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Business Owners Must Make Bold Decisions in Tough Times
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Business owners must be pro-active to reverse any downward trends and they must initiate a plan immediately! They cannot be complacent and just hope for the best.
They must consider bold or even painful moves such as drastically cutting expenses and staff, adding new product lines or services, hiring a marketing consultant or even acquiring another company.
But sitting back and not taking immediate action is not an option!
© 2009. Richmark Associates, Inc.
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“My Business Could be a Gold Mine for a New Owner!”
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The statement "with a little sales and marketing, a new owner could make a fortune with my business" has been heard over and over by prospective buyers.
The question of course is: "Mr. Business Owner, why haven't you made that effort?" Buyers are not willing to pay the business owner for their future efforts and investment necessary to grow the business.
Business owners must take those steps themselves, which not only will increase their revenues and profits in the short term, but will greatly improve the value of their business.
© 2009. Richmark Associates, Inc.
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Keeping Up with Technology
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Not all businesses need to have cutting edge technology, but a company can't fall too far behind.
Buyers will be concerned if they must make a large investment in the latest technology to get the company to a competitive level.
A business owner should do the necessary research and purchase the technology to keep the company on par in its industry or be prepared to accept a lesser value for the business.
© 2009. Richmark Associates, Inc.
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Special Relationships with Customers
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Special relationships that business owners have developed with customers can be a real issue when selling the business.
A new owner may have a problem continuing that relationship and this could jeopardize the sale of the business.
It is recommended that business owners begin delegating any special relationships with customers to other company employees as soon as possible.
© 2009. Richmark Associates, Inc.
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Timing Is Everything!
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Many business owners seem unable to let go of their company and wait too long.
Some lose their entrepreneurial drive and the business starts sliding. Or the market starts to change and the company loses value.
To get the maximum price, owners need to do some serious planning to prepare selling the business at its peak.
© 2009. Richmark Associates, Inc.
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