We are pleased to announce that we will soon be opening a new office in the US state of California! General Efforts Consulting Ltd will create a recovery branch of Company to provide financial support to small and medium businesses. The establishment of a branch will enable General Efforts Consulting Ltd to operate in USA with a more streamlined, cost-effective structure.
The contact person for our American partners is David Gilmore, who as Chief Executive of General Efforts Consulting Ltd. is responsible for our services in the USA and is in close contact with our American customers. Further recruitment of highly qualified Business Project Assistant and Business Consultants is planned, with the aim of providing optimum support to our customers in the USA and offering the best possible solutions in this market.
The mission of the branch of General Efforts Consulting Ltd in USA is to promote closer relations between the USA and England. You will find information about the address of the branch and the country of location on our official website ("Contacts"). We are still busy doing the final preparations. Please stay tuned for more updates.
Deciding to sell your business isn’t easy. It’s not only a business and financial choice but a mental and emotional one, and it’s definitely not a one-and-done deal. Choosing to sell your business involves a lot of consideration and planning, and the selling process is a whole other journey.
Are you ready to sell your business? When thinking about this life-changing decision, you may ask yourself many questions, but here are five important ones to consider before making the final choice.
1. Why Do I Want to Sell My Business?
Do you truly want to sell your business or just need some time off? Selling your business is one of the biggest decisions you can make as a business owner or entrepreneur, so it’s important to make sure you’re doing it for the right reasons, now and in the long term.
Knowing why you want to sell your business isn’t just for peace of mind. It’s also important when conversing with potential buyers. They will likely ask your reasons for selling. Are you retiring? Are you not bringing in enough cash flow? Is it just time for a change? It’s a good idea to have an answer prepared for this question. Remember that your answer doesn’t have to be overly complex or ambitious. Truth and simplicity can go a long way when building relationships with prospective buyers.
2. What Am I Going to Do After Selling?
After selling your business, you’ll need a game plan for what’s next in life. Whether buying a new business, joining a new industry, retiring, or simply picking up a new hobby, don’t wait until the end of your sale to figure out your plan. An uncertain future will only make your decision more difficult; plus, you’ll be blindly setting sales terms. Do you need to earn a specific amount of money? Will you be able to stay on and train a new owner, or do you need freedom? You must define what you’ll need from your sale to make your post-sale plans possible.
3. Is it the Right Time?
If you decide to sell your business, the timing needs to be right both in your personal life and in the business world. Selling a business is a time-consuming process. It takes time to get your business ready for sale, find qualified buyers, and transfer ownership to the new owner. You’ll also want to consider the economic cycle and ensure favorable market conditions. Is it a buyer’s or seller’s market? You may want to look at your sector’s buyer trends, competitors, and similar-sized companies. Sunbelt Business Brokers can help you determine if it’s the right time to list your business for sale.
4. Do I Have an Exit Strategy?
You should have an exit strategy developed long before you make the final decision to sell. Exit planning will help you become better prepared if you decide to sell your business and will help you get the most value out of your sale, even if you decide to wait five or even 10 years to start the process. It’ll also help you figure out details like how to tell your management teams and key employees you’ll be transferring ownership. A business broker can help you form an exit strategy that prioritizes your financial needs and prepares both you and your business for a smooth business transition and transaction.
5. Is My Business Ready to Sell?
While some sale processes are easier than others, like selling a small business to a family member, working with a business broker offers many benefits and can help ensure your business is prepared for sale. A broker can help you organize your financial records and tax returns, analyze the market value of your business to determine a sale price with a business valuation, form purchase agreements, develop an exit strategy, and so much more.
Are you ready for your business sale? Our business brokers understand what it takes to improve the marketability of a business and are ready to help you with whatever step of the sale process you may be on. Contact a General Efforts Consulting Ltd location near you today to get in touch with one of our experts.
Income protection can provide financial security when you need it most, but it’s often something that’s overlooked. If you recognise these 3 scenarios, it may be worth looking at how income protection could fit into your wider plans.
1. Your employer doesn’t offer sick pay
It’s worth looking at the benefits your employer offers when weighing up the pros and cons of income protection. You should check what your employer’s sick pay policy is and how long it lasts. Many employers offer an enhanced sick pay policy that means you’d continue to receive an income in the short term if you were unable to work. However, it’s worth noting that these policies rarely go beyond 12 months. So, an income protection policy with a long deferment period may still be beneficial.
2. You are self-employed
If you’re self-employed, taking time off work can have a huge impact on your income and may even affect long-term projects. It may mean you’re tempted to work despite being ill or that you rush back too soon without giving yourself enough time to recover. Receiving a reliable income through an income protection policy means you can focus on your health without having to worry about financial security.
3. Your emergency fund wouldn’t cover essentials
If you have to rely on your emergency fund, how long would it last? An emergency fund is an excellent option for providing short-term financial security if the unexpected happens. This money should be readily accessible and ideally cover three to six months of expenses. If your emergency fund wouldn’t be enough to provide peace of mind, income protection could help. While your emergency find may provide security for a few months, if a long-term illness affected you, you could still find that you face financial insecurity. Again, income protection with a long deferment policy can give you confidence while reducing premiums in this case.
While selling a business usually takes a lot of preparation and effort, sometimes plans change, and you find yourself needing to step down sooner rather than later. In those cases, you’ll need to know how to sell a small business quickly. Find tips to streamline your sale below!
Have a Structured Marketing Plan
Marketing can drastically increase the speed at which your company is sold. You must be proactive and target the right candidates. Two well-recommended options to quickly sell your business are optimizing your listing and utilizing advertising such as paid search ads. People creating a marketing plan to help sell a small business quickly. While you’re preparing your business for sale, don’t forget about your day-to-day efforts as well! Small things like keeping your social media presence active can help show prospective buyers that your business is engaged and thriving. Plus, it can help you continue to build and maintain a healthy customer base.
Be Proactive – Reach Out to Buyers
Seek out potential buyers. Reach out to your contacts and see if any parties are interested in the sale of your business. You should target individuals or groups you feel have a vested financial or strategic interest in your company. This kind of direct approach can show the right buyer you’ve put thought into the future of your business and have carefully selected them as a viable candidate. That being said, it is still wise to have an expert at your side, even when dealing with someone you already know. Doing so helps ensure that all conversations and business dealings remain professional and in the best interest of all parties involved.
Have Documentation of All Business Operations
You’ll want to have all your documentation, including financial statements, to help move along the selling process. This paperwork is crucial for all interested buyers. Some items to prepare include:
Any contracts and legal documentation, including leases and supplier and employee agreements
Financial documents such as tax returns, balance sheets, and purchase agreements
Contacts and connections; individuals who have become valuable assets to your business
Getting everything organized and supplying these documents allows the new owner to understand your business better. By painting a picture of the complete health of your company, prospective buyers will be better able to envision themselves as the next business owner. Plus, it can help you back up your asking price with a clear look at your cash flow that supports the value of your business.
Hire a Broker
Connecting with a business broker is one of the most effective steps you can take to ensure that your sales process is as quick as possible. Plus, a professional knows how to navigate the market, keeping your sale confidential while getting your business in front of qualified buyers. If you’re thinking about selling your small business, consider working with the experts at General Efforts Consulting Ltd. With years of experience, our brokers have the know-how to help you with the selling process.
Selling your small business can be complex, but you don’t have to go it alone. Use our expertise to help your company stand out from similar listings and move forward as stress-free as possible. Whether you’re planning to retire or ready for your next venture, contact your local General Efforts Consulting Ltd office today to get started and sell your business fast.
