The start of the new year motivates many people to make decisions to be more organized and to set goals that will help them become more creative and productive.
Succeed In Selling Your Business is like a game in that: it requires an audience, rules, control, and the ability to answer the question.
When you have to sell a business, there are two kinds of buyers: either they are people who understand what business they are buying, or they are not.
People looking to buy a business who don’t understand business are usually not worth knowing. They may like you, and they may be nice people, but they won’t be much help. They are like lawyers or accountants, who see a business as a series of transactions, not as whatever lies beneath.
There are some people who really understand business, and they expect you, as the seller, to explain to them how business works. They may not be nice people, but they usually know what they are talking about. If you really know your business and can explain it to them, they are usually the best buyers.
But selling a business means finding someone who understands business, who trusts you, and can afford your business. The buyer who really understands a business may be someone you don’t know at all, and may never meet. The buyer who trusts you and can afford it may be someone you know, and who can’t afford your business.
You probably won’t find a buyer who both understands your business and trusts you and can afford your business. Selling a business is rather like selling a house. (At least from the seller’s point of view.) The house may be worth a lot of money, but it might not. But the buyer needs both trust and money. And the buyer doesn’t usually trust the seller’s judgment or know how expensive a house is.
The first rule of selling a business is you have to sell your business. The second rule of selling a business is that first, you have to sell your business. Selling your business is hard to do. For one thing, it’s hard to sell something most people don’t value. For another, it’s hard to tell when it’s the right time to sell. Some businesses are worth more later, and some are worth more sooner.
The ordinary rules of business apply, but with a twist. You have to sell at a point where the buyer thinks the business is worth what the seller thinks it is worth. To figure out whether or not this is possible, you need to know what the business is worth. Different kinds of businesses have different life cycles.
The life cycle of a hardware business lasts about 10 years, during which its price goes up. After that, it flattens out, then goes down. The life cycle of an information business lasts about 20 years, during which its price goes up very fast and flattens out at a much higher price. After that, it goes down, and down. The life cycle of a business that makes things, like furniture or cars, lasts about 25 years, during which its price goes up and stays up for a long time. After that, it goes down, and down
. The important point is this: a business’s life cycle depends on its cost structure. It can’t be more than 25 years, because that’s when the cost structure becomes so high that the business can’t be competitive. And it can’t be less than 10 years, because by then it’s too expensive to make. So if you have a hardware business, you have to sell when it’s getting a little old, because that’s when it’s getting a little cheap. If you have a software business,
When you sell a business, you need to find someone who is both knowledgeable about your business and someone you can trust and who can afford your business. Finding such a person is like finding a spouse. It is rarely easy. Since you don’t have a lot of experience with finding spouses, and since finding a spouse is one of the most important decisions you will ever
Simple reminders are one of the keys to successful target determination, but in today’s digital, 24/7 world information overload can make it challenging to filter critical information. Research shows that most people forget 90 percent of the information in a week and a half (50 percent) in an hour.
Using digital media to help retain information and become more productive is important, but the advantages of print and visual reminders still transcend it.
Selling Your Business?- Try these organizational tips and see the value of print and visual prompts.
Hold The Notebook
Be ready to sell your business. Take a notebook and pen or pencil.
You may be surprised at how well you focus and remember the information. (Data also indicates that doodling helps focus and memory.) –
Print your calendar
Online calendars are helpful, but if you print your own calendar each month, you can post it to your home or office and see what’s next, as well as make notes or changes.
Take tips from teachers and place chalkboard, dry erase calendar bulletin board, or bulletin board to keep printed pages with long-term goals and vision easily visible to you (at work) and your family (at home) Things to do. Write a list of things to do on a daily basis.
Separating items is surprisingly satisfying and at the end of the day, you can add them to a new list for the next day. Enter a national campaign that will help you achieve your organizational goals.
Paper & Packaging
Life Unfolds campaign, funded by paper and paper-based packaging manufacturers and importers, provides more information on how to achieve your personal and business goals, howlifeunfolds.com.
The site also contains helpful organizational tips for filing and storing personal documents. Important documents are maintained and available.
In addition, the campaign seeks to motivate people to stay innovative using a non-digital approach with the three-part video series undefined In this series, a group of talented individuals, experienced engineers and designers compete for face to face to develop solutions to three problems proposed by three partner companies:
Design for Food (Moss Southwest Grill)
Design for Goo de (Zappos)
Tech (Yotel) for Design
Participants were challenged to develop practical, yet forward-thinking packaging solutions to enhance the customer experience in these three areas, using paper and cardboard as the basis for their creation.
Adesina Sanchez, a design and technology commentator, is hosting a series on How to Sell Your Business. More tips and video series are available here.