Plan ahead. Before you go ahead and find potential buyers, it would help if you organize updated records of your business history and sales portfolio. You must have income tax returns for the last 3 years and documents showing the profitability of your business. These documents can help in determining the real worth of your business.
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.
Engage experts to ensure confidentiality. A breach of confidentiality surrounding the sale of a Business brokers online can change the course of the transaction. Expert brokers can channel the process and the parties involved to keep the sale within silent bounds.
Even at Transworld, 55 percent of the deals where we have a meeting of the minds actually get to the closing table. That means almost 50 percent of the deals where we have a meeting of minds – both the buyer and seller agreeing on the price and signing a contract – don’t go to the closing table. So it’s a very precarious process.
A double check procedure for restaurant consultants is to then look at the food purchases and its costs and can confirm that it matches the actual sales figures. One consultant that was hired to review a Johnny Rocket restaurant for $7,000 did the audit and put together a marketing program for the buyer. The marketing program included delivery and catering. Both of which do not normally show up on the computerized cash register.
An existing shop is usually a better bet for success, as you will have some cash flow from the beginning of your ownership. The base of clients is an important asset to an existing business. Cash flow can make the difference between success and failure of a new owner.
Talk to the people in your life who are likely to be affected by the venture. Let them know the hours that you are likely to have to work and the risks involved. You might need their support if you initially go through a rough patch.
It’s time to start guiding your company in the direction of your dreams. Whether your ultimate goal is to increase the value of your company for future sale, or to build a legacy for future generations, begin today to make the changes.