Memphis, Tennessee (PRWEB) July 13, 2016
Endgame Competitive Disadvantage (ECD) poses a debilitating dilemma for over 50% of business owners. The difficult truth that it’s time to let go could show up in the form of a payroll provider notice, an IRS visit, an accounting statement, or a bank or attorney call.
The business may actually be doing well with constantly growing revenues and profits, but the owner just doesn’t have that same burning passion when it was started. When that happens---when you’re short on either pennies or passion--it’s time to consider selling.
Most business owners have not created any “pathway for endgame success” when they decide to sell their business. Nemo Vista, Inc., with a Mid-South presence, talks with business owners daily. All too often owners have failed to anticipate any departure, putting both themselves--and their companies--at an Endgame Competitive Disadvantage—better known as ECD.
“Business owners really are special people. They live with both the awareness and awesomeness of business every day,” says Larry Mayall, Nemo Vista owner and principal. “They often want to ignore the finality of selling a business. The majority of them…especially small business owners...operate their businesses with personal touches that would not work in a larger business environment—the personal touches and flourishes that have been added across time--and simply could not be duplicated by a new owner. That’s one of the true hallmarks of small business."
Business owners can find this overwhelming. How should you prepare? Mayall recommends business owners have two plans of action documented and updated annually– a contingency plan (their ‘what if’ plan) and an “exit” strategy plan. Along with this, owners should be aware that when the sale time comes, any buyer will want to see information from the previous three years of tax returns and a year-to-date balance sheet. Surprising as it may be to some, the value of any business being sold will be based not on blue sky and opportunity, but on sales, profitability, and assets.
Tips for small business owners who consider selling:
1) Time your exit strategy...don’t let the strategy control you.
2) Have a willingness to let go and leave. When it’s time to go, kiss it goodbye and wish it well.
3) Understand the economics of the business and how value is perceived.
Nemo Vista supports business sales using the latest technology and marketing applications to prepare business owners and ensure successful outcomes. We provide consultant services for the valuation process and provide guidance in developing a profitable and successful exit strategy. For more information, ideas and strategies to avoid ECD, visit the Nemo Vista website at http://www.nemovista.com.
About Nemo Vista, Inc.
Nemo Vista, Inc. is rooted in over 30 years of history in Memphis. The full service firm handles buying/selling businesses, mergers and acquisitions, appraisals, capital sourcing, consulting, exit strategies, commercial real estate, commercial design and commercial development.
One of the best-positioned firms in Memphis, with 10+ brokers and over 125 years of collective experience, the company has sold more businesses in the Mid-South than anyone else with 700+ in sales, mergers and acquisitions. To learn more about Nemo Vista, visit http://www.nemovista.com, email - firstname.lastname@example.org, or call 901.900.8210.