Protect your Confidentiality-.The prospective buyer should never know who the seller is until they are pre-qualified. Requiring a personal financial statement and a confidentiality agreement is a must. Proper Valuation– Speak with industry experts and do your homework to see…
Read More
The key to a successful operation of an accounting or tax practice is client retention. That is true after the purchase of a practice but, in fact, that is true for any practice. All firm owners must be able to…
One of the most critical elements in purchasing a practice is the effective transfer of clients from seller to buyer. For most, this is a once in a lifetime event so we must make it count the first time around!…
Many business owners don’t understand the concept of goodwill or how to calculate it. When a buyer is willing to pay a premium price for a business, far more than the company’s assets would typically dictate, that is considered goodwill. …
You may have heard the advice, “the best time to prepare to sell is when you start your business.” While this statement is far from realistic for most business owners and may even sound humorous, it does contain a certain…
Everyone knows that good employees are important for a thriving business. That’s why there has been so much emphasis on keeping employees happy. When your employees are feeling not only satisfied, but also valued, they will be more likely to…
Are you selling a business that involves a lease? If so, this will be a factor that has significance to a buyer when you go to complete your deal. If your business relies heavily on its location and you don’t…
If you’re selling your business, at some point you’ll likely be presented with a term sheet. As the name suggests, this document will include the “terms” of the deal including the basic economic terms and conditions of a prospective acquisition.…
Once you get to the stage of your deal where you have a signed letter of intent, you may already be feeling a sense of relief that your deal is near finalization. But remember that the due diligence stage is…
Almost every sale of a business involves a high degree of negotiation between buyers and sellers. In this article, we share some of the questions you can ask yourself to prepare for this part of the process. After all, optimal…
When you’re trying to sell your business, the last thing you want is to waste time dealing with buyers who aren’t qualified and are unlikely to actually make a purchase. After all, you will not want to reveal details about…