If you are thinking about selling your family business, we know it has to be a difficult decision, especially if the business has been in your family for years. How do you know when is the right time to sell your family business, if you decide to sell at all? We have some questions to help guide you towards an answer.
When you’re ready to put your business up for sale, you want it to have as high of a value as possible. The greater the value of your business, the more money you will make when selling it. For five ways to enhance the valuation of a business, keep reading.
This may not seem like the best time to buy a business, but there are a lot of people who buy and make businesses successful during the most trying of times. Many great businesses were founded during the worst times, such as the Great Depression. If you are looking to buy a business, you may want to think about a Small Business Administration (SBA) Loan. However, is that the best thing you can find to buy a business? We have some thoughts.
You could start your career as an entrepreneur by starting your own business, or you could buy a business. Buying an existing business can be an easier way to step into the entrepreneurship industry. However, you must educate yourself before buying a business to make sure you are not getting in over your head. For tips for buying a business, continue on.
How will you know if you are ready to sell your business? It’s hard to say. Sometimes, people make a decision to sell their business because they are ready for another chapter in their lives, such as retirement or relocation. There are others who want to sell because they are not able to make the business profitable. How can you make a decision whether or not to sell your business? We have some ideas.
Franchise opportunities give you a chance to dip your feet into the business world using someone else’s name and business plan. Franchises give you a framework to do business, and resources you wouldn’t have if you struck out on your own. We love franchises, but we also know that a lot of entrepreneurs eventually want to leave the known entity for a chance to strike out on their own. If you’re looking to sell your franchise, here are the steps you need to follow.
The pandemic has been lethal on restaurants since March, with thousands of restaurants closing around the country. With all of the uncertainty, you might see a bit of good news and daylight. Your favorite restaurant in your favorite location might be on sale. However, before you jump into that amazing deal, there are a few things you need to think about first.
Mistakes to Avoid When Buying a Restaurant
The first thing you need to do when you are considering buying a restaurant is to check the lease. Many restaurants you might be looking at lease their buildings instead of buying them. You need to really read the lease so that you know the terms and qualifications upfront. If possible, meet with the landlord or the property management company to discuss the lease before you buy it.
Second, have the equipment in the kitchen inspected by a professional. If the restaurant has been running on outdated equipment, you don’t want to find that out after you’ve bought the business. If you get it inspected, you will know upfront what the kitchen can handle.
You need to check the reputation of the business as well. Are there lots of health code violations? What does their rating on Yelp and Google look like? You don’t want to buy a business with a horrible reputation that you then try and solve with the “Under New Management” banner, because that rarely works.
In short, if you do your homework ahead of time, you’ll be able to buy a restaurant that you can turn into something special.
Beginning a new business opportunity is exciting, but you need to be responsible to be successful. Before you dive into a new business opportunity, you should consider your financial situation. How do you plan on funding your business?
If you’re a business owner, the thought of selling your business has likely crossed your mind. If you are considering selling your business now more than ever, it may be time to do so. To learn more about how to tell if it is time to sell your business, keep reading.