After spending your prime years as well as your pre-retirement years growing your business, the opportune time comes when you either bequeath it to your children or sell it. Or, midstream in your personal or professional career, you might decide to buy a business or another one in addition to what you have. What do you do?
There are a few essential ideas you can consider in order to help you make the right decision. Here they are:
- Frame up a strategy yourself – Venturing into an entirely new venture can be a risky proposition. Unless you have enough knowledge and experience, you might end up closing in a year or so. Yet even small enterprises run within one’s backyard, such as home-based outsourcing or services, can become profitable or viable as proven by many who use available technology. For such small endeavors, coming up with your own plan might be enough. Or with the help of some friendly advice, you can make one that is reasonably appropriate.
- Find a similar business you already own - If you have sufficient experience in business, for instance, you have a small grocery store and you want to buy a franchise of a popular fast-food restaurant, you may be able to hack it with the help of people who already know that business. In fact, franchises work on the premise that they replicate one successful business venture as long as you have the ideal location, potential market and source of right manpower and materials. You put in the money and the franchise runs itself for you with minimal supervision. In some cases, you can actually “franchise” your own successful business by opening new branches or outlets.
- Enter into a partnership – This is one safe and sure option, especially if you choose a partner who already has the expertise in the business. It is different from a franchise in the sense that you have your own unique idea or exclusive market niche that others do not have. Or if you are competing with similar ventures, you come up with your own brand. Bringing a partner who already has the track record will certainly provide a great advantage.
- Hire a consultant – Getting an expert firm to handle your planning as well as your accounting and tax matters will minimize errors and chances of failure. A consultant will help you acquire a business through proper audits or research which you may not be able to undertake yourself. Paying someone to do this essential task is wise investment in the long run. This is because a lot of consultants have the many years of expertise and the right network in whatever industry you might enter into.
But what about selling a business?
Selling a business is merely the reverse of buying gone. If you know how to run a successful business without being scammed, you will know whether your company is viable enough to fetch a high price in the market.
Wallace Associates is one consultant with very good reviews who can facilitate not just your tax and accounting requirements; it can also assist in making the right decisions and avoid fraud consultations when it comes to buying and selling a business. Business is after all more than a numbers game; and having someone who knows not just how to crunch numbers but also how to understand those numbers can assure you of a secure future.