Business owners are often so invested in their business they lose sight of what the value of their business really is. If you put your heart and soul, and sweat and tears into the business you expect it will be worth the effort. FIND OUT MORE
Tax impact will tell on sale
Q. I have read some of your previous comments about getting your business ready for succession and the need to start early. Our plan is to sell our business somewhere in the next three to five years. What should be considering at this point?
What’s the best time to sell?
Timing is critical when you’re selling your business. The big questions are:
- How long do you need to get your business sale ready?
- When do you start the preparation process; and
- what are the implementation steps? FIND OUT MORE
What is business goodwill?
In general, there are three main types of goodwill: corporate, personal and location. You may have one or a mix of these. Different types of goodwill have different values. Typically corporate goodwill is the most valuable. Let’s have a look at each:
Corporate goodwill is the value items such as brand, business presence, an excellent client database, and repeat customers add to the value of the business. When we talk about a brand, we are talking about something that is recognised, not just a logo. For example, if a potential customer needs to buy a product that you sell, is your brand the first one they think of? This type of brand value can simply be relevant to the area you operate within. FIND OUT MORE
Who will buy my business?
Likely buyers will vary from business to business. Areas that will influence the buying pool include the industry sector, size of the business, degree of complexity of the business, and purchase price. Your buyer may come from the broader market or alternately your business may be attractive to a competitor, one of your suppliers, someone working in the same customer channel, or even your own management team. FIND OUT MORE
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