GoDaddy Promo Codes are ‘Entrepreneur Crack’
So last month I happened upon a GoDaddy promo code (hold on, I’ll tell you where to find it after this paragraph) and it made me realize: I want to start a new business. I could have a domain and website up and running for $12 in the first year. The idea of setting up this brand new business was occupying my every waking moment. And you know what? I didn’t think about my existing business at all. Then I realized that these coupons are designed to be ‘entrepreneur crack’. They get you excited for a new opportunity. While that may be good or bad, it made me realize that I needed to set up a business exit plan.
What to Consider When Formulating a Business Exit Plan
When you are formulating your business exit plan, your motivation for selling will factor in to your approach. You may be determined to sell your business for a variety of reasons – falling revenues, burnout, or the presence of other business opportunities. Your prospective buyers will want to know your motivations behind your decision to sell. A sale will be made more easily if a buyer can be convinced that your incentive for selling has little to do with problems associated with the business itself, such as issues with profitability. Selling your business is a long process that can average six to nine months, unless you decide to liquidate your assets at fire-sale rates.
When assessing whether to sell your business, first decide how critical your timeline is. You could be facing health issues, you could feel burned out, or you could have a need for more money than what your business currently does in revenue. Other, less urgent, reason for selling include, 1. You don’t want to be in business with your current partners, 2. You wish to retire, 3. You want to move to a different geographic location.
If you wish to exit immediately, you will typically be forced to settle for a lower sale price. Why is that? When selling immediately, you may miss out on the opportunity to improve your business prior to selling, thus making it more attractive to qualified buyers. Also, if you sell immediately, you may not get the opportunity to offer seller financing, which will allow you to demand a higher sales price. Buyers will, in addition, expect a transition period in which you will help them acclimate to the demands of the business. If you sell too quickly, the buyer will not benefit from a period of training you could otherwise offer him or her.
Coupons and ‘Scarcity ‘ Can Sell Anything.
Want to know a secret? Sell your business with a ‘ticking clock’, meaning that you have a discounted price that will expire one week after you put it up for sale. This is a great way to do it. Thanks to CouponCoder for the tip, as well as VPS coupons for offering more useful advice in the creation of this post.
Determine if you want to be involved in your business after the selling period or if you want to leave it altogether. Your willingness to be involved post-sale can allow you to demand a higher sale price, because this arrangement will be more attractive to a first-time buyer who may not know the ropes. Those who wish to simply walk away afterward may nonetheless need to be involved to some extent for around three to 10 months to help facilitate the changeover period. Some sellers offer their services as consultants for a period of time once the business has changed hands. Determine whether you are intent upon walking away completely or whether you are interested in staying on for some time after the sale, keeping in mind that your lack of post-sale involvement will drive down the sale price.
To minimize difficulties with clients and management, you may choose to be concerned about what will happen after your business has been sold. Many employers have one or two key employees they wish the buyer to retain after the sale, so it is important to them that the new owner does not let them go. While buyers are typically keen to keep key employees, other buyers may have other people lined up for the job. In addition, you may be concerned about future business decisions that will be beyond your control, and, specifically, whether the same level of quality will be adhered to. After all, your business is your baby. If you’ve built up a reputation for a certain level of service, you may be dismayed to find that a new buyer wants to change everything you’ve worked so hard to put into place.
Your priorities will reflect how soon you may sell your business and for how much. Answers to the above considerations will allow you to proceed with greater confidence. Your marketing efforts are reflected in your firm knowledge of the decisions you plan to make.