Tips to Successfully Sell a Small Business

When you started your business you planned to grow it as a lifetime enterprise. Now, for whatever reason you have decided to sell your business and cash in on all your hard work. Maybe you want to stock up all over again in another field of business or maybe you just want to put up your feet and relax. Since selling a business is normally a once in a lifetime venture, it is unlikely that you would have any prior experience unless you have started or sold several small businesses in the past. Here is some good advice to get you started with selling your small business:

Defining your business sell expectations
In order to conclude a successful sale of your small business you need to plan the sale meticulously and the first step is to define your expectations:

  • Do you want to sell your business for cash or will you accept payment in another form such as stock or debt instruments?
  • What is your price expectation
  • What expectations do you have of the buyer in terms of business continuity and tradition?
  • Do you want to sell out to the public in an IPO or to your employees in a ESOPs scheme?

Timing and financing
It can sometimes take a long time to negotiate and conclude a sale of a business especially if there is complicated tax issues involved. The majority of small business sales involve some form of seller financing such as deferred payments so that you may not see a large lump sum of cash payment up front. Give some thought to the risk and how you would like to structure the small business seller financing.

Valuing the sell of your small business
You would need a detailed and sensible valuation of your business in order to justify the price that you will be asking for it. Decide on the method that you’ll use since methods may vary with the kind of business involved. The judgment on whether you will use asset value, replacement cost, or capitalization of earning or some combination thereof depends largely on your judgment and what a potential buyer will accept.

Re-doing your small business financial statements
As long as you are running your business, how you present your financial situation is largely dictated by tax considerations so as to minimize your tax bill. You will probably need to recast your accounts to show the true earning potential to backup any business valuation that you undertake. Though you should probably be cautious as to whom you show these records and consult an attorney in the process.

Sell small a business with privacy
It’s a good idea to sell your business with concerns for privacy. You should conduct all your sale negotiations in secret and restrict people in the know to as few information as possible. If word gets out that you are selling, you will find key employees leaving the company or being recruited by competitors, you’ll also find suppliers pulling lines of credit. This will simply impair your ability to get a decent price for your small business. The sale of a business usually screams financial troubles, you don’t want the wrong perception to get out in the public about your small business.

Use a competent small business broker
If possible use a competent business broker. Get referrals, shop around, and research. S/he will help you set a realistic price, identify and approach potential buyers in the strictest of confidence. Remember that s/he has a vested interest in getting the highest possible price since their rate for services rely on commissions of the sale.

Selling a business can take time, but due diligence will prove to breed success. One can expect a sale of their business if they’ve took the needed measures to ensure that their small business is aligned in a direction of growth and they are able to prove such statistics.

Online Business Solutions in the Current Marketplace

What’s The Problem?

Have you thought about starting a web based business? If so, you will probably have thought about various obstacles that might hamper you and have recognised the need to find certain online business solutions. For example how will you create a website, how will you develop your marketing strategy, how will you ever cope with high volumes of enquiries, or how will you process payments for the sale of your goods or services.

None of these concerns are new and there are practical business solutions for all of them. Too often companies end up trying to put together the web business puzzle without guidance, or without knowing the right questions to ask. The planning and development of a website has similarities to creating an architectural theme for a building and as the title of this article suggests the solution to most of the problems that you might anticipate, can be found by taking the time to research the current marketplace.

The Increasing Demand For Online Business Solutions

There’s definitely an increasing demand for online business solutions, but as quickly as this demand grows, new innovative technologies emerge to help tackle our biggest problems. Small business owners are quickly realising the incredible power of online marketing and for anyone who is serious about taking the plunge, being able to find reliable information and advice can be critical.

As technological advances continue to gather pace there is more demand for faster, more efficient and less complicated business solutions and the increased popularity of the internet means that there are also more and more people in search of them. Consider the slow computer speed of some computers in the past, a common irritation that many of us have experienced. We now get irritated if we have to wait more than 5 seconds or so for a page to load.

How expectations have changed, the more efficient computers become the more we seem to demand from them and on the whole they don’t disappoint.

How To Find Suitable Online Business Solutions

If you are about to jump in and experience the exciting world of online marketing, it’s important to recognize that there’s a need to keep up to date with the latest marketing strategies. Finding the right business solutions for your company deserves careful consideration and although it will depend largely on your particular needs, plenty can be learned by looking at the success of others.

Identifying the most suitable online business solutions for your particular venture could help you to outsmart your competition, gain a competitive edge, expand your business more quickly and ultimately help to make your business more profitable. If this is true, then it’s surely worth devoting some proportion of your time to.

Carefully researching your competitors can help you to determining the kind of tasks that you might need help with. There’s no better place to start, than with the most successful companies in your specific niche. They will have already identified some of the common difficulties in that marketplace and will have found some of the most appropriate online business solutions already.

Search engines can help you to identify resources too, but you need to be as specific as you can with the search terms that you use. Major search engines gain their credibility by being able to efficiently direct you towards exactly what you’re looking for, so the more accurate you are with your search terms the more quickly you will find what you’re looking for.

There are online business solutions available for just about any problem you can think of and many of them are relatively inexpensive. The more time that you spend and the more thoroughly you research the market before launching your business, the more likely it is that your business will flourish and succeed.

Final Thoughts

Don’t make the mistake of leaving your company’s business solutions in inexperienced hands as this can be a costly mistake. Beware of any company that tries to woo you with vague promises, you can always check their credibility by looking at past results or by reading what other people are saying about them.

Try to learn by the experiences of people and companies that are enjoying success in your niche. They must obviously be doing something right and with the help of internet technologies you can find out much more about their techniques than you might think!

How I Setup My Business Bank Accounts

Breaking down the process into small individual tasks

The small tasks involved in starting a new business can often times add up to become a seemingly overwhelming process when looked at in their entirety. It is important to remember that most of these tasks really are small, and looking at them as such makes things seem a lot easier. In this article I will focus on what I looked at in my situation in order to setup my business banking accounts.

Prior to setting up my banking accounts

To get to this point I had to complete a series of other small tasks in order to have everything ready for setting up my business banking accounts. This included setting up my business address, completing my limited liability company paperwork and receiving my LLC paperwork back from my state’s secretary of state office, and applying for and receiving my Federal Employer Identification Number from the IRS.

Since at this point in my business creation I do not have any real income being generated, I needed to keep all my initial expenses as low as possible. In this case it means finding a business banking structure that will not have excessive fees and preferably have no fees at all. The last thing I want right now is to spend money setting up my business on things like recurring unnecessary banking fees.

What I needed in a business banking account

I started out with a little research using the internet on what was required to setup business banking accounts. There is quite a lot of information available which can be easily found, so I will just document my steps in the decisions I made for my particular setup. There were a few things besides low monthly fees that I wanted from by business banking account.

1. A local convenient branch location

2. A national chain with many locations

3. A good on-line banking service

4. The ability to add on a multitude of business services down the road

5. Low or no recurring monthly business banking service charges

A convenient branch location

The good news is that I was able to find all of these things in my community. I needed a local convenient branch location because I do not want to have to travel all over the place to perform my banking tasks. This is a matter of time-management for me, and in the past I have chosen poorly with personal bank accounts because I thought I would do most everything on-line and not really need something close or more convenient. While I do perform most of my personal banking on-line, I still find myself wishing I had chosen a closer bank when there are times I needed to physically go to the bank. Depending on the types of deposits I will need to make, I envision myself needing to physically go to my business bank in the future much more than I need to for my personal banking needs.

A national chain with many locations

I wanted to choose a national bank with many branch offices because if I decide to personally relocate or setup a business in another location, the chances of having a local branch of the same bank is much more likely with a larger national financial institution. This would mean I would be able to keep the existing accounts with the same bank and not have the hassle of starting over with new accounts at a different bank in order to maintain the same convenience of having a close branch location.

A good on-line banking service

Having a very good on-line banking service is definitely one of the major considerations I had in choosing my bank. In today’s day and age, I want and expect very good on-line banking services including on-line bill pay, statements, account funding transfers, consolidation of all accounts into a centralized site for easy viewing, and most importantly built in functionality to download my accounts easily into financial software such as Quicken or Quickbooks.

The ability to add on a multitude of business services down the road

The ability to add additional business banking services or having a business bank which is easily scalable was also a consideration I had concerning the bank I would choose. This is an area which was not the highest priority at this time because I figured that if the bank I chose met the other qualifications then they would also have the ability to easily scale my business accounts to meet the needs of my business down the road. Merchant services and other business financial services would be some of the things I envision needing in the future.

Low or no recurring monthly business banking service charges

Last on my list would be one of the most important considerations I was having at this point early in my business setup. Low or no recurring monthly business banking service charges with the need to only maintain a low balance in my business banking accounts is a must at this time. I would not be opening my accounts with a lot of money, and I did not want what money I was depositing into my accounts to be eaten away at by service fees. I needed an account that would allow me to have a low minimum balance at the same time avoiding as many fees as I could. Many banks have accounts with no minimum balance requirements and no monthly fees for personal banking accounts, but this is usually not the case with many business banking accounts.

So how did I do?

I ended up opening a business banking account with Chase Bank. They had a convenient branch location close to my home and right across the street from my business UPS Store mailbox, which incidentally is my official business address at this point (See my article on Getting My Business Address.) They met my listed criteria for convenience, and also are a well recognized national financial institution with many branch offices throughout the nation. This means the likelihood of finding another branch close to me if I chose to relocate is much greater. They have a very rich on-line banking service that met all of my requirements for on-line banking abilities, and easily integrated with my Quicken software. They offered many business financial services which were available to me, but at this time I do not require them. It is nice to know I can get these services in the future with them. Most importantly, they were able to structure my accounts so that I do not have any monthly service fees or minimum balance requirements, NONE!

How did I avoid fees?

They had a program where I could open a business classic checking account which would normally have fees unless I maintained an account balance that was more than I would have been maintaining. I could avoid the fees by applying for a business credit card account and linking it to my business checking account. As long as I made at least one transaction a month on the business credit card account then I would not have any business checking account fees. I know the question many will be asking. What about the business credit card fees? Well I made sure the business credit card did not have any annual fees or other hidden fees also. It did not. Believe me I asked many times. There were also other benefits to having a business credit card which initially I did not place as much value on. These benefits included establishing a credit rating for my business which was independent of my personal credit history. This is important because in the future, the business may one day be able to obtain loans without personal liability of the loans by me for the business. Another benefit of having a business credit card is better protection for on-line purchases and fraud when using a credit card versus using a debit card on-line.

Making sure I have at least one transaction a month on my business credit card was easy enough. I simply set-up my internet hosting provider to use my business credit card for the monthly hosting fee of the business. This ensures that even if I choose to use my checking account checks or debit card, which was also free of fees, I will always have at least one charge on the credit card to meet the bank’s requirements for waving all of my business accounts’ service charges. Not a bad deal in my opinion.

What paperwork did I need to setup my accounts?

First I have to say the customer service for setting up my business banking accounts was top notch! I just walked in to the branch office without any appointment and a representative from the business banking department met with me immediately. I made it clear from the beginning that I was small-time when it came to my business at this point. They still treated me like I was a larger business. They took the time to explain everything and answered my many questions. I was approved on the spot for a business credit card with a very nice limit. I plan to never even carry a balance on the card, but it was nice to see I qualified for a respectable line of business credit.

All I needed to set-up my accounts were my personal identification, the employer identification number I received from the IRS, the certificate of filing from the Office of the Secretary of State from my state, and my LLC operating agreement. All of these documents, except for the personal identification of course, were part of the LLC package I received when I filed for my LLC using LegalZoom.com. Everything was in order and I had everything with me to complete the task without having to make any additional trips to the bank for further documentation.

Conclusion

By breaking down the tasks involved in setting up a business, you can decrease the seemingly complicated event by making it merely a series of small uncomplicated steps. In this step of setting up my business banking accounts, I knew what I wanted to accomplish and what I needed before I ever walked into a bank. By having my paperwork in order and by doing a little homework before hand, I was able to complete this task without it being a headache or a frustrating event.

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