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.
Looking for potential buyers: A well-known business can be easily sold by spreading the word, otherwise you will need to reach to a wider audience. You could also hire a Starting a business in Thailand online.
The greatest challenge for many Business brokers online is they don’t know the right way to ask for referrals. My first five years in business as a financial advisor, I had the same challenge. Just like the construction company, I would ask my clients, “Who do you know…?” This was met with many blank looks. It was such a broad question that no one knew how to answer it. They had a difficult time coming up with names.
There are so many franchise options out there, it is often difficult to know where to turn for a good one. There are three things to consider when deciding.
Do your homework and know the answers to obvious questions like these. If you are asked a question that you are not sure of the answer, do not guess but state you will get the answer as soon as possible.
Some sellers are so paranoid of the IRS, they are not willing to show anyone their private records or computer tapes for fear that the buyer could be an IRS agent. My personal opinion, and what I advice sellers to do, is to get their books legal and honest and hire themselves a top notch CPA, like Donald Trump, and use every legal trick in the book. Martha Stewart didn’t go to jail for inside trading. They got her on lying, even if she didn’t do any lying. There are legal ways to avoid taxes so that fraud is not necessary. If you cannot find a good accountant, I will recommend one.
Second, if your credit score is 650 or less, you will struggle to get a loan. That may sound blunt but it’s the truth. The main purpose a bank is in business is to make money. They make money by giving loans to people who can pay them back. A low credit score is one of the tools a bank uses to decide whether you are worth the risk and therefore if you will pay back the loan, with interest. Yes, this is very simplistic but your credit score is very important.
Because they’re trying to play a game with you. And if they want to play games, let them play with somebody else. Don’t let them waste your time. There are plenty of good businesses out there to buy without having to play any games. Don’t invest even a second of your time with people trying to play this game. No matter how sweet the deal may seem on the surface. It’ll suck you dry of time, patience and sometimes…even money.