Making the Most Out of Selling Your Small Business at Retirement

Retirement is the holy grail of the working individual’s lifetime. Having the free time to travel, spend time with grandchildren or pets, or even hitting the links at the nearest golf course is what gets many through the forty plus years of hard work and dedication they commit to day after day. When it comes to retiring for those who own small businesses, the same thought comes to mind. How do I sell my business and make the most profit?

Selling a business in today’s economy is not an easy task. The unemployment rate is at an all time high and many individuals are seeking the help of the government in the form of stimulus checks and unemployment income. What does that mean for the small business seller? Simply put, help is needed. It is near impossible to sell a small business alone or without the help of a small business broker. According to the Business Brokerage Press, the average business broker has a 14-24% success rate, where as an individual sale may only be effective up to 2% of the time. That’s almost ten times the success.

Finding the right broker can take some time and research, but it is well worth the effort. The right broker can provide your business with the exposure it needs and the help you need to find the perfect buyer. Business brokers are a part of every aspect of the selling process, from advising, advertising the business through a network of buyers, screening potential buyers, structuring the sale (including valuation) and all the negotiations there out. Business brokers also guarantee complete confidentiality and identity safe guarding.

Retirement should be enjoyed, not spent worrying about income. Make the most out of your retirement years. Work with a business broker to obtain the maximum profit from the sale of your small business and leave the legacy you deserve.

Small Business Marketing

The term market refers to the aggregate of all demand for a particular product or service arising from the aggregate of all consumers – both existing and potential for the product. Markets vary widely from one another since the consumers who constitute the markets vary widely in their characteristics. Even a specific market for a given product is not totally homogeneous.

In small business marketing, a market is split up into several smaller units, each with homogeneous characteristics; it facilitates the effective tapping of the market. Market segmentation is the process of disaggregating the total market for a given product into a number of sub-markets. The heterogeneous market is broken up in the process into a number of relatively homogeneous units.

The process is based on the recognition that any given market or consumer group is made up of a number of subgroups distinguished by varying needs and buying behavior. Also, it is feasible to disaggregate the consumers into suitable segments in such a manner that the characteristics of the segmented groups would vary significantly among segments but would also be identical within segments.

Market segmentation confers several benefits on the marketing man. In the first place, it helps him distinguish one customer group from another within a given market and thereby enables him to decide which segment of the market should form his target market. It also enables the effective crystallization of the specific needs of the buyers in the target market and facilitates an in-depth study of the characteristics of the buyers.

When the buyers are approached after careful segmentation, responses that are predictable would be forthcoming from them. This would help the marketing person develop his marketing program on a predictable and reliable basis. When the needs and characteristics of the customer group have been brought into a clearer focus, marketing offers that are most suited to the particular customer group can be easily developed.

Best Business Bank Account

Most people that have a business need a business bank account. You may be wondering with all the choices between banks which account is best for you. Some offer services that you need while other services are only “nice to have”, you may be looking for a free business checking account or a full service operating line of credit.

Regardless of what type of account you are looking for we know fore sure that banks love small businesses. Just look at the kinds of offers they have

  • Free for the first year
  • 0 rate APR on credit transfers
  • Free checking account

The reason many of these offers are only introductory offers is because banks are aware that if a small business owner begins working with 1 bank then they are unlikely to switch when they begin to grow. Even IBM had to open a business bank account when it was very small!

what bank account will be best for you, consider…

  1. Are you always carrying a positive balance. If you are always going to be carrying a positive balance than look for banks where you will be able to get a high interest rate on your deposit
  2. Are you often requiring a line of credit to make payroll? If this is the case look into accounts which have the lowest interest rate and no overdraft penalty.
  3. If you make a lot of cash withdrawals be sure to drive around your area and identify where the bank machines are for that bank.
  4. Online banking is becoming a default free option on most business banks but make sure that the bank you are going with offers a free online banking option as this is the best way to keep your costs down.
  5. Business advice – Some banks pride themselves on being partners in your business and will offer free business consultation. Depending on you and your business this may be useful. However, if you run a high tech niche business don’t expect your banker to be able to help forecast cash flow demand through product development. Don’t forget they work for the bank!
  6. Most likely you will want a credit card for your business and it makes sense to attach it to your business bank account. Make sure to understand the terms of the credit card and take that into consideration when selecting a bank. Some banks will give credit cards terrible terms and conditions because they know the entrepreneur will be putting more emphasis on the bank account compared to the credit card.

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