How to Exit Your Startup When You're Not Going to Be the Next Billion-Dollar Unicorn

How to exit your startup?

When you’re not going to be the next billion dollar unicorn

Has your business startup not been doing so well? It can happen to anyone. Read more to learn how to exit your startup and move forward if this is the case.

How to exit your startup

Have you mentally checked out of your startup? Or maybe the business just isn’t working how you imagined it to be?

If you feel ready to exit your startup company, it may be time to bow out gracefully. However, there’s a right way to exit and a wrong way to do it too.

How you exit as a first-time startup business owner can define your career going forward, showing onlookers that you can deliver, or fail. If you’re not sure what the best practice is, we’re here to help. Here’s how to how to exit your startup the right way.

Keep Building Your Business

Even when you’ve decided to exit, it’s important to keep building the business. Why?

It’s a classic startup mishap. With a potential buyer looming, many startups start cutting costs to appear lean and efficient.

They allow money in the bank to dip dangerously low instead of sourcing more funding. They reduce user acquisition to save funds. They stop building the company to make ends meet, allowing revenue growth to diminish.

This doesn’t fool anyone though. While you may be making the bottom line appear well, your growth is suddenly at risk. Of course, this is bad for business and it places you in a vulnerable situation.

Investors may suggest an attractive offer, only to withdraw at the last moment once a startup has run out of money. Avoid such situations by continuing to grow your company, even when you’ve decided to sell. As a startup founder, you’ll have a better selection of offers and options if you can prove growth with plenty of money behind the business.

Seek Support

Many startup founders see themselves as lone wolves, but if you’re ready to exit your startup, the worst thing you can do is try to do it on your own.

You might want to learn more about the best exit strategies for your business.

Don’t retreat to your office and hammer out a contract alone. Seek support from people you trust, such as your angel investors who believed in you and the company from the very beginning. If you know any fellow entrepreneurs who have been through a similar situation, they’re a great option to speak to too.

These are the best people to reach out to who have you and your company’s interests at heart.

How to Exit Your Startup the Right Way

Voila, there’s how to exit your startup the right way. In the end, a successful startup exit comes down to achieving a good company as an entrepreneur. It’s all about connecting with investors that are in tune with your vision and fellow entrepreneurs that you can rely on.

Even then, exits aren’t simple, and success can never be guaranteed. If you’re still in doubt, then seeking professional help is a great way to gain perspective and to help you through the steps.

Here at BizNexus, we’re here to help. We help match business owners with the ideal business intermediaries, helping you sell your business for the best price, on optimal terms. For more information, click here.

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PREPARING TO EXIT YOUR COMPANY

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THE BIZNEXUS ROUNDUP

Quick & dirty interviews, war stories & tips from the trenches of business acquisition, growth & sale. We aim for value, efficiency & fun, so you'll walk away with something useful to take with you along the journey of buying, growing & selling a business.

What's Your Business's Market Value? How to Value a Company

How to Value a Company

What’s Your Business’s Market Value?

Are you wondering what your business's market value is? Read this article to learn how to value a company fairly so you can sell fast and make a profit.

How to value a company

You’re finally ready to sell the business you’ve worked so hard on. The first step of the process is valuing how much your company is worth.

But if you’re new to selling a business, likely you won’t have a clue where to start. Thankfully, there are several ways to work out the market value of your company.

Ultimately, your business is worth whatever you decide it’s worth. But you can make your estimation using various ways to value the company and can choose a mix that reflects your final thoughts.

Keep reading to learn how to value a company.

Work out the Value of the Assets

If you’re wondering how to value a business, the first thing you should do is add up the value of everything the company owns. This includes all the equipment and inventory. Then, you’ll need to remove any debts or liabilities.

After all, a buyer would need to purchase all the same stuff if they were starting the business from scratch, so the company at the very least is worth the replacement cost.

While this doesn’t provide an efficient whole evaluation of a business, it’s a great starting point for understanding a business’s worth. Your final balance sheet will offer a good indication of the value of your business’s assets.

Remember that the company is probably worth a lot more than its assets though. Consider how much revenue and earnings the company pulls in.

Base It on Revenue

This leads us to another method on how to value a company. You can base the value of a company on its revenue.

How much does the company make in annual sales? Work that out and determine, using a stockbroker or a business broker, how much a company within your niche may be worth for a level of sales. For example, it may typically be worth about three times sales.

Explore Beyond Financial Formulas

It’s important not to just base your assessment of your company’s value on figures. For example, maybe the location of your business is extremely sought-after?

Always consider the value of your business based on other factors too, such as geographical location.

How to Value a Company for New Sellers

When considering how to value a company, these are some of the best methods to start with. However, one of the best ways to assist with the process is to consider professional help.

Here at Biznexus, we can help. We help match business owners with the best business intermediaries to help you sell your company for great value, on optimal terms.

The service is free for business owners, and we aim to help improve entrepreneurs’ chances of having a positive experience of selling their business. To learn more about how we can help, check out our website.

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Quick & dirty interviews, war stories & tips from the trenches of business acquisition, growth & sale. We aim for value, efficiency & fun, so you'll walk away with something useful to take with you along the journey of buying, growing & selling a business.

Please, Sell My Business! How to Sell a Business You Don't Want

Sell My Business

How to Sell a Business You Don’t Want?

Are you saying "Please, sell my business!"? Read this article to learn how to sell a business you don't want and get the most money possible.

Sell my business

You’ve spent blood, sweat, and tears into building your business and now you’re keen to sell it. As with any sale, your goal is to find the right buyer and to sell your business for maximum value.

But if you’re new to the process of selling a business, you may not know the best way to sell your business for maximum profit. Don’t worry, every new business owner has been there.

If you’re thinking ‘I want to sell my business’ then we’re here to help you. Here are our tips on selling a business to gain the best profit.

Determine What Your Business Is Worth

When selling your business, you first need to determine how much it’s worth before putting it on the market. Realistically, your business is worth as much as it will sell on the marketplace. But deciding on that price can be tricky.

Thankfully, there are various business valuation methods out there to help you. These differ from asset-based to future earnings approaches. However, to get the best results you should use more than one method.

The current market, economic trends, and what other similar companies have sold for recently also need to be considered.

Getting a professional business valuation is a must-do. While legally anyone can conduct a business valuation, a company valuation performed by a professional will be viewed more favorably by potential purchasers. What’s more, potential buyers are likely to request a professional business valuation before committing to purchase so this can save you time later.

Be Clear About What You're Selling

When making a business sale, you need to decide exactly what the assets of the company are and decide what you’re happy to sell. Consider which physical assets you’re selling and what other assets you have available to sell.

Selling a business often includes assets like goodwill, trademarks, client lists, as well as physical assets.

The value of such assets will depend on their quality. If your company is incorporated, you must also consider whether you’re going to sell the business as an asset sale. This is where you sell everything in the corporation, apart from the incorporated company itself.

Alternatively, you can go for a share sale. This is where you sell everything, including your incorporated company.

I Want to Sell My Business: Getting Professional Help

When you’re thinking ‘I want to sell my business, one of the best ways to help with the process is to seek out professional help.

Here at Biznexus, we can help. We help match business owners with the best business intermediaries to help you sell your company for the most profit, on optimal terms. The service is free for business owners, and our goal is to help increase entrepreneurs’ chances of having a positive experience of selling their business. To learn more about how we can help, check out our website.

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PREPARING TO EXIT YOUR COMPANY

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THE BIZNEXUS ROUNDUP

Quick & dirty interviews, war stories & tips from the trenches of business acquisition, growth & sale. We aim for value, efficiency & fun, so you'll walk away with something useful to take with you along the journey of buying, growing & selling a business.

5 Effective Ways for Financing a Business Purchase

Financing a Business Purchase

5 Effective Ways

Financing a business purchase can be challenging, but there are some options to help you make this purchase. Keep reading to learn what these options are.

Financing a business purchase

In the third quarter of 2015, the median sales price for a business sold was $185,000. Most people don't have that much cash on hand. 

This means financing a business purchase is the only option. But there are several ways to find finance to buy a business. 

Which one you choose often depends on your current financial situation and the type of business you're looking to buy. We want to help you make the right decision on how to make a successful small business acquisition. 

Keep reading as we list five effective ways to acquire financing to buy a business. 

1. Financing a Business Purchase With a Bank Loan

If you want to buy a business and are thinking of making the purchase with a bank loan, make sure the existing company has substantial assets. Also, you'll need to prove you have good credit and a proven track record in the industry.

Expect that trying to obtain a bank loan to be very difficult and time-consuming. 

2. SBA Loans

The Small Business Administration (SBA) also provides loans. The best option to buy a business is to apply for an SBA 7A loan. 

If approved, you can get a loan of up to $5 million dollars. However, to qualify for the loan you must have the following:

• Good credit

• Provide three years of tax information

• Provide personal finance information

• Show prior experience in the industry

You must also prove you can put 20% down. However, you can also find that extra 20% through seller financing. 

3. Seller Financing

Seller financing is another option. With this option, you ask the seller to provide financing in the form of a loan. 

Typically this loan is amortized of a period of time and you pay the loan back using the proceeds of the business. This is an easier method to obtain than traditional financing methods such as a bank. 

More Transparent

It's more flexible, can often be cheaper, and since the seller wants to be paid back, they will be more inclined to provide you with accurate financial documentation. 

However, don't expect a seller to finance more than anywhere between 30% to 60% of the business unless you come armed with additional assets and can make a large down-payment. 

4. A Leveraged Buyout

A leveraged buyout happens when the buyer acquires a company using a significant amount of borrowed money to buy the company. Often the assets of the company being bought are used as collateral for the loans such as:

• Equipment

• Real estate

• Inventory

The assets of the acquiring company can also be used. 

However, if things don't go as planned, it may have a largely negative impact on your rate of return. Your losses may also be maximized. 

5. Get Financing Online

You have options when it comes to finding an online source to get a loan. You can choose a business loan, personal loan, and even a HELOC (home equity line of credit). 

Shop around for the best interest rates. Also, not all lenders are willing to give money to buy a business. 

We Help With Financing

Financing a business purchase isn't always easy because not every lender wants to deal with the risk. We're different.

We want to help entrepreneurs buy and sell their businesses with as little effort as possible. And we can help you with financing. Click here to learn how. 

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BUSINESS ACQUISITION

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Quick & dirty interviews, war stories & tips from the trenches of business acquisition, growth & sale. We aim for value, efficiency & fun, so you'll walk away with something useful to take with you along the journey of buying, growing & selling a business.

How to Make Your Business for Sale More Attractive to Buyers

How to Make Your Business for Sale More Attractive to Buyers?

Here's how to make your business for sale more attractive to buyers.

Now, more than ever, it's vital to ensure your business for sale is an appealing opportunity for potential buyers by considering these strategies.

Are you finally ready to sell your business?

Whether you started a business in recent years to sell it, or you’ve been attached to it for years, you’ll of course want to sell your company for the biggest profit.

To make your brand more attractive to prospective business buyers, there are several ways to make it more appealing. But where to start?

That’s where we come in to help. Here’s how to make your business for sale more attractive to buyers.

Boost Your Brand

If you’re wondering how to sell a business online, one of the best moves you can make is boosting your brand’s online presence.

Think about it – if you were considering buying a business online, what’s one of the first things you’d do?

You’d go straight to google and search it up, of course. And that’s exactly what your prospective buyers will do too.

Thankfully you get to control what they see. And as you can imagine, the better your brand appears online, the better you’ll be able to sell that brand.

However, if your brand’s online presence needs more work, there are several ways to improve.

At a minimum, your company should have an attractive logo, consistent branding, and a polished website.

Visibility is important too. Does your brand rank highly in Google search? If not, this may put buyers off and it’s worth making efforts to improve your search rankings.

Or perhaps your brand does appear in Google search, but in a negative way? If the first links that appear in the search results include scandalous headlines or scam reports surrounding your brand, then this is an issue.

In such cases, you need to make movements to have these removed. After all, a company that’s attractive to buyers is one that possesses integrity.

Buyers will also check up on a brand’s social media accounts, so make sure your company has these. The activity and following of these accounts are just as important too. Buyers are purchasing your customers, after all, so make sure they can see that you have some.

Promote Your Unique Selling Point

When it comes to selling a business, it’s all about promoting the unique features of your company.

What is your business good at? What makes it special? Whatever the answer, maximize it.

Maybe your company sells a niche product? Or perhaps your brand has a huge following? Or a superstar team?

Usually, a buyer will have one main reason why they’re interested in your business. Sure, there may be lots of features they find attractive but in most cases, there’s one standout quality.

Ready to Put Up Your Business For Sale?

Putting up your business for sale is usually a bittersweet experience. But while it's sad to bid farewell to a company you’ve spent so much time and work on, there’s the sweetness too. And that’s the profit you can make from it!

To truly reap the benefits of this sweetness, you’ll want to make your business as attractive as possible to buyers so you can sell it for the greatest profit.

So, remember to know your worth and take the time and effort to improve your brand’s online presence. You should also promote your selling point as much as you can.

We promise it will be worth it.

If you need help retailing your business, we can help you sell for the highest price. Learn how here.

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PREPARING TO EXIT YOUR COMPANY

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THE BIZNEXUS ROUNDUP

Quick & dirty interviews, war stories & tips from the trenches of business acquisition, growth & sale. We aim for value, efficiency & fun, so you'll walk away with something useful to take with you along the journey of buying, growing & selling a business.

5 Best Practices For Preparing Your Business For Sale

Preparing Your Business For Sale?

Here are five best practices you don’t want to miss out.

Are you ready to put your business up for sale? Here are some best practices we recommend you use to properly prepare your business for the sale.

Business for sale

When you have a business for sale, you need to be certain that you are leaving no stone unturned when it comes to the details. 

In addition to figuring out exactly why you want to sell, you'll need to cover your legal bases and come up with a strategy that works. This will help you fetch the biggest price, while also getting help with negotiating the deal.

Follow these tips so you can prepare your business for sale.

1. Get a Thorough and Up to Date Valuation

For starters, you'll need to get a proper business valuation. During a valuation, professionals that understand the market will take an objective look at your company to see how much it is worth.

They will look into all matters of the business, including your cash flow, debt, future growth potential, and other variables.

When your business has been valued, you will know what kind of sell price the market dictates and how much you can stand to earn. Having this report will also give you leverage and clarity when you're speaking to buyers.

Start to put together documentation for your business well in advance so that you can show clean, accurate records of your revenue, budgets, and other important matters. 

2. Understand Completely Why You Want to Sell

Aside from financial implications, you need to know exactly why you intend to sell the business.

For some, it may simply be time for retirement, and selling the company can give you plenty of liquidity. You may also be at a point where cutting your losses and selling a majority of your company in an acquisition might make good sense.

Your reason for selling will help you choose which strategy can work best for you.

3. Carefully Vet Your Prospective Buyers

In addition to the sales price, you need to know who you're selling the company to.

Work with a business broker so that you can research every buyer's background. Finding a broker is crucial because studies show that only 20 to 30 percent of companies ever even find a buyer. 

When you are seeking a buyer, move as carefully as possible so that your company lands in good hands, and at a good price.

4. Have a Plan in Place For the Transition

You need to have a solid exit strategy in place so that you can comfortably transition ownership and management.

When you have a plan, you're better able to choose a successor and make sure the company is in good hands once the sale goes through. It will protect the brand moving forward, and any future equity you might retain in the company.

5. Get Some Marketing Help

Your first two priorities should be to get legal help to know exactly where you stand and making a point to stay silent on it until the time is right for you to share terms with the public.

Once you are ready to announce to the public, make sure that you have a marketing team in place to help you communicate your message.

Follow the Right Tips When You Have a Business For Sale

When you have a business for sale, these are the tips that you need to keep in mind. It will help you get the best deal while protecting your interests.

Get in touch to set up a free consultation for our business sale and acquisition advice.

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PREPARING TO EXIT YOUR COMPANY

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THE BIZNEXUS ROUNDUP

Quick & dirty interviews, war stories & tips from the trenches of business acquisition, growth & sale. We aim for value, efficiency & fun, so you'll walk away with something useful to take with you along the journey of buying, growing & selling a business.

How to Choose a Business Broker to Sell Your Business

Finding a Business Broker is Easy

Pick the most qualified is hard. Here is how to choose a business broker to sell your business

Do you think the time has come to sell your business?

If you believe that is the right move, you will need a reliable business broker. They are not easy to find nowadays, so take a look at some tips that will assist you in choosing the right agent for the sale.

Make Sure They Are Qualified

The first thing you want to ensure is that you will be doing business with someone who has the necessary skills. That means you need a broker who has the necessary licenses and qualifications.

Additionally, you may ask them whether they belong to an association or another professional organization in their niche.

Ask About Their Experience

It is not only about selling your company but also about putting it in the right hands. That is why you need an experienced broker with plenty of archived transactions.

Feel free to ask them about their experience across various industries. It is always wise to ask about the details of the latest transactions. Ask them how long it took them to close the deal, and whether you can talk to their past clients as a reference.

Ask Them About Selling Strategies

When meeting with the broker, they should tell you more about how they do things. That includes the strategies they use to advertise your business. It may include placing online advertisements on website marketplaces, as well as sharing on social media, or using contacts to find a potential buyer.

The best brokers out there mix all of these methods to find someone to purchase your business quickly. Additionally, they will make sure to screen the interested parties, and only meet you with serious buyers.

No Upfront Payments

When choosing a broker, you should be wary of those that are looking for upfront payments. The way agents do business these days is that they take a fee from the successful sale. You shouldn’t pay anything upfront as there is no guarantee that they can close the deal.

It is also wise to agree on the fee before you start the selling process. We understand that you want to save as much money as possible, which is why you may not go for the broker that asks the highest fee. However, pay attention to small charges, too.

Brokers often lower the price when they have too many companies to sell, and they don’t genuinely care whether they will successfully sell your business.

Agree on the Selling Price

A broker can tell you an estimated price based on his experience and skills. However, you should do your research regarding different valuation techniques. You can even try to find a business with similar characteristics to yours and see its selling price. That will be an excellent indicator of the cost you should go for when putting your company up for sale.

The important thing is to ensure that the broker will honor the deal. You may agree on the lowest and highest acceptable prices so that they have wiggling room. However, it is mandatory to specify that they won’t go below the lowest cost only to finalize the sale.

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PREPARING TO EXIT YOUR COMPANY

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THE BIZNEXUS ROUNDUP

Quick & dirty interviews, war stories & tips from the trenches of business acquisition, growth & sale. We aim for value, efficiency & fun, so you'll walk away with something useful to take with you along the journey of buying, growing & selling a business.

How to Buy a New Franchise When You Want to Own a Business

Want to Own a Business

Buy a Franchise

You don't have to struggle to buy a new franchise. You can use this guide to choose and purchase the best franchise for you. If you're trying to buy a new franchise, you'll need to seriously do some homework; it starts by doing your preliminary research into it to see if it's a viable option. Checking into the best location for a business is a necessity, especially if you are opening a franchise.

Buy a New Franchise on Your Terms

The potential for growth is abundant since you're getting the keys to a business that already has an established brand to piggyback on. However, you'll need to make sure you're handling this franchise purchase with some intact strategy. 

Consider these points so you handle the deal accordingly. 

1. Thoroughly Research the Franchise and Its Viability

If you're trying to buy a new franchise, it starts by doing your preliminary research into it to see if it's a viable option. 

Since your individual franchise is a micro success of the larger company, you'll need to research the brand as a whole. Pre-screen the franchise and figure out how lucrative this purchase can be, and how much you should be paying for the opportunity. 

2. Scope Out the Best Location

Checking into the best location for a business is a necessity, especially if you are opening a franchise. 

You'll want to open the franchise in a thriving city with room for growth, while also choosing a location that is in a neighborhood or district that gets plenty of traffic. In addition to researching the demographics of different locations, check with the local Chamber of Commerce for more resources and advice. 

3. Be Sure You Pass the Prerequisite Requirements

Buying a franchise requires you to apply with the company selling it. This means understanding their prerequisite requirements, such as credit score, business plan, net worth, and business experience. 

Having these details in line upfront will help you keep your application on track. 

4. Hire a Legal Team to Assist With Negotiation and Preliminary Paperwork

You owe it to yourself to put together a team of pros that can assist you with securing the business. Start with talking to some accountants and lawyers. 

A business lawyer can cost you about $150 per hour and will be worth it when it comes to negotiating and handling preliminary matters. 

This way, you'll have resources at your disposal to make sure your application is handled properly and will comb through your finances to ensure that you're making the best decision. 

5. Handle the Application, Understand the Agreement and Get Financing

Finally, take your time and go through the process of filling out your application. 

As your application rolls along, start to keep copies of everything from purchase agreements to rezoning permits. You'll also need to reach out to finance companies that can help you with a loan when you need it. That way you're able to complete the purchase of the franchise as soon as the application is approved. 

Buy a New Franchise on Your Terms

If you are trying to buy a new franchise, these are the five tips that you'll need to bear in mind. This can be a lucrative enterprise that helps you round out your portfolio with a strong earner. 

Check out this guide for buying a new franchise and don't hesitate to reach out to us for further help. 

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BUSINESS ACQUISITION

The Best Exit Strategies for Your Business

Top 4 Tips To Exit Your Business

Best exit strategies for your business

Is it coming to the time when you can no longer run your business? It's important to have exit strategies planned. Whether you're looking to retire, get out of an industry, split with partners or just don't want to run your business anymore, proper exit strategies are a must. Getting the help of a business mediator can be an incredible value-add if you're looking to exit a business where that may get sticky with existing partners.

Subsequent comprehensive studies can cost you upwards of $35,000 depending on the size of your business and what type of player you intend to sell your business to (private equity or family office, for example). Consider How You're Going to Sell, Transfer, or Liquidate the Business and your Ownership Interest. Many people seek exit strategies not just to get rid of a business, but to start a new professional and personal lifestyle.

Exit strategies are absolutely necessary when you're making a transition with any business.

By finding the strategy to help you in this regard, you'll create a clean transition that is beneficial for whatever your step is. Let's take a look at a few strategies that'll help you out. 

1. Explore Mediation if You Have Partners and Want Out

Getting the help of a business mediator can be an incredible value-add if you're looking to exit a business where that may get sticky with existing partners.

They'll work with you and the other parties in your business to be sure that you're able to leave the company and dissolve your ownership in a way that works. This can include facilitating settlements, scheduling meetings, and conference calls, and helping to maintain privacy and cooperating during mergers and acquisitions. 

By touching base with some third-party mediators, you'll be able to engineer the best agreement for your company's needs.

2. Have Your Business Properly Valued

There are an exponential number of candidates out there who could be ready and willing to buy your business if you can produce accurate historical and financial information. 

You'll need to get a proper valuation as a first step towards this to know where your company stands and how you can ensure a positive return on your investment come selling time.

A proper preliminary analysis of your business should cost you between $3,000 and $10,000 in most cases. Subsequent comprehensive studies can cost you upwards of $35,000 depending on the size of your business and what type of player you intend to sell your business to (private equity or family office, for example).

By starting with this type of professional analysis, you'll learn how much your company is worth, what sort of sales price you can expect in today's marketplace, what strengths and weaknesses your business currently has, and so much more. 

3. Consider How You're Going to Sell, Transfer, or Liquidate the Business and your Ownership Interest.

What's the end result you're shooting for?

When you can answer this, you can reverse engineer and decide your best course of action to take today to start moving towards that.

For instance, if you are just trying to cut your losses and get a nice check for your troubles, selling out might be best. If this is more of retirement and you'd like to pass the business on to your family, it'll involve facilitating a transfer. 

If your business has a lot of assets, liquidation could be best.

Get the advice that'll steer you in the right direction. Above all, be sure you know what your next "pivot" is. 

Many people seek exit strategies not just to get rid of a business, but to start a new professional and personal lifestyle. It's easier to get through to the other side when you are honest about what you want next. 

4. Get the Help of a Business Lawyer

Finally, you'll always need another set of eyes for the legal end of things. 

This way, you're able to protect the sale or transfer and can weigh every potential downstream implication of negotiating points as they come. Research some business attorneys early in the process so you can get the assistance you require. 

Consider These Exit Strategies

Exit strategies are absolutely necessary when you're making a transition with any business. Use these four tips and you'll be taken care of.

If you're looking to sell your business or explore other options, let these points guide you.