The Beal Business Advisor

October 2014

Contact Number: 204-478-7266

In This Issue

Buying a Business - Business Website
Selling a Business - Myths About Selling Your Business (Part 4)
Question of the Month - Succession Planning

Business Website

Last month we discussed competitors, this month we want to discuss

a business website. Some of the key questions you want to explore about having a business website include:

Is the transfer of the domain ownership part of the agreement?
If so, the administrator must be changed with domain registration company.
Who currently hosts and maintains the company website?
Will you have the technical support to do so after the sale?
All service agreements regarding the website must be changed to reflect the new ownership.

In the meantime, if you would like more information on buying a business, contact us at 204-478-7266x110.

Myths about Selling Your Business (Part 4)

Myth #4 "I'll Sell When I'm Ready"

We are almost finished our top five business brokerage myths that business owners have when they think about selling their business. Last month, we talked about valuing your business. This month, we want to talk about timing.

Certainly, an owner wants to be sure he or she is mentally and emotionally prepared to sell. But personal readiness is just one factor. Economic factors can have a significant impact on the sale of a business.

Sale prices can be affected by industry consolidation, interest rates, unemployment and many other economic measures. You may want to consider selling when the time is right - not necessarily precisely when you turn 65, or at a certain month in the year. Talk with a professional and aim to sell when your personal goals and market conditions align. Need help selling your business?

Next month's myth: - "It's just like selling a house!"

In the meantime, if you would like more information on selling or valuing a business, contact us at 204-478-7266x110.

Current Businesses for Sale

Window Installation Business

Fitness Facility

Winnipeg Tailor Business

Electrical Estimating Service Business

Professional Services (Conditionally Sold)

Rural Restaurant

Electrical Contracting Business

Winnipeg Automotive Service Centre

Franchised Foods Retailer

Convenience Store (Northern Manitoba)

Franchise - Tanning Studio

Small Town Dollar Store

Winnipeg Meat Shop - Grocery Store

Bridal Shop

Metal Fabrication Business

Small Town Grocery Store/Meat Shop

Automotive Repair and Power Product Dealership

Trucking Company - NW Ontario

Plum Creek Gifts

Winnipeg Convenience Store

High Volume Retail Chain

Thompson Hotel and Restaurant

Print and Online Publication - Business Opportunity

Employment Service - Franchise Opportunity

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To review any of these business profiles, please click here .

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We do not advertise all of our listings to the public.

If you have a specific type of business in mind,

please call 204-478-7266 x110 to inquire!

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Quick Links

Beal Consultants Website

Quote of the Month

"People who succeed have momentum. The more they succeed, the more they want to succeed, and the more they find a way to succeed. Similarly, when someone is failing, the tendency is to get on a downward spiral that can even become a self-fulfilling prophecy."

Tony Robbins

I Want to Retire in a Year or Two. What Should I do to Start Preparing for my Company's Succession Plan?

Our response: Glad to hear you're planning ahead! It's a good idea to start succession planning a minimum of one year in advance to preferably three to five years.

Succession planning allows for the orderly transfer of ownership and management of your business, ensuring that your retirement goals become reality and your business will continue to thrive. Handing the family business over to your children is complex and risky. Preparing it for an external sale is even riskier.

Here are some of the issues to consider when planning for your company's succession:

Transaction issues:

Tax issues
Legal issues
Retirement planning
Financing
Finding a buyer

Business issues:

Choosing a successor
Training a successor
Roles and responsibilities
Monitoring progress
Dispute resolution

Family issues:

Fairness
Emotions
Working together
Competence
Dispute resolution

In addition to a more successful transition, planning in advance lets you take advantage of significant tax savings the government allows on the transition of private companies. While tax considerations should not drive all of your decisions, these creative tax structures and estate planning tools enable you to defer (or even avoid) significant amounts of taxes - if you plan early enough.

Keep in mind that a good exit plan can increase the value of your business by 30% or more!

For more information, contact us at 204-478-7266x110.

About Us...

Beal Business Growth Consultants, Inc. helps owners of small and medium-sized businesses to buy, sell, value, and grow their businesses. We also work with individuals who are looking to buy or start a business or franchise.

Call us at (204) 478-7266 x110 for a free, initial 30-minute consultation to explore how we can help you buy, sell, value or improve your business.

Legal

Copyright 2014 by Steven Beal, Beal Business Growth Consultants, Inc. The information herein is not complete and is intended only to provide guidelines to supplement counsel the reader receives from a qualified professional. It is distributed with the understanding that the author is not rendering legal, accounting or tax advice or opinions on specific facts or matters, and accordingly, assumes no liability in connection with its use.

Published by Beal Business Growth Consultants, Inc.