9 Steps to Make Your Company Saleable

The 9 Steps to Make Your Company Saleable … and Valuable.

THEY ALSO APPLY IF THE PLAN IS FOR YOUR FAMILY TO CONTINUE YOUR BUSINESS. BY JEFF BACH

t some point, every

Abusiness will need to transition, either to a new owner or close down. Most owners do not have a succession plan in place. One important part of a plan should be to properly structure your business for a sale.

STEP 1: HIRE PROFESSIONALS.

There are people who specialize in helping business owners prepare their business for a sale. A business broker knows all the processes for accomplishing this, and should have good referrals to other professionals who can help in the process. Your accountant should be able to help you get your books in order. An attorney can help you structure your business in the proper fashion. If your company needs a lot of cleaning up, it may be necessary to hire a consultant to help. The business broker is generally only paid when you sell. STEP 2: KNOW YOUR VALUE. A business valuation will help in your decision as to when to sell and what work you may need to do to optimize valuation when it is time to sell. Third party appraisers can usually do this for a few thousand dollars. A business broker will often do this free of charge, and a local broker should have a good feel for your business geography as well.

STEP 3: DON’T BE EVERYTHING TO

YOUR BUSINESS! When businesses are small this can be difficult. But the more you can build your business to run with you being less important, the easier it is to sell and the more desired it is.

STEP 4: SELL WHEN SALES ARE UP.

For many businesses 2020 could severely affect this possibility. Increasing sales or at least flat sales make for the best time to sell. If you had a down year and can wait several years to have at least two improved tax returns you might want to wait to get top dollar for your business. If you don’t want to wait or don’t have the energy, consult your professionals and see how much the down year may hurt your value.

STEP 5: REDUCE HEAVY CUSTOMER

CONCENTRATION. Depending on industry, anything over 25% of your business coming from one customer can be a large negative. Even if you have a great customer that is a big percentage, continue marketing to new business prospects to negate the risk of losing that customer. STEP 6: SCALABILITY. Buyers usually buy a business to grow it. Have plans and options for growth, even if you are not going to implement them yourself. Limited opportunity can turn a buyer off. STEP 7: GOOD DATA. A buyer needs to be able to see an accurate picture of the finances of your business. Keep your books up to date. Run your cash through your business. If you have questions as to what profit and loss items might hurt a sale, ask your business broker to take a look at your financials. Have an operations manual in place. It’s easier than you think. Just make an outline of all the important processes to run your business, and then fill in the details. STEP 8: LEGAL PROBLEMS. It can be hard to impossible to sell a business with legal liabilities. While any business owner can experience nuisance problems, always address important legal issues, and resolve them as soon as possible. Consult your attorney, and handle this correctly. STEP 9: PLAN AHEAD! You never know when you will need to sell or when it will become the “right time”. So don’t wait. Understand these steps and get help. Remember that a business broker should be able to walk you through this whole process, and their help will pay off for you in the long run.

JEFF BACH is part of the team of top business brokers in this area at Fusion Business Brokers. Fusion Business Brokers combines the highest levels of technology, marketing and professional experience for the needs of business owners. With access to their large network of qualified buyers, Jeff offers the best opportunity to help you successfully sell your business. He only gets paid when you sell. Valuations are free and are the starting point to knowing when the right time is to sell your business. Jeff can also help qualified buyers find and buy a business that meets their goals. You can contact Jeff for a free, confidential, no-obligation discussion about selling your business or buying a business at 314-941-8530, or by email at jbach@fusionadvantage.com.

Transitioning from Office to Home Office can be simple!

BY DEDE CATSAVIS

More of us are working from home every day than ever before. Often this is necessary as a result of retirement, employment in the “gig” economy or changing company policies in response to Covid. Making the transition from company office to a fully functioning home office can be challenging, but with the right help it can be easy, seamless and painless. At Computer Tutors, we’ve helped many clients make this move. We can help every step of the way. First, we make sure you have the proper equipment to work from home: computer(s), monitor(s), webcam, printer(s), router, etc. Then we set up and configure everything in your home office space. We not only get all the equipment up and running, but also make sure you have the proper software, security protection, email and any other software applications you need. Finally, some clients need a little training in order to do what they likely had an office IT person do for them. We figure out a plan for you and make that happen on your timetable. We like to keep things simple, straightforward and logical. Of course, after we get you set up and running, we are just a phone call away for ongoing support, as well. Recently, a client asked us to help move equipment from his corporate office to his new home office. We set up all the equipment, upgraded his network, got a new email address (since the company email was no longer available) and configured all the software. We made sure he had a webcam for Zoom meetings and a laser jet printer. Additionally, we showed him a few extras like using his phone to print and streaming Netflix, etc. on his TV. Of course, while we were there, other things came up—configuring his Ring doorbell and setting up extra monitors for him to use simultaneously. All within the scope of our services. We also were able to help him get AT&T fiber internet to speed up his network. The client was extremely happy to have made such a smooth transition to work from home and he knows he can always call us with questions or problems as they come up.

COMPUTER TUTORS is a

local, woman-owned small business founded in 1997. DEDE CATSAVIS is the founder and owner. For 23 years they have provided computer services to thousands of satisfied, happy customers. Computer Tutors works on Windows and MAC computers, sets up home networks, eliminates viruses and also will help with any of your other electronic devices. You can reach them at 314-608-7920, and at www.computertutors.net.

Finest Custom Table Pads at Factory-Direct Prices

The way to insure perfect table pads is for the provider to visit your home to accurately measure and show you sample colors and textures to match your table and décor. Custom Table Pads, an independent St. Louis dealer, provides the finest custom American-made table pads at factory-direct prices. They measure at your home or business, and show you a choice of 23 vinyl tops and 5 velvet bottoms. Perfect fit is guaranteed. Pads are heat resistant to 550o, moisture and warp resistant. Patented hidden magnets minimize separation and slippage on your table.

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Make Your Home Look Great, Feel Great, Perform Great

It’s possible to do all three—without breaking the bank! Marla Esser Cloos, the Green Home Coach in her book Living Green Effortlessly: Simple Choices for a Better Home provides simple steps that can save you money now, increase your home’s value, and make your home healthier for you, your family—and the environment.

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