There is a saying in the legal profession “Any lawyer that represents himself has a fool for a client.” So you have made the decision that you want to sell your business. There are many questions to ask yourself and your professional advisors. One of the most important will be, do I need a Broker or Intermediary to help me sell my business? The answer is YES. There are some rare scenarios in which a broker is not needed to find a buyer but, an Intermediary (whether it be a Broker or Lawyer) is ALWAYS recommended when negotiating the terms and sale of a business. A smart seller will NEVER represent themselves in a transaction of this magnitude. Here is why: Picture two different football teams about to play each other on a Sunday. One team is from the NFL. The other team is a group of amateurs. The NFL team consists of professionals whose average height/weight is 6’6” 300lbs. They live, breath, and practice football every day. They watch hours of film and train religiously so … [Read more...]
Selling your business?? Here is why you should never, ever, ever negotiate the sale on your own!
The truth about M&A firms- A must read for any business owner contemplating a sale!
The current marketplace for buying and selling a business unfortunately can be treacherous terrain. Unlike Real Estate which utilizes an MLS ( Multiple Listing Service), the private business for sale market does not and this makes it much more challenging than selling a home or commercial space. So therefore when the decision has been made to sell, it is crucial to hire a professional brokerage firm with a proven track record that knows how to sell businesses in this inefficient market. If not, it can be a long, expensive and frustrating process. Let me explain! Even the best, most profitable and fundamentally sound businesses never get sold- If you hire the wrong firm. Here are some things to think about when hiring an M&A Firm or Investment Bank to sell your business. The first thing you should know is M&A Firms survive by charging retainers; NOT by selling companies! Here is the cold hard truth about this industry that they do not want you to know. The majority of … [Read more...]
CONTROL YOUR OWN DESTINY… and make a fortune doing it!!
If your goal is to be highly successful in business and in quality of life, then I encourage you to take a moment and read this little gem of investment advice. Imagine if Warren Buffet came to you and said I have an investment strategy that you seriously should consider and it is very simple. “You have to invest almost all of your money, time and energy. If you have a great year you will get a 3-4% Max return and if you have a bad year and one of the many market factors works against you then you will lose all of your entire investment; without even seeing it coming!” Even though this advice came from one of the most successful businessman of all time, would you take it?? Of Course you wouldn’t!! Yet hundreds of millions of Americans make this investment everyday by going to work for someone else. Think about it, most people hope for a 3% to 4% salary raise each year. So your upside is capped. Your downside is unlimited because if your get laid off, replaced, or fired ALL of … [Read more...]
EXIT PLANNING; is it worth my time? ABSOLUTELY!
The exit planning process is a great thing to do especially if you are contemplating leaving your business in the next few years. There are a number of reasons to think long and hard about an exit strategy however, the most important reason of all is to maximize the value of your business. As business brokers we see TONS of Owners leave a lot of wealth on the table when they exit their companies for one simple reason: Lack of Preparation!! Many Owners have spent decades and maybe even a lifetime building your business into what it is today. You Deserve to get Top-‐Dollar. Transitioning from your company will definitely be one of the most important and complex decisions you will EVER make. It is so disheartening when an owner has to pay double the amount of taxes that he would have had to pay had he planned better. Even worse is when there is a profitable business that looks fantastic on paper but carries no value to a buyer and is never sold. ALL of this can be avoided! There are … [Read more...]
How To Be A Great Entrepreneur
What’s the difference between a corporate executive and a great entrepreneur? According to a study that was done by Carnegie Mellon thesis students, entrepreneurs don't start out with concrete goals. Instead, they constantly assess how to use their personal strengths and whatever resources they have at hand to develop goals on the fly, while creatively reacting to contingencies. By contrast, corporate executives set a goal and diligently seek the best ways to achieve it. Which one are you? According to the Harvard Business Review, the following traits are necessary DNA to the making a great entrepreneur. Obviously, you need to have some kind of smarts or intelligence and guts. Luck doesn’t hurt either. But as you embark on your journey, remember what some of the great entrepreneurial leaders of our time had when they created their businesses. 1. Vision. See the forest through the trees. 2. Passion. Do what you love. 3. Make Decisions. Own it. 4. Be A Team … [Read more...]
Investing In Small Businesses, Just Got Easier
According to Business Week, the U.S. House passed two measures aimed at removing barriers to investments in closely held firms. “What we’re doing is giving investors the power, the opportunity and relieving this restriction that prevents them from having an equity stake in their favorite business, their favorite idea, their local coffee shop, their favorite band or even the next Facebook,” Patrick McHenry, a North Carolina Republican and the sponsor of the measure, said on the House floor before the vote. This is great news for the main street business or small to mid size business that needs investment dollars. Small business is the way to get America working again. In a recent Gallup poll, 79 percent of America felt that small businesses owners were the most trusted people who have the ideas for creating and stimulating jobs. When looking for that Business don’t forget to check with LISITEN ASSOCIATES BUSINESS BROKERS PLEASE CALL 212 661-4160 FOR A FREE … [Read more...]
Occupy Wall Street? No Way, Start Your Own Business
While the naysayers occupy Wall Street, others are starting their own businesses. Mahatma Gandhi said, “Be Change You Want To See In The World.” America was built by the small business owner and despite the way Wall Street has behaved, it doesn’t mean that we can’t as a nation, develop and grow small businesses and create jobs. Everyday at LISITEN ASSOCIATES we see another former Wall Street executive leaving downtown to join a family business or buying an existing small business. According to a Citibank small business survey, 66 percent of the small business owners responded that they feel that the economic recovery is dependent on the small business owner/entrepreneur. 9 percent of the people laid off from Wall Street are now starting their own business and so can you! LISITEN ASSOCIATES represents sellers of almost any kind of Businesses imaginable. INVEST IN YOURSELF! Call LISITEN ASSOCIATES 212-661-4160 for a free consultation. … [Read more...]
Business Principles
Before you embark on building or buying a business, first and foremost, love what you do and be dedicated to it. Steve Jobs thought of Apple as his passion. Here are some of my favorite principles that Jobs used as he built his business and bought other businesses that you can apply to your small business and to a potential business you might buy. 1. Do what you love. Jobs once said, “People with passion can change the world for the better.” Asked about the advice he would offer would-be entrepreneurs, he said, “I’d get a job as a busboy or something until I figured out what I was really passionate about.” That’s how much it meant to him. Passion is everything. 2. Put a dent in the universe. Jobs believed in the power of vision. He once asked then-Pepsi President, John Sculley, “Do you want to spend your life selling sugar water or do you want to change the world?” Don’t lose sight of the big vision. 3. Make connections. Jobs once said creativity is connecting things. Don’t live … [Read more...]
New Exclusive Sales Agency Listing
LISITEN ASSOCIATES BUSINESS BROKERS Announces new Exclusive Sales Agency listing Aging In The Comfort Of Home, Inc. (For Immediate Release: October 18, 2011) – Lisiten Associates Business Brokers is the exclusive sales agency in the Northeast for Aging In The Comfort Of Home, Inc. LISITEN ASSOCIATES is in charge of MARKETING and selling their MASTER DEALER as well as INDIVIDUAL DEALERSHIPS. The dealer comes to the home and gives a free analysis for individuals who are considering modifying their home so they can stay home rather than going to an assisted living facility. As an added bonus, the company also offers construction, products, items and services plus recommendations for future ongoing work. They offer forever contact with the customer and are there every step of the way, from beginning to end. Aging In The Comfort Of Home is a full service consulting, home modification, products and services related company. … [Read more...]
Boost In Small Business Confidence
According to a new FedEx Office survey, six out of ten businesses feel confident in the long term success of their small business. As reported by Newsline, The 2011 survey also indicated that nearly one quarter (23 percent) of owners feel that their marketing materials do not reflect the quality of their products and services. Moreover, nearly half of respondents believe they do not spend the right amount on marketing and advertising materials, with 24 percent saying they spend too little because of budget cuts and 23 percent indicating they spend too much but cannot find a better deal due to lack of time or knowledge. This latest survey also analyzed changes in small businesses’ use of traditional marketing tactics versus expanding online options. Fifty percent of respondents indicated that they have experimented with social media to market their business. In addition, 52 percent plan to improve their company’s online presence and 45 percent … [Read more...]
