As an entrepreneur, where would you prefer to be in 5 years time? Still needed by your company?maybe you would
p90x sale rather you was On a beach or maybe In your garden relaxing with no worries about work? Planning how to accommodate your choice of business interests into your social life? If you're toying with the idea of selling your company, you have got a few primary questions to answer: Whats my business worth? What do I require when I retire, and when should that be? How could my business accomplish this? How do I sell it? What is my succession
p90x sale plan? The Need to Plan "I want it all, I want it all, I want it now" - a great line in a great song, Unfortunately, in the real world, the best price for your business is never received at once. The right timescale needs to be plotted, taking account of
What is going on in your market precisely now
What is presumed to materialise over the next year or so
Political/government/legislation elements
Technology developments and competitors.
Selling a business during a recession isn't easily done, and tends to bring forth smaller value than during an upswing. Acquire a professional valuation of the company. Spend time on preparing the business for sale - addressing:
Owed
cheap insanity workout debtors,
Needless expense
Administration/staffing issues
cash flow
lining up activities with the wider strategy
In essence these actions are what you do day in and day out, only they take on a
cheap insanity workout dvds new urgency at this point.
Retaining it secret while you're preparation the company sale:
See to it that your employees don't know until you're ready to tell them.
Decide when to tell suppliers and clients.
Make certain the story is told, not leaked out
Generally, word gets out, so recognise you may not be able to keep it confidential up to the last minute. However, you can plan the communication process, and plan your party line for the situation where there are leaks or rumours.
Recently, a journalist asked the Chairman of a well-known company to comment on takeover rumours, and he replied "the story is false" - five days before he announced that a takeover had been agreed! The better response came when an MD was asked to comment, and he said "we are of course interested to listen to approaches from serious companies" - which left the door open to pursue discussions and continue to manage the communication process.
What Information Do You Release
Early on in the process, prospective buyers will want information about the company - current trading, history, product range, customers, suppliers, property details, cash flows, and balance sheet. Later on, the serious buyer (s) will want more about costings, key personnel, and strategic plans. How much do you tell them? And how do you guard against the "tourists" - the competitors looking for useful intelligence,
cheap insanity workout and the time-wasters? This does take some serious thought.
Business As Usual During The Alterations
Oh yes, you also need to manage the business whilst the sale process is going on. You have to manage the sale project - which is perhaps a "once in
cheap p90x a lifetime" activity for you - as well as managing everything else. At this point, you could be forgiven for having a slight feeling of nausea.
The large PLC s use their advisers, the major accounting firms, stockbrokers, and lawyers to manage the activity for them. Major headache removed, major fees paid as well - fair enough.
You could use a company broker, who will advertise your business for sale, and arrange meetings with prospective buyers - leaving you to organise the management of the process, and leaving you to organise valuation and other professional advice.
In between these two extremes, there are companies who provide a confidential full service, providing valuation advice, grooming, buyer identification and vetting, information release, in fact the full project management service to the point of having a sale agreement. This lets you carry on managing the business, which is what you do best, whilst they undertake the planned sale, which is what they do best.
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