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.

Online Small Business Banking

In the digital age every bank has an online presence, from my little credit union to the big national players. However, not all banks are geared toward serving small business via the internet and, while they all offer you a lot of promises and maybe a flashy new toaster oven, not all of them offer you the services that you need at a competitive price. Here’s what to look for and how to spot those that offer online small business banking from the poseurs.

Customer Service and Big vs. Small Banks

One thing that you may read is how important it is to “cultivate relationships” with your banker and how important your banker is in expediting and even deciding whether or not you get a loan. While this may still be true in the smaller banks, in larger regional or national banks you will never, ever meets the person who approves your loan. A buddy of mine who was a big shot at a major bank before ditching it all to go into the Peace Corps said that the big banks create a strong separation from the banker that you meet, who is basically a sales person, and the person who decides, who is basically an accountant. So skip bribing your banker with chocolate truffles or bottles of bourbon. In fact, if you already bought the “gifts,” just send them here and I’ll gladly dispose of them for you for free!

Similarly, once the recommendation for business people was to keep all their banking with one bank, in order to build up a relationship of trust with that bank. Now, however, the idea of relationship is breaking down and, thanks to the internet and the relative ease of online banking, small businesses can cherry pick the best services off a smorgasbord of banks just like the Bigs do. In fact, the biggest reason that I can see of deliberately keeping all services with a single bank is not having to remember more than one sign-on, password, and pin!

What Your Bank Should Be Able to Do for You

Business Checking Account

One of the essential elements of running your own business is treating it as a separate entity distinct from your own personal affairs or the affairs of your other businesses or investments. Failing to treat your business as a separate entity opens up numerous potential legal and tax consequences that could end up being very costly or even financially disastrous to you. Opening up a business banking account is one essential act that helps establish your business as a separate entity. For most business the key to the checking account is functionality, forget interest rates and a few dollars difference in cost. The key questions are:

  • Can you use the web site to pay pre-pay bills, transfer money, accept online payments and whatever other essential services that your business might need?
  • Are you able to easily download information from the online site to QuickBooks Online or whatever other accounting software that you might be using?
  • Do they have the highest level of online security that is convenient for you?
  • Are they relatively light on “hidden fees” that $5 and $10 you to death just to be able to perform regular, essential operations of your business?

Security

Small businesses run by new entrepreneurs often have lower standards of security and this is especially true when it comes to banking and banking online. The smalls just don’t have the expertise nor the payrolls stuffed with I.T. professionals to keep up with the Trojans and frauds that cyber-criminals use to prey upon the unfortunate, and the unwary. You want the highest level of security possible but without making it so inconvenient on yourself that you aren’t fully able to take advantage of the online services. For example, while I was a Peace Corps Volunteer in Guatemala I often had to do my banking from internet cafes, and not always with my laptop that was impractical to lug around. When Chase, my original bank, changed the security so that I had to go through a complicated and time-consuming process every time I tried to access my account from a different computer I had to change banks (rather, I added a new bank) because that just wasn’t doable for me.

Loans and Lines of Credit

Loans are a prime area of shopping around and using the power of the internet to shave a fraction of a point off the interest rate. However, if you can’t pay the loan through an electronic transaction between the bank of your checking account and the bank that services the loan and make that payment for free then who cares about a little reduction of the interest rate. I like to look around for the best deal and then ask my primary bank if they can match it, just to keep my life as simple as possible.

Credit Cards

One of the easiest ways to make payments these days is by credit card and you will want at least one that is exclusively used for business purposes. There is no “best” credit card for small business and usually your bank will be able to provide you one. Keep in mind that you want one that is easy to set up and maintain electronically, that is widely accepted (especially if you travel for business), and has a high enough limit for what you need. Remember that building up credit for your business is just like building up credit personally, the better your history the higher your limit will be.

In Conclusion

Starting up a small business can be intimidating and the days when you could have a banker hold your hand and guide you through the process are long gone. The flip side of that is the incredible amount of information available to you at your fingertips. Another advantage is that you are no longer geographically limited, a world of banks is waiting to serve you! Just remember to keep in mind the services that you need, those that you don’t need, and those that you need but could be found at another bank for a better price. Happy banking!

Using Your Small Business Marketing Tools to Differentiate Your Business

Perhaps the most important quality for your small business marketing materials is that they are different. If you do nothing else right in your small business marketing, at least be different.

Why is differentiation so important? Because, in most industries, there are hundreds – if not thousands or millions – of other businesses that claim to provide the same service or sell the same product as you do. If you don’t differentiate your business from all those others, the chances that you’ll get many customers are pretty slim.

Some common ways to differentiate your business are:

Superior service

Greater product availability

Higher quality

Better performance

Greater durability

Prestige

Technology leadership

Satisfaction guarantee

Lower cost

Faster delivery

More customer support

But even if you are very different than your competitors – you offer superior service, greater durability, or a satisfaction guarantee that beats all others – it won’t matter unless your prospective customers know about it.

That’s where your small business marketing strategy comes in. Businesses have been using their small business marketing strategies to announce how they’re different from their competitors as long as they have been using small business marketing strategies. Think Maxwell House’s “Good to the last drop,” Campbell’s Soup’s “Mmm, mmm good,” or WalMart’s “Always low prices.” Those highly successful taglines not only get prospective customers to remember the company name, but also convey a message about the difference between that company and others.

To make differentiation a part of your small business marketing strategy, you first need to understand your competitors – you can only explain how you’re different from them once you know what they’re like. Learn what your competitors offer, how they differentiate themselves, and – most importantly – what your prospective customers think about them (if you know what qualities your prospective customers see as shortcomings in the other companies in the market, you’ll have a good idea of the market gap you can fill).

Once you’ve decided how you are different from your competitors, you need to tell your prospective customers about it. Building that differentiation into your tagline can be a very effective start. Then include that tagline, along with your logo, on every piece of small business marketing collateral you have. Another small business marketing way to publicize your differences is to write a press release. Explain how you’re filling a need in the market that no other company has filled.

Once you’ve differentiated your company and used your small business marketing tools to publicize your differences, you have to follow through on your promises. If you say that you’re the cheapest – or the highest quality, or the friendliest, or whatever – then you better be just that (nothing turns away a customer like a failed promise).

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