Business for Sale
The changes of business ownership are quite common in the business world. No matter what kind of business you own, business for sale or what kind of business you want to buy, the very last thing you want to do is seem disorganized and unprepared. Well, you do need to plan ahead and think it through if you are planning to buy or to sell a business.
Buying a Business
What Is It?
Buying a business is another alternative to starting a business in a less risky way. Unlike buying a franchise, you own the business. When you buy a business, you are taking over the business which is already making profits, with an established customer base, company’s reputation as well as the employees.
What to Consider?
- Decide what you are looking for, including the location, industry and size of business.
- Research what is the general reputation of the business in its particular industry?
- Are both the nationwide and local market conditions right for the business?
- What is the outlook for the future?
- Will the business make any profit?
If the business still sounds right after your analysis, then you can start to examine the business potential returns and its asking price in depth. Other than the business financial health, your assessment [of the business’s value] should include issues like its intangible assets, for example, brand name and market position.
Selling a Business
What Is It?
If buying a business is the low-risk-strategy in business start-up, then selling a business could be said as the good exit strategy. There are a good number of reasons [for a businessman] to sell a business, be it retirement, or partnership disputes, or poor business’s financial performance, or some other reasons like illness. In short, it involves the changes of ownership of a business.
What to Consider?
So you have made up your mind to sell your business. However, it should not be an unplanned-and-random decision. As a matter of fact, there are things you need to consider.
- Make sure that selling your business is the right decision.
Here you may need to work out your priorities, evaluate the timing of the sale, and determine whether you need an expert team to assist you along the way. Also, you need to understand the ethical and legal duties that you face as you sell your business.
- Value your business.
Value your business seems to be the crucial part where you need to determine how much your business is worth [so you can set the right price when selling], assess the value of your assets as well as to estimate future profits
- Get the right buyer.
This is the key player in selling your business but never do it in a hurry. Finding a right buyer is never an easy task. Selling a business doesn’t just happen. You can advertise the sale of your business to reach out potential buyers.
So, what’s next?
If you are interested to sell your business in Singapore, read more from local corporate service provider in Singapore who can assist you along the way.