Are you planning to sell your business? If yes, you need to ensure that everything is everything is in place for you to sell the business at the right price. If you are considering selling your business it is best to start preparing for it at an early stage and at least a few months before the intended date.
In general there are two ways of selling a business or company. The first is to sell the shares in a company. The second is to sell the business as a going concern which includes the assets and goodwill of the business.
When selling your business, you want to ensure that they get maximum value for the business, which is payable as soon as possible and with minimum ongoing liabilities including warranties or indemnities. It is a good strategy to review the financial, legal and commercial aspects of your business prior to sale in order to maximise the value of your business and reduce the risk of any ongoing liabilities and to ensure everything is in order and fit for sale.
It is best to tie up these loose ends well in advance of putting the business on the market because if a prospective purchaser identifies that there are risks associated with the sale such as very few formal contracts with customers or the threat of and/ or any ongoing litigation then the buyer will try to negotiate a lower price.
A lot of people are fascinated by the idea of business entrepreneurship. Different people have different reasons why they start their own business and become an entrepreneur:
Some individuals take up entrepreneurship just because they are fed up or bored with their daily routine job so they decide to try out something different. Others become a business man because they think that their current job doesn’t get them enough income. And a lot of people get into business entrepreneurship because they want to be their own boss.
However, starting to run your own business is actually a different ball game compared to working for a private company, the government, or a private individual. Though you don’t have a boss to report to, you have much more responsibilities when you are running your own business. A business entrepreneur has to take care of each and every aspect of his/her business. In other words, you do almost everything when you run your own business.
The most important thing to keep in mind when you decide to become a business entrepreneur is the idea that the success of your business is dependent on your actions. From strategising marketing plans, proper management and selling your product or service, almost all these tasks will be executed by your own.
However, entrepreneurship is not a simple task especially on its early stages. More especially, becoming successful is a huge challenge. What does it take to become a successful entrepreneur?