity, in good health and times of challenges. Everything that happens to us is only by the Will of Allah (God). He is our Protector (Al-Muhaymin) and our Lord who we must be grateful to at all times as gratitude attracts abundance into our lives. The phrase Alhamdulillah has great benefits associated with saying it daily, it reminds us of all the countless blessings we have been favoured with. If we remember our favours we don’t waste our time complaining about the problems and challenges in our lives. Always remember that Allah (God) is Generous (Al-Kareem) and wants the best for us. May these Alhamdulillah Quotes inspire you to take action so that you may live your dreams.

Focus on Yourself Quotes for 2022

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Focus on Yourself Quotes - “Life isn’t about finding yourself. Life is about creating yourself.” – George Bernard Shaw | focus on yourself quotes instagram | im gonna focus on myself quotes | focus on yourself quotes twitter #focus #selflove #yourself

  1. In the journey of finding love I focus on having a great relationship with myself first.” – Angel Moreira
  2. Respect your efforts, respect yourself. Self-respect leads to self-discipline. When you have both firmly under your belt, that’s real power.” – Clint Eastwood
  3. Knowing others is wisdom, knowing yourself is Enlightenment.” – Lao Tzu
  4. Don’t focus on the competition, focus on ways to make yourself better.” – Hopal Green
  5. Don’t waste your energy trying to change opinions…Do your thing, and don’t care if they like it.” – Tina Fey
  6. You, yourself, as much as anybody in the entire universe, deserve your love and affection.” – Buddha
  7. “Self-care is never a selfish act—it is simply good stewardship of the only gift I have, the gift I was put on earth to offer to others.” – Parker Palmer

“Self-care is never a selfish act—it is simply good stewardship of the only gift I have, the gift I was put on earth to offer to others.” – Parker Palmer

  1. The way you step up your game is not to worry about the other guy in any situation, because you can’t control the other guy. You only have control over yourself. So it’s like running a race. The energy that it takes to look back and see where the other guys are takes energy away from you. And if they’re too close, it scares you. So, that’s what I would say to my team all the time: Don’t waste your time in the race looking back to see where the other guy is or what the other guy is doing. It’s not about the other guy. It’s about what can you do. You just need to run that race as hard as you can. You need to give it everything you’ve got, all the time, for yourself.” – Oprah
  2. Friendship with one’s self is all important, because without it one cannot be friends with anyone else in the world.” – Eleanor Roosevelt
  3. Talk to yourself like you would to someone you love.” – Brené Brown
  4. To be nobody but yourself in a world that’s trying its best to make you somebody else is to fight the hardest battle you are ever going to fight. Never stop fighting.” – E. E. Cummings
  5. One of the greatest regrets in life is being what others would want you to be, rather than being yourself.” – Shannon L. Alder
  6. Prove to the world you are worth something by treating yourself with the utmost respect and hope that other people will follow your example. And even if they don’t, at least one person in the world is treating you well: you.” – Carrie Hope Fletcher
  7. If you prioritize yourself, you are going to save yourself.” – Gabrielle Union

Short Quotes To Focus On Yourself

real change happens after focusing on yourslf

22. “Real change will come when you focus on yourself.” – Ritu Ghatourey

focus on you for more self worth quote

23. “When you focus on yourself you create more self-worth.” – Nitin Namdeo

be the change inspriational short quote

24. “Be the change that you wish to see in the world.” – Mahatma Gandhi

trust yourself nittin namdeo short quote

25. “Listen to your conscience and not the crowd.” – Nitin Namdeo

short quote about focusing on inner beauty

26. “I think everybody should focus on inner beauty.” – Paloma Faith

dont get lost in other people short saying

27. “Focus on yourself. Don’t get lost in other people.”

take time and focus on you lalah delia

28. “Keep taking time for yourself until you’re you again.” – Lalah Delia

References:

https://mailbagmedia.com/130-focus-on-yourself-quotes-for-self-empowerment-and-self-care/
https://www.positivityblog.com/focus-on-yourself-quotes/
https://www.awakenthegreatnesswithin.com/25-quotes-to-inspire-you-to-focus-on-yourself/
https://www.developgoodhabits.com/focus-yourself-quotes/
https://www.caseyolivia.com/focus-on-yourself-quotes/