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If you are considering selling your business, we can help you get
the maximum value for it. We will provide you with the special
attention and professional services that you and your business
deserve. We have the knowledge and experience to successfully market
and sell your business.
Alpine Business Brokers is a local business brokerage affiliated
with CENTURY 21 Harman Realty, Inc. We combine many years of
business experience that provides you with a professional approach
to selling your business.
We specialize in business sales. All consultations are strictly
confidential.
Call us today: 801-224-8848 |
One of the major advantages
of small and mid-sized businesses is that it is much easier to
make changes with this category of business than it is with
the larger kind. The larger company can become so mired in
bureaucracy that it can’t turn on a dollar much less on a
dime. Changes can be a new product or service, expansion into
new markets or focusing on existing markets, or a change in
direction or positioning.
If your business is small or
mid-sized, this might be the time to consider whether change,
no matter how minor, might increase business. For example, if
you’re in a retail business, would a new product or product
line increase sales without increasing costs? If you’re in a
service business, are there some new services that can be
offered, or existing ones expanded? It is better to attempt a
change rather than not to try one, because in the small and
mid-sized business, strategies for change usually can be
withdrawn or modified without inordinate damage to the
existing business.
One change increasing in popularity
is co-branding. This movement manifests itself in a variety of
business combinations, one of the most common being the gas
station and convenience store or mini-mart. Food franchises
are also co-branding |
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How does someone else,
for example, a potential buyer, rate your business on the
issues listed below? Rate your business and yourself on the
time-honored “A” to “F” scale. You can even use a plus or
minus. What’s your average? Too many business owners operate
on gut feel or “from the heart.” Nothing wrong with that; many
people start or buy their own business and operate it
successfully with nothing more tangible than this kind of
factor. But, every now and then, perhaps once a year, seize
the moment and take a more realistic look at your business.
Grade yourself, using the following business report card as a
yardstick:
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It’s easy to be negative
about cost-cutting. “Everything just costs more,” a business
owner will say; the subtext being, “What’s the use?” Don’t
give up. There are ways to cut costs. The first step is to
identify where the money goes . . . and why. Then look at
creative ways to shave off the non-essential while keeping the
shape of your business intact. |
Outsourcing is the latest
word in cost-cutting, and it can mean more than one thing.
Outsourcing labor—hiring temporary employees or contract
workers—is the answer for jobs that aren’t included in the
daily running of a business. Temps make sense for holiday rush
periods or for short-term assignments or campaigns.
Outsourcing certain operations, such as photocopying, mailing,
and telephone answering is an increasingly popular way to cut
down on carrying these costs in-house. Another, less typical,
kind of outsourcing is “hiring” temporary space. If your
business needs a conference room only occasionally or only a
small portion of a warehouse, consider subletting the space
from another business and cut the square footage of your own
operation. |
It pays to keep some operations
in-house. For instance, if your receptionist can do some
on-line bookkeeping while waiting for the phone to ring, or if
your warehouse worker can stuff envelopes for a mailing in
between delivery deadlines, you should consider these as
in-house candidates. In addition, there are some jobs that
should stay in-house even if outsourcing may appear to be a
bargain: those that involve issues of confidentiality or
accounting operations that might help owners and managers to
better understand the
business.
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It may be food for thought instead of
steak, but there are many free offers of benefit to business owners.
Continuing education lectures, SBA seminars, and informational
evenings offered by local banks and corporations are often free or
inexpensive ways to hone business acumen. Try these before going the
more expensive route via consultants.
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If you haven’t yet substituted a
voice mail system for a receptionist, you are paying an unnecessary
yearly salary. Using e-mail can replace the need for most
correspondence - saving the cost of a secretarial salary, or at
least one that is full-time. Computer programs for bookkeeping and
for riding herd on inventory and payroll can also reduce employee
numbers or hours.
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Selling on-line is
cheaper than traditional advertising, |
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If you haven’t
yet substituted a voice mail system for a receptionist, you
are paying an unnecessary yearly salary. Using e-mail can
replace the need for most correspondence - saving the cost of
a secretarial salary, or at least one that is full-time.
Computer programs for bookkeeping and for riding herd on
inventory and payroll can also reduce employee numbers or
hours. Selling on-line is cheaper than traditional
advertising, and the individual targeting may pay off in more
“hits,” further reducing the cost of doing this particular
type of business. |
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The
cost of sending faxes, using cellular phones, and certain
on-line services can get lost in the glow of their
convenience. Monitor the use of all such devices. If charges
seem unreasonable due to the service provider’s fees instead
of employee usage, negotiate with the
carrier or provider.
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and the
individual targeting may pay off in more “hits,” further
reducing the cost of doing this particular type of business.
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The cost of
sending faxes, using cellular phones, and certain on-line
services can get lost in the glow of their convenience.
Monitor the use of all such devices. If charges seem
unreasonable due to the
service
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Try
to cultivate business favor by patronizing one operation per
service. Be loyal to one printer, photographer, designer, or
copy service, and they may repay you with reduced fees and/or
discounts.
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When threatened with a loss of
business, they will often lower fees or at least negotiate
payment schedules. Another electronic cost-saver: run certain
equipment during off-peak electricity hours and save up to 30
percent annually in electric bills. |
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Don’t be a slave to
recommendations. If your computer consultant has a “pet”
equipment source, or your graphic designer has a favored
printing house, make a few calls to see how the prices stack
up. You could end up with big savings for very little effort.
The same holds for seeking financing. You should always talk
to at least two banks, looking for the best loan terms and
interest rates. | |
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| A deductible expense is still a
cost. The only “free” part is whatever your specific tax rate
will allow you to deduct, which could be as low as 25 percent,
perhaps even less. When tempted to splurge on a deductible
expense, always look at your profits and see how much you’d
have to earn in order to justify it.
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www.ABBUtah.com •
sales@abbutah.com
phone: 801-224-8848 • fax: 801-437-2629 |
If you have made the decision to sell your
business, the wisest first move is to contact a qualified
business broker professional, who can: |
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• Advise you on pricing and
structuring the sale of your business.
• Prepare the
marketing strategy, using professional resources.
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Determine the right buyer for your particular business.
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Educate buyers in the business-buying process.
• Keep you
informed about market reaction.
• Present offers and point
out strengths and
weaknesses
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because one
company may own or franchise several brands. KFC and
Taco Bell may share the same premises and kitchens. Many
of the travel plazas will have, for example, a Burger
King, a Popeye’s Chicken and a Cinnabon’s (cinnamon
rolls) joined together. There are coin laundries that
also house espresso bars, tanning salons, and small
convenience stores that sell soaps and other laundry
items for use in washers and dryers, right along with
snacks and other products.
Many other small
businesses are adding other products and/or services to
their existing business. Even some movie theaters are
adding fine dining as a complement to the traditional
movie to create a whole entertainment experience.
Perhaps your business would profit by adding something
else to the mix. All it takes is a little imagination,
some homework, perhaps a trial run, and the courage to
give it a try.
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