While there are a thousand things to consider when selling your business, the first and most important question to answer is, “what do I have to sell and what is it worth?” The best way to answer this question is with a business valuation.
Once you determine that this business is for you then it’s time to get with a Master Note Broker who will help you get your foot into the door. A mentor will help educate you in particular areas of the business, these mentors are critical for your success. Once you have the guidance of a Master Broker you need to get out there and Network with those who will be vital to your success. Real Estate Agents, Starting a business in Thailand, Real Estate Brokers will be vital to your success in the Note Brokering field. When you first start out in the business more then likely you’ll be working with 1st tier mortgage notes. These are notes that are held by an owner of the property who wishes to seller finance a transaction. Without a broad network you will find it hard to find the notes you are looking for.
Alright, now let’s put it all together. Hopefully, the right frame of mind has been established. Let’s take an example: We are being offered a business which generates a cash flow of $100,000 per year. We require a 50% ROI which is not unreasonable given the general risky nature of businesses and the work the buyer will have to put into it once the Business brokers online is purchased.
These are the elements that should be looked into before purchase of a franchise. Examples are: Who can you buy supplies from and is there a requirement to pay so much a month for advertising controlled by the franchiser.
The second step is to decide what kind of business. This is really really important. What are the criteria for this business you are looking to buy? Do not make a wish list or what would be nice. Make a list of what is important. For example, if your standard of living requires $100,000 income, do not compromise by looking at businesses that make only $50,000.
And thirdly, you could ask for references. I would want to know what they sold before and want to talk to a few happy clients. So I think if you did those three things you would be in pretty good shape.
You need to think about your exit strategy, someday selling your business, retiring, or perhaps transitioning into semi-retirement and handing it over to your kids or your team of managers. Having a succession plan is the wise thing to do. It might even make sense to get to know a local business brokers online now and ask them what sorts of information they will need when it comes time for you to sell. Why not buy them lunch and really pick their brain?
Someone who will hold you accountable. Your coach will hold you accountable to the life that you said you really want to achieve. Sometimes this is a tough pill to swallow, but the learning and challenges that your coach will create are always in service of you. Once you make the commitment, your coach will keep you moving forward toward your dreams and goals.