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Archive for the ‘Articles By JoAnn Lombardi’ Category

How to Approach Selling Your Business

Article by JoAnn Lombardi, Pres. VR Business Sales

When a business owner makes the decision to sell, the goal of selling a business remains the same, maximizing what you receive from the sale.

When the decision is made to sell the business, there are some pointers to follow in making sure the transaction is successful.

Standing by the Process

Deciding the Point Person for the Sale

Establishing Deadlines

Communicate with Your Landlord and Banker

Readying for Buyer Due Diligence

Determining what should be Included in Letter of Intent

For more details read full article here How to Approach Selling Your Business

Being Aware of Deal Breakers in a Business Sale

Article By JoAnn Lombardi, President VR Business Sales
When the time is approaching when the business sale is near, both buyers and sellers can jump the gun, resulting in complications.

At VR, we advise you on paying attention to every step of the process.

There are a few factors that can cause a deal to collapse, which you should know:

Asking for Additional/No Collateral

Lack of Buyer and Seller Rapport

Inability by Buyer to Raise Necessary Capital

The Seller Backs Out

For more details read full article here  Being Aware of Deal Breakers in a Business Sale

To learn more about avoiding these and other types of deal breakers, contact your local VR business intermediary today.

Using New Yardsticks to Measure Your Business

By JoAnn Lombardi, President of VR Business Brokers

The Internet is an important tool for enhancing the value of any business and its owners. As a business owner, it allows you to develop new ways to measure your performance as well as market to qualified buyers if you are looking to sell.

Innovation and Flexibility

Customer Loyalty

Transactional Excellence

Customer Information

Infrastructure Reliability

Read full article at Using New Yardsticks to Measure Your Business

Determining the Right Strategy for Your Business that You Buy

By JoAnn Lombardi, President VR Business Brokers

In order to determine the strategy that will work effectively after buying your business, there are five essential questions that will help you determine if you will able to implement and push you to prosperity and solidify customer loyalty.

What Type of Business Do You Run?

What Other Businesses Do You Have?

What Are Your Core Competencies?

What Are Your Core Values?

Are Your Short-Term Goals and Long-Term Strategies Aligned?

Read the full article at Determining the Right Strategy for Your Business that You Buy

One of our business experts can also help you with all aspects of Buying a Business.
Contact VR at 1.800.377.8722 for more information.

Deciding to Position Your Business for Sale

By JoAnn Lombardi, Pres. VR Business Brokers
When a business owner decides that the time is right to sell the business, regardless of the reason (burnout, retirement, new aspirations), it is imperative to do so the right way so the optimal sales price can be obtained.

As a business owner, it is easy to have concerns when contemplating whether to sell your business; especially when you start to see that the process of selling your business doesn’t give that flexibility that you need to make the best deal.

It’s important to start planning early on toward the time when you decide to sell your business.

You want to look at building long-term value, not only making a profit in the short term.

Read full article here  Deciding to Position Your Business for Sale

Contact VR at 1.800.377.8722 for assistance toward planning to sell your business.

Seller Beware – Due Diligence Critical When Evaluating the Buyer for Your Business

By JoAnn Lombardi, Pres. VR Business Brokers

Normally when the buying or selling of a business takes place, the buyer only performs due diligence. However, smart sellers know that it’s a two-way street.

KNOWING THE RISKS  

The seller has a lot to risk. Of course, if you sell your business for 100% cash, you risk very little. However, this is a rare scenario.

In performing due diligence, the seller should employ the same checklists as the buyer and ask equivalent questions, including areas of:

Finances

Strategy

Products/Services

Management

You want to make sure that your business is in capable hands. You want a buyer that will help grow your business.

Read full article here  Seller Beware – Due Diligence Critical When Evaluating the Buyer for Your Business

When to Apply Restrictions and Prohibitions in the Business Deal

By JoAnn Lombardi, President VR Business Brokers

It’s important for both Buyer and Seller to protect themselves by including the proper terms and conditions in the Business Sale Agreement.

The fact is the buyer is going to have concerns about the seller possibly taking away the goodwill that they’ve created.

The seller will want to know what activities that they will be able to engage in without the threat of legal action.

There are also important factors to understand and cover in the agreement such as “Competition” versus “Solicitation”

Other important points include Express Provisions in the Sales Contract  and Course of Action.

Read the full article here  When to Apply Restrictions and Prohibitions in the Business Deal