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[nishi]

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[ravi]

Moved to Buy, Sell or Trade section.

[Sajid]

So finally the time has come to sell the business. After investing years of your time and uncounted thousands of dollars, it has become successful, providing for your needs and wants, and it's time to enjoy the fruits of your labor. Where do you start?

A good time to start thinking about selling a business is right after startup, when it shows signs of beginning to succeed and become self-sustaining. Even if you are planning on bequeathing it to your progeny or a partner, it's never too early to think about what will happen afterwards.

The first step is to take your time--selling a business is a complex process and you will only do it once. Confidentiality is a necessity at this point, as word of an impending sale can cause repercussions among employees and business partners (suppliers, customers, etc.) alike.

Your position in the business is also a point to consider. If you are the sole proprietor, the decision is yours alone. However, if you are a partner or board member, selling your part of the business will involve more considerations.

Finding a good broker is worth any amount of time needed to locate one you are comfortable with. Check the Better Business Bureau for any investigation history, and get referrals from fellow business owners or from industry associations like the International Business Brokers Association (IBBA). This is a non-profit "trade association of business brokers providing education, conferences, professional designations and networking opportunities" (IBBA), as well as professional certifications and boasts over 1300 members.

Next, a professional appraiser should be consulted, as just like selling a home, a professional appraisal will give a fair value to begin negotiations with. Keep in mind though, an appraisal is an estimate of the fair value of a business' hard assets, and the market value of the business may be higher or lower, as a business is only worth what someone else is willing to pay.

Determining major terms and price are issues that you are going to have to work out with your broker, but a few basic factors come into play: what do you want to get out of the sale? Continuing salary? Lump sum? Stock options? This is a step often overlooked until late in the negotiations, often to the detriment of the seller.

Financing the sale is usually about 90% left to the seller. If you can't or won't be willing to cover the costs of the sale, it may not be a good time to sell.

Once you and your broker have located a buyer and agreed on a price, a Letter of Intent is drafted. This letter outlines the terms and tentative price in a non-binding document and allows the buyer time to thoroughly investigate the business. This process is subject to Due Diligence, as the onus of discovery is placed upon the buyer and buyer's agent.

After the discovery process is completed to both parties' satisfaction, the Purchase Agreement is drafted. This set of paperwork creates a formal agreement between buyer and seller regarding purchase price, terms, and other legal details. Once the respective lawyers have finalized the details and complied with state law requirements regarding the sale, the Purchase Agreement is signed, closing documents finalized, and the sale is complete. If everything has gone well, it's time to breathe a sigh of relief and start planning what to do with all that free time!

Commencing a new business can be easy or difficult and the most essential step when starting a new business is to have an effective business plan. So the question arises, what actually is a Business Plan?

A business plan includes an outline of the goals, expected expenditures, promotion materials and even the exit plan. As the business proceeds, these aims serves as a map and measure and it also helps the company be continuously reminded of their priorities.

The fundamentals of making the business plan will depend on the type of business being ventured on. It will also depend on what is proposed by the capitalist.

Here are some of the guidelines that might help in coming up with an effective plan especially for a start-up or a new business: -


Taking care of Vision and Mission:
In any organizational venture, the vision and mission is the first thing to take care of. This shall indicate the direction of the company’s business, what are their goals, purpose and expected achievements.

Giving an Introduction:
Give a brief and comprehensive summary of how the plan or company came into existence. On what basis is the idea for the business? Who are the people linked and in charge of the idea? Why did you start a new business?


Define the Goals and Objectives of the Company:
Define both the short-term and long-term goals and what are the factors to focus on immediately? In long-term period which areas will have to be addressed? How long will be the expansion time of the company? When is the expected date of realizing the profits?

Special attention to Products and Services:
It is vital to give special attention in presenting the products and services the company plans to offer and discuss the features of these products or services. Describe how your products and services will compete in the market and how the company shall react to the needs and demands of the market. This factor will be best supported by a market research that includes the appraisal and evaluation of the requirement for the product and services.

Short Biography of the Management:
The plan should also include a short biography of individuals in the management. It should provide the names and backgrounds of every person and indicate the positions and responsibilities they have to fulfill.

Implementation of Marketing Strategy:
An effective plan must also show the marketing strategy that shall be implemented. This will indicate how business is maintaining its place in the market. Promotional materials should be properly defined, whether it will utilize the print, television, Internet or the combination of all three.

Financial forecast given for a target period:
The usual periods taken are three-year or five-year terms for the forecast of financial period. It includes spreadsheets, formulas, statements and even some assumptions that involve technical assistance. This part should be prepared carefully and professionals should be consulted if required to ensure that this is properly worded and presented.

Strategy of Alternative for the Company:
This is often be called as the exit strategy. It is a section that defines the alternative of the company. It also lists down the standards and situations when the company will have to end. Specific income generation, a target figure or even some actions that will be decided upon by the company leaders are the basis of this strategy.

Thorough Revision of the Factors Defined:
When the plan is developed, now it is time to give it a thorough revision. Examine the people and their responsibilities related to your business, on what basis is your business going to start and the possibilities of the challenge the business would have to face in the market? This will help in making an effective and efficient business plan as it ensures cohesiveness of ideas and an intuition that one knows the business well.

So with these quick tips, plan for success, prepare a thorough business plan and good luck in your chosen endeavor!

© 2006, Wholesale Pages UK. All rights reserved.

So you've decided to start your own business - congratulations! It's a huge leap from letting someone else take care of taxes, accounting, payroll, inventory, and/or a myriad of other activities necessary to run a business. However, running your own business has its advantages, too. You get to be your own boss, set your own hours and days to work, and are responsible for your own success. It can be a great way to free yourself from the tedium of 9-5 and work at doing what you love, but you have to begin by asking a few questions:

1. Are you doing what you love, or just doing something you’re good at? A desire to get away from the regular working world can be a good motivation to work for yourself, but you have to be excited to get up in the morning to do what it is you have chosen to do for a living.

2. What is it you are planning to do? What niche is it going to fill? Is there a need for what you can provide? Will the market bear another entry?

3. What technical skills or talents do you have? Just being able to do something may not be marketable enough to convince customers or financiers that you are a good financial investment.

4. Who are your competitors in your chosen profession and how are you going to do it better? Why should customers come to you? What do you have to offer that no one else does?

Once you are satisfied with the answers to these questions, it is time for the decision of what kind of business structure you will use. Will you be a sole proprietor, responsible for every facet and the penultimate authority as to how to run the business? Will you enter in with a partner, the better to share the cost and workload, but also the profits and the business decisions? Perhaps the decision will be made to incorporate, with its financial safeguards but more complex and costly structure? At this stage, legal advice is recommended, if only so that you fully understand the advantages and disadvantages of your chosen structuring plan. Many lawyers will provide a free or reduced-rate primary consultation, though often not more than an hour. When the structure is finalized, a name for the business should be decided upon, if not already having been done so in advance. It should be easy to remember, avoid initials and single letters (B & L & R, Inc. will be difficult to remember for customers) and try to say something about the business (Bob’s House of Hobbies is easier to remember and spell).

Next, a business plan is a vital step in laying out all these topics and proposals in a standardized format. A good business plan serves as a formal statement of the new company’s goals, financing, structure and legal considerations. It acts as a “resume” to prospective investors and is the primary documentation they will use to evaluate whether or not your business will be worth investing into. It also provides the proprietor(s) with a chance to see the workings of the new business in black and white. A basic business plan should at the least contain a balance sheet, income statement and statement of cash flow, as well as a proposed financial budget for the first year, or as long a period as necessary if a year is impractical.

So with these quick tips, plan for success, and good luck in your chosen endeavor!


© 2006, Wholesale Pages UK. All rights reserved.

Marketing a business is one of the key operations of any organization these days. However, such an operation needs careful planning, which is why management of a business goes hand in hand with the decisions taken to market the business. For such planning of a marketing regime, managers and business owners need to have a clear idea of the aims and objectives of their business and organization. They need to understand clearly the market conditions in which their business operates.

The fast evolving manager roles are rapidly leaving behind the traditional marketing practices in terms of theory as well as practice. Early businesses were seen conducting their research and emphasizing on what were known as the three Cs of marketing, that is, Customer, Company and Competitor. However, further analysis has given way to the inclusion of two more Cs. These are Collaborator and industry Context. All these areas are carefully researched on and important decisions are taken in each of these fields to bear an overall result of effective marketing.

Let us look at each of these individually:

• Customer: analyzing the customer behavior is one of the most important functions of management and marketing. Managers first seek to find out their niche customer base. After having identified that they try and break them up into manageable segments. This segmentation of the target customers can be done on the basis of demography, behavior, age grouping, etc. marketers then aim at tracking the purchase and consumption patterns of these segments, as a group or individually, in order to help them develop and improvise on their product better. This is known as perceptual mapping.

• Company: under this aspect of marketing management, managers analyze the cost structure of the company and what bearing it has and the profit of the organization. For this they may also work in tandem with the finance or accounts managers. Managers also seek to delve deep into the inherent competency of the organization based on the kind of resources it possesses, and find out whether its potential is being exploited to the optimum level or not.

• Collaborator: the collaborators form an important aspect of the business and the analysis of related activities forms a major chunk of marketing management activities. Distributor and supplier behavior, that of the joint venture partners, etc is thoroughly observed and analyzed.

• Competitor: this analysis deals with comparing the position of the business in relation to its market competitors. The activities of the competitors are observed to see which policies are exactly having what effect on the market and the customers.

• Context: this involves having a clear idea of the conditions in which the business operates. The economics of how the business functions within the framework of the larger industry is analyzed. Both macro and micro pictures are taken into consideration.
For each of the above marketing management functions, a lot of data need to be collected, processed and analyzed. Tapping the right data out of the existing market conditions is yet another challenge. Market managers generally look to collect data related to the various segments mentioned above.

Being an entrepreneur was never easy. Starting a business up from scratch is one of the most difficult and complex things to do. If anyone ever told you that it was easy, then that person is wrong. But now, a lot of would be entrepreneurs are looking at a much safer and hassle free option of buying an established business. The reasons for this are many. It reduces the hassles, the anguish and the pain by leaps and bounds, getting finance is easier etc. But buying a business is also an equally challenging task. If you go wrong, then very soon you will have made a huge financial mess. You need to ask a few questions to yourself to ascertain whether the business that you are about to buy is right for you.

You as the new owner
Besides the finance, there is a lot more at stake when you buy a new business. Your reputation for one, your ability to run the new business and your working capabilities are all at risk in starting a new venture. When you buy the new business, you need to understand that the focus of the business shifts completely upon you. You need to be qualified both technically as well as in terms of experience to run the business effectively. A business can be really stressful as you might have to deal with difficult employees, uncertainty, adversity and lastly, loss. The faster you are able to gauge your expertise, the easier it will become for you to determine whether the new business is right for you.

Background check
This is one of the most important steps in securing a good and strong business. You need to conduct a complete background check of the business that you are about to takeover. Does the business have a positive cash flow? Valuing the business is a part of this background check. A business valuation analyst will be able to help you determine the actual value of the company. The valuation of the analyst is based on experience and professional standards. The analyst does not take the financial details of the company into consideration.

Finding the right business
The Merger and Acquisition firm will help you to find the right business for you. These guys are intermediates or middlemen. They can be categorized into several categories based on the kind of business transactions that they can handle. For example, a broker can handle a business transaction for companies with sales under $5 million. The broker would nevertheless love to handle the transaction for a company with sales exceeding $20 million but neither do they have the competency nor the expertise to do the same. So when you seek the services of a M&A firm, make sure that you choose the right one based on their expertise.

Planning
A proper plan in place will let you complete the entire acquisition deal in no time at all. If you run an aggressive plan, then it should not take more than three months for the complete acquisition to go through. So sketch out the plan and execute it in proper order.

A small business is very quick to respond to problems and solve them due to a smaller chain of command. Top management is usually available at once and so are the relevant people to be able to handle the situation in a short period of time. On the contrary, larger businesses are notoriously slow to respond to problems and have a long complex chain of command. Additionally, they have a number of policies to be adhered to and practices that must be followed at many steps along the way. This makes them slow to solve problems and snags that come up in the course of even routine work.

Flexibility in making decisions:–

A small business has the flexibility to bend, manipulate and change the rules depending on the need of the hour, whereas a large company is stuck in a quagmire of policies and legalities. There are no exceptions to the rule for a large company whereas there may not be that many rules for a small business. This allows employees, managers and owners the flexibility to make decisions on the spot, instead of waiting for a long chain of command to get to the person who is able to make a decision. The decision can be made faster, at times instantly, in a small business and work can carry on. This increases the productivity of the employees as well.

Personal Attention:–

The small business is able to give time and attention to its customers and this is the foundation of a successful business. Why do people love their favorite little coffee place as opposed to a huge chain like Starbucks? Because the waitress is not in a rush and the guy at the counter knows your name and because of those lovely little quiches they make at 6 o’clock every evening. Customer service has the ability to make decisions and change the rules depending on who they are serving, which is simply not possible in a large company that has to standardize its approach.

Specialized:–

A lot of small businesses are small because they are specialists. Some are boutiques. This gives them a major competitive edge over the large companies that form the competition. They can do well at tasks that are ignored or under-serviced by big busy companies.

Flat structure means easy communication:–

There is often a single point of contact offered by a small business to its customers and this person is able to service the client better for it. The person is more likely to know the customer’s history with the company, better able to make a judgment call and well versed with each section within the small business. This is mainly due to the flatter organization structure of the small business.

Change with times:–

The small business is more geared towards change due to its smaller size. Less training is required and the change has better reach throughout the organization. A large company requires a lot of time, money and effort to make even the smallest change due to its sheer size and complex organization structure. The small business therefore, has more future-readiness.

Hi guys!

I hope that these articles will help you out to understand the business and the marketing terms related to it and please feel free to ask for more articles for getting guidance if you need.

Hi Guys



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[ravi]

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