Around the Web: A Week in Summary
A recent article posted on Forbes.com entitled “Small Business Owners Are Retiring, And Millennials May Not Fill The Gap On America’s Main Street” uses the closing of a 235-year-old hardware store to prove a startling fact: the Millennial generation may not be suited to take over small business ownership like the generations before them. In the case of Elwood Adams Hardware, which has seen a multitude of owners over the last almost two and a half centuries, the current owner simply couldn’t find a buyer.
While student loan debt and an inclination to pursue work in the gig economy may be factors in this unwillingness to take on small business ownership, their age may actually be the driving factor. The article mentions that the sweet spot for entrepreneurship is typically the 40’s, so it may take some time to truly see if millennials are suited for small business ownership.
A recent article from Business2Community.com entitled “Things to Consider When You Want to Sell Your Business” explores some relevant factors that can help educate and drive a decision to sell. The following summarize some important items to consider when selling a business:
- Is it the right time to sell?
- Use an Agent
- Put a Valuation on Your Business
- Clean Up Your Admin
- Pre-Qualify Your Buyer
- Prepare Your Exit Strategy
- Get Your Contracts Watertight
- Walk Away
Among many other factors, these are just a few to consider when selling a business. Selling is a big decision and should not be taken lightly, so these considerations are a great start.
A recent article posted on BizJournals.com entitled “5 Ways Small Businesses Can Become More Attractive to Buyers” lists ways that small businesses can get the most out of their business sale and get the interest that their business deserves:
- Maximize Financial Metrics
- Think About Succession
- Look Ahead
- Remember Curb Appeal
A lot goes into making a business sale on both the buyer and seller end, but as a seller, preparation is key. Buyers are looking for organization and ultimately, an investment that is clear and will make them money. The five ways listed above are a great start for any seller looking to attract buyers.