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Actual for You - Cashing In Your Business?
T. Harv Eker, author of Secrets of the Millionaire Mind, states that the journey to success is full of twists, turns, ups, downs, stops and reverses. You have to "zig zag" your way to success.He is right. Once you understand this fact, you will begin to understand that your own journey to success will be full of adventure and different roads. Roads that you may not have chosen to venture down, but roads that will ultimately lead to your success nonetheless.We are only kidding ourselves if we really believe that everything will be smooth sailing and will go exactly the way we want it to.Understanding that life presents u
Typical “Sell The Business Scenario”
Here's why. Take the case of an owner we'll call Jack Stokes. Jack had his tire business for almost 30 years. He and his wife are in their 60's and both are in good health. They
The Internet has made job hunting online much, much easier for everyone involved. Employers can post their job listings online and search resume databases while job hunters can search the listings and place their resume in online databases. As easy as things have become, it can still be difficult to job hunt online. Here are five tips that will make your efforts much more successful.1. Customize Your Cover Letter and ResumeDon't send the same generic cover letter and resume to every potential employer. If you are applying for a specific job, then you should tailor your cover letter and resume to that job and company. Otherwise
Its almost 9 PM and you've got just one more order to fill because you promised “Henry” you'd have his order ready for pick up first thing tomorrow, Henry's an old customer, a good friend and has a machine down and the part we stock will have him up and going again. But the nagging thought comes back again . . . . “after 27 years I don't need this anymore, I'm gonna sell it!”
There are many different reasons why businesses are sold. But of all the reasons, the three most popular are retirement, burn out and major illness.
When you own a business and have fought the battle over the years, the time does come when you're ready to cash in the business and turn it over to someone else. You've built your dream, watched it grow and it has taken good care of you. Finally you've talked to your family, your CPA and your attorney and decide to do it. You place your business on the market! About a year and a half later, after negotiating with two individual buyers and two corporations, you do the deal with “Pete,” the nice guy from Cincinnati. Pete seems to be a good person, has a nice family and the proper background for the business. You've structured the deal with a good down payment and have agreed to finance the balance with interest over a seven year period. Sweet deal, right? Well, maybe.
After working with hundreds of business owners over twenty plus years and hearing all their stories, one precaution comes shining through the excitement of a sale! If owner financing is going to be a part of the deal . . . be very careful! It might come back to sting you. Especially if you plan to retire after the sale.
Typical “Sell The Business Scenario”
Here's why. Take the case of an owner we'll call Jack Stokes. Jack had his tire business for almost 30 years. He and his wife are in their 60's and both are in good health. They
All online registration systems will allow you to automate your event registration by moving registrations from manual to online, but only some will have the ability to process payments online. There should be no PDF downloads, no printed forms, and absolutely no faxing or mailing allowed. You should never have to take credit card numbers over the phone and manually key them in because all registrations should be processed instantly over a secure connection. Registration fees should show up in your merchant or bank account effortlessly.Many planners still process payments by hand, either by paper or phone. But this is a massive waste
There are many different reasons why businesses are sold. But of all the reasons, the three most popular are retirement, burn out and major illness.
When you own a business and have fought the battle over the years, the time does come when you're ready to cash in the business and turn it over to someone else. You've built your dream, watched it grow and it has taken good care of you. Finally you've talked to your family, your CPA and your attorney and decide to do it. You place your business on the market! About a year and a half later, after negotiating with two individual buyers and two corporations, you do the deal with “Pete,” the nice guy from Cincinnati. Pete seems to be a good person, has a nice family and the proper background for the business. You've structured the deal with a good down payment and have agreed to finance the balance with interest over a seven year period. Sweet deal, right? Well, maybe.
After working with hundreds of business owners over twenty plus years and hearing all their stories, one precaution comes shining through the excitement of a sale! If owner financing is going to be a part of the deal . . . be very careful! It might come back to sting you. Especially if you plan to retire after the sale.
Typical “Sell The Business Scenario”
Here's why. Take the case of an owner we'll call Jack Stokes. Jack had his tire business for almost 30 years. He and his wife are in their 60's and both are in good health. They
The Greatest Day in History…Today is the greatest day in the history of the world! That statement sounds optimistic because it sounds promising and it feels good to say it. That statement is often said in the context of today being the first day of the rest of your life and one is appreciative. Such appreciation should never go unattended, as it is real. However that statement is not a statement at all nor is it optimistic. “Today is the greatest day in the history of the world” is not a proclamation of promise. It’s a declaration of truth. The history of the world has been one of women’s suppression and struggle and though th
After working with hundreds of business owners over twenty plus years and hearing all their stories, one precaution comes shining through the excitement of a sale! If owner financing is going to be a part of the deal . . . be very careful! It might come back to sting you. Especially if you plan to retire after the sale.
Typical “Sell The Business Scenario”
Here's why. Take the case of an owner we'll call Jack Stokes. Jack had his tire business for almost 30 years. He and his wife are in their 60's and both are in good health. They
You started your own business. You read that smart business owners offer gift certificates. You know from experience that you appreciate gift certificates. Now you're wondering how to create your own gift certificates.No matter what your business is, you can create your own gift certificates, with real value, and encourage your clients to buy and use them as gifts.Suggestions on How to Create Your Own Gift CertificatesYou can create your own gift certificates with various computer software programs. If you are comfortable with multiple programs, you have more options.1. Microsoft Publisher: This program al
After working with hundreds of business owners over twenty plus years and hearing all their stories, one precaution comes shining through the excitement of a sale! If owner financing is going to be a part of the deal . . . be very careful! It might come back to sting you. Especially if you plan to retire after the sale.
Typical “Sell The Business Scenario”
Here's why. Take the case of an owner we'll call Jack Stokes. Jack had his tire business for almost 30 years. He and his wife are in their 60's and both are in good health. They
1.) How to Build a functional Website There are several web builder sites available to the beginner that has no understanding of HTML. There are the site builders at GoDaddy, and Geocitiies, and then there is always Microsoft Frontpage. These are good places to start. More than just the look and functionality of the site must be considered, however. There are tags or headings to a website that lets the search engines know what your page is about the most important of these is called the META TAG. The meta tag, is like an extended keyword. When people search for the words in your meta tag, then it will show up as one of the select
Typical “Sell The Business Scenario”
Here's why. Take the case of an owner we'll call Jack Stokes. Jack had his tire business for almost 30 years. He and his wife are in their 60's and both are in good health. They have two sons and a daughter that are grown and gone. The daughter teaches, the older son is an attorney in a nearby town and the younger son is finishing up his accounting degree. He wants to be a CPA with his own practice. None of his kids want anything to do with tires or the business. Selling tires isn't easy. The kids grew up in the business and their “big plan” was to go to school, get a degree and go their own way. And so it is. But the business has been good for the Stokes. It paid for their house in town, their condo at the beach . . . and the note on the business real estate was paid off two years ago. So now with the business sold they can settle back, take it easy and enjoy their grandchildren.
A beautiful picture but let's look at reality. Jack's deal with Pete from Cincinnati is based on a 30% down payment and there could be some major problems down the road. Let's see why.
Details Of The Deal
After lengthy negotiating, the final price for the business was $380,000. The price included the building and land, shop and office equipment, all 4 vehicles and the complete inventory. Pete will provide a down payment of $125,000, leaving a balance to be financed (by owner Jack) over seven years at 10% interest. The owner was not looking for an “all cash” deal in view of tax implications. After calculating the finance balance of $255,000, the monthly payment for the new owner comes to $4,233. And that monthly payment doesn't seem that bad since tire sales and shop service have
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