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Selling a business isn’t just about finding a buyer; it’s also about taking steps to transfer ownership of the company successfully.
Following the right steps can improve your odds of selling your business and maximizing its value.
Working with a broker could improve your odds of finding the right buyer at the right price.
This article is for business owners considering selling their business independently or using a broker service.
Selling your business is a complex process with many challenges. A lot can go wrong before you close the deal, whether that’s failure to find a buyer, selling at too low a price, or running into a breach of confidentiality. But if you take the right steps to prepare for a successful sale and seamless transition, you can limit these risks.
While the sale of every business is unique, the fundamental process remains the same, and there are well-established steps you must take. This guide offers five main steps you should follow to get you through the sale of your business and to get the best price.Steps to selling your business
If you’re ready to sell your business, take the following steps to help you land the deal you want and ensure transfer of ownership goes smoothly.1. Maintain clean and well-documented financials.
The No. 1 reason companies don’t sell is poor or weak financials. This means you must pay your taxes and show a profit on your tax returns. Your company’s financial data is the foundation of your future sale, so getting it right is vital. Work with your accountant and tax professional on this step to form the basis of your company’s valuation and sale negotiation.
Potential buyers will scrutinize your business’s financials, as that forms the basis of their valuation. Therefore, the more information, statements and other documentation you can gather, the better.
While getting your finances in order, consider the following questions:
Do I have intellectual property that will make my business more valuable?
What is special about my business that makes it worth more?
Do I have documented standard operating procedures I can give to the acquirer?
What are the strengths and weaknesses of my business?
Presentation is important. Organize your documentation and use plain English rather than jargon. This will keep your potential buyer engaged and reduce the likelihood of misunderstandings.
A broker will be able to help screen potential buyers for you to determine who’s serious about buying your business. A good broker will respond to your criteria for what constitutes a good potential buyer.5. Finalize contracts and close the deal.
This is where most deals fall apart, and it’s the most complex part of the process. You need to finalize legal contracts, deal with potentially messy final negotiations, and avoid the deal falling through at the last minute.
We recommend hiring a business sales lawyer for this stage of the process. You might want to find one independently, though your broker might have several in their network. Make sure they are thoroughly in your corner, as they will look over every detail in your contract. The slightest error can potentially sink the detail.
There are plenty of documents to prepare, gather and review, including the following:
Bill of sale
Reps and warranties
Asset list and transfer
Noncompete clauses and agreements
Intellectual property transfer
Transition time and work agreements
Employment agreements and employee continuity
Escrow of the sale monies, transfer and closing
You can easily be dealing with a collection of documents that is 100 pages or more once everything is accounted for. Having a professional on hand is essential to getting this right. Once everyone is satisfied with the paperwork, all that’s left is to execute the deal and transfer ownership of the business.FAQs about selling a business
These questions are commonly asked by entrepreneurs who are preparing to sell their businesses.What is the average sales time frame?
The average sales process takes between four and 10 months, depending on the size of the deal.Can I compete in the same industry after I sell my business?
Generally, there will be a non-compete agreement with a duration between three and five years. This period of time is usually defined by your industry and/or your region.Will my employees be laid off after I sell?
What happens to your employees after you sell your business is at the discretion of the buyer. That is why it’s important to understand the buyer’s intentions before you close the deal. You can, however, contractually require the buyer to maintain employment after the sale.Will I need audited financials to sell my business?
In most transactions, buyers perform a quality of earnings analysis rather than a full audit. A quality of earning analysis provides the buyer with information like a company’s EBITDA, or earnings before interest, taxes, depreciation, and amortization.What happens to my liabilities?
Most business liabilities need to be cleared before the business sells. If a buyer acquires a business with any outstanding debt on the books, it can become the buyer’s liability; however, this item is always pre-negotiated before the purchase agreement is signed.Selling a business is a complex process
While some business owners think selling their business may be a simple task, it is actually a long-term process that requires extensive preparation, documentation, and deliberate action on the part of both buyer and seller. However, if you follow the steps above, you will set your business up for a relatively seamless sale that gets you the money your company is worth and sets the buyer up for success.
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Salesforce is a customer relationship management (CRM) software that helps businesses manage their customer interactions and streamline their sales, marketing, and customer service processes. It is a cloud-based platform that offers a wide range of customizable features and tools that can be tailored to fit the specific needs of a business. In this article, we will discuss how to customize Salesforce for your business, including the steps involved, the tools available, and the best practices to follow.Define Your Business Needs
The first step in customizing Salesforce for your business is to define your needs. Identify the key areas where Salesforce can be of help, including sales, marketing, customer service, and support. Determine the features and functionality that are essential to your business and prioritize them accordingly. This will help you to narrow down your options and focus on the most critical aspects of your business.Evaluate Your Salesforce Edition
Salesforce offers a range of editions, each with different features and functionality. Evaluate your edition to ensure that it has the tools you need to customize the platform. If you find that your edition does not meet your requirements, consider upgrading to a higher edition.Customizing Salesforce
Once you have defined your business needs and evaluated your edition, it is time to start customizing Salesforce. Here are the steps involved −Create Custom Fields
Custom fields are essential to tailor Salesforce to your business needs. You can create custom fields for specific data types, such as text, number, date, and picklist. Custom fields help you to capture and track the data that is important to your business.Create Custom Objects Create Custom Page Layouts
Custom page layouts allow you to organize the data in a way that is specific to your business needs. You can add or remove fields, sections, and related lists to create a custom layout that is tailored to your business processes. Custom page layouts help you to streamline your work and increase productivity.Create Custom Reports Create Custom Dashboards Create Custom Workflows
Custom workflows automate your business processes and help you to manage your business more efficiently. You can create custom workflows for specific events, such as when a lead is created, updated, or converted. Custom workflows help you to streamline your work and increase productivity.Create Custom Email Templates
Custom email templates allow you to personalize your email communication with your customers. You can create custom email templates for specific events, such as when a lead is created, updated, or converted. Custom email templates help you to improve your customer communication and increase customer satisfaction.Best Practices
Here are some best practices to follow when customizing Salesforce −Start with the Basics
When customizing Salesforce, start with the basics, such as creating custom fields, objects, and page layouts. These are the building blocks of your Salesforce customization and will help you to create a solid foundation for your business needs.Plan Your Customization
Before you start customizing Salesforce, it is essential to have a plan in place. Identify the areas where Salesforce can be of help and prioritize them according to your business needs. This will help you to focus on the most critical aspects of your business and ensure that your customization efforts are aligned with your business goals.Test Your Customization
Once you have customized Salesforce, it is essential to test your customization thoroughly. Check that all the custom fields, objects, and workflows are working as expected. This will help you to identify any issues and ensure that your customization is functioning correctly.Train Your Users
When you customize Salesforce, it is essential to train your users on how to use the new features and functionality. Provide them with clear instructions and training materials to ensure that they can use Salesforce effectively. This will help to ensure that your customization efforts are successful and that your users are using Salesforce to its full potential.Monitor Your Customization
After you have customized Salesforce, it is essential to monitor your customization regularly. Check that it is meeting your business needs and adjust it if necessary. This will help you to ensure that your customization remains relevant and useful to your business.Conclusion
Customizing Salesforce can help you to streamline your business processes, improve customer communication, and increase productivity. By following the steps outlined in this article and adhering to the best practices, you can customize Salesforce to meet your specific business needs. Remember to start with the basics, plan your customization, test it thoroughly, train your users, and monitor your customization regularly. By doing so, you can ensure that your customization efforts are successful and that you are getting the most out of Salesforce.
In this technologically-driven world, everyone requires a computer that runs smoothly. It doesn’t matter if you use it at work, school, or home. If your computer slows down, you won’t be able to complete your tasks on time. Computers are essential for daily chores. If they have problems, it can cause serious delays in our lives. It is crucial to have a backup in case of an emergency so your computer can continue working.
These leggings can be overcome by hiring computer repair experts in Dallas. You will find it difficult to repair your computer by yourself so having IT support in Dallas is crucial. It is possible to find reliable computer repair Dallas professionals near you or search online for them. Here are some things to consider before you hire an IT support Dallas professional.Quality of Services
The quality of services is an important aspect to consider when hiring a computer technician in Dallas. You might have to face computer downtime again if the condition of your computer isn’t good enough for IT support Dallas experts. This could cause you to spend more on repairs. It is easy to decide whether or not you want to hire a computer repair Dallas professional.Types of Services
It is also important to think about the services and products that IT support Dallas experts offer. Many computer repair experts provide limited services. You should choose a computer repair Dallas specialist who offers a wide range of services that are tailored to your technical needs. You should look for a company that offers many different types of computer repair services to ensure your computer is properly diagnosed and the best possible solutions are implemented.
Best 10 Email Marketing Tools in 2023Data Recovery
Availability of the Provider
Ask about the availability of an IT support Dallas expert before you hire. If you have an emergency, experts should respond quickly. It is also important to ask how long it takes to resolve a complaint. You can count on a reliable repair company to be there for you 24 hours a day. They offer excellent customer service. Hire those experts who are focused on customer satisfaction. Ask the experts to provide a data backup 24 hours a day.Skills of the Expert
Cost of the Services
Negotiate with the expert on the price to get the work done at an affordable price. Remember that you only get what you pay. As a result, it might not be a good idea to settle for experts that charge less as their quality might suffer. Don’t settle for low or high prices. Before you settle for the amount, make sure to conduct a market study.
When searching for the right computer repair Dallas professional, don’t be impatient. These points may help you make the right choice when choosing the right expert.
Nearly a year into the pandemic, we’ve accumulated a lot of information from scientists about the most effective face masks for protecting ourselves and others from COVID-19. But it doesn’t matter what kind of mask you’re using if you’re not wearing it properly.Make sure you find the right size
The critically important first step when buying (or making) a mask is proper sizing. The key measurements to consider are ear-to-ear over the nose, nose-to-chin, and the length of the mask’s ear loops. If the adult mask you want comes in a size you know will be too large for your face, consider a kid-sized option.
Ensuring your mask isn’t too big from the outset will help you avoid having to constantly pull your mask back up over your nose and prevent gaps from forming at the sides and bottom. On the flip side, a mask that’s too small will pop off your nose as soon as you start talking. Once you’ve found something that generally works for you, it’s time to think about fine-tuning the fit.Full coverage is crucial
When you first put your mask on, make sure it covers both your mouth and your nose. Failing to cover both renders even a high-quality mask basically useless, since you can still exhale viral particles from your nostrils if they’re not underneath the mask.Small adjustments will keep your mask in place
You’ll probably have to make some additional tweaks to ensure a proper fit. The most important one will be to eliminate any gaps between your skin and the mask. Minimizing the cracks through which the virus can slip will help keep any particles you exhale contained within the mask and also reduce the likelihood that any virus floating around outside your mask will get into your mouth or nose.
[Related: Learn three easy ways to wash reusable cloth masks.]
First, place your fingers where your mask meets the bridge of your nose and run them along the upper edge of your mask to make sure it’s pressed flat against the curve of your nose and over the tops of your cheekbones. Having a mask with a moldable nose piece ensures you won’t have to fiddle with this seal throughout the day. A tight fit here is also key for preventing fogged-up glasses.
Next, check if the sides of the mask are bulging out from your cheeks. If they’re laying flat, you’re good to go. If not, try tightening the ear loops until the gap disappears or is as small as possible. Some masks have built-in adjusters that you can slide toward and away from your ears to find the perfect fit. If you’re using a disposable mask or one without adjustable straps, consider tying a small knot at the midpoint of each loop. This will also minimize any down-the-nose slippage and keep the entire mask in place.
Don’t take the easy road and twist the ear loops to make the straps shorter, since this will pinch the top and bottom corners of each side together and make the side-gap even larger.
Finally, check to make sure that the bottom of your mask is hugging the curve of your chin. Similar to gaps at the top and sides of the mask, a space at the bottom provides an opening for particles to flow in and out. If the fabric is folding or protruding at weird angles and adjusting the ear loops isn’t fixing the problem, try a different shape or style of mask that may be better suited to the shape of your face.
Ideally, your mask should fit comfortably enough that you aren’t tempted to fidget with it and snugly enough that it stays in place for long periods of time. If you do have to readjust your mask while out and about, make sure you wash your hands or at least use hand sanitizer before you touch the outside of your mask. Even with clean hands, avoid grabbing the middle section of your mask that lays over your nose and mouth; doing so may contaminate the mask and reduce its effectiveness. Instead, pinch the edges of the mask with your fingers to reposition it.
Apps have never been more popular than they are today, and no wonder: they add convenience to our personal and professional lives, entertain us, and provide mobile access to websites, services, and other products.
As more consumers jump on the mobile bandwagon, the app marketplace continues to swell with everything from business to entertainment applications. In the Google Play marketplace alone, there are more than 2.2 million apps.
Launching a new app that will get seen and downloaded by mobile users is no simple task in such a crowded market.
App developers need to add marketing and promotion to their skillset, or outsource these tasks, to get any kind of visibility for their app online.
Want to learn more about ASO? Check out this Marketing Nerds podcast with Anne Ahola Ward:
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What are the best ways to make your app stand out? Here are five tactics to gain traction and make your app start selling itself.1. Invest in Quality Video
Developing an app is already a pretty costly venture. On the bright side, it’s much cheaper to market your app as you lead up to launch. Leveraging video should be at the top of your marketing strategy agenda. Consumers love it, it’s easy to digest, and it’s arguably the most effective method of communicating a story to an audience.
Beyond the story, video directly impacts the buying process for a majority of consumers. As many as 90% agree that product videos help them make purchasing decisions, and 64% of users are more likely to follow through with a purchase after viewing video.
I recommend creating more for your app than just a brief explanation video. Put in the investment to craft something immersive, entertaining, and relevant to the interests of your audience. Make sure that product video does more than just show off features for passive viewers.
The video for Jelly is a great example, as it scored more than 200k views:
If you have a limited budget for developing video, then take a cue from the reveal video of Tiny Wings 2. Even on a limited budget, you can still make a great clip. You just need to rely a little more on your creativity.
If you have the time and the budget for more than one video, you should absolutely create one or more teaser videos. A product video helps the app sell itself in an app store or on your website, but teaser videos will build the buzz leading up to your launch and give you the benefit of word-of-mouth marketing before you even release your app to the public.
Post those videos across multiple video hosting sites like YouTube and Vimeo, and be sure to provide a link and call-to-action back to your app page or the app store.2. Optimize Every Aspect of Your App Page
For people to find your app online, you should optimize it for the words and phrases your audience is using to find solutions that match your creation. This is especially true for Apple’s app store and Google Play.
Optimization makes your app more discoverable, but you’re not just optimizing for the search algorithm of those marketplaces. You also need to optimize for the user. The description you use for your app should be concise, compelling, and focused on the value proposition.
It should clearly answer the question, “What do I get out of downloading this?”
Slack does an excellent job of utilizing keywords within a description of the most important benefits for the user.
To get an idea of what search phrases your audience might use to find you in the app store, check out the top apps similar to your own. Examine the content and try using a number of search queries related to your app, the solution you’re providing, and common problems it solves.
Pay attention to the 4- and 5-star reviews of the most popular apps; they’ll often contain positive keywords you can leverage for your own app.
Optimize the title, description, and keyword field for your application. Use similar optimization for the app page on your website, but don’t directly copy the content. Make sure the textual content is completely unique across your promotional channels so there are multiple avenues through which your customers can find you.3. Leverage User-Generated Content
Encourage users to leave reviews for your application after they’ve had a chance to use it. For more complex applications, such as mobile business apps for on-the-go professionals, solicit subscribers and ask if they can provide testimonials or results from their use of your app.
Testimonials and reviews should be in the spotlight on your website, and they can also be worked into updated videos and other marketing materials to develop the trust of your audience through social proof.
Reviews within the app marketplace itself are usually the most valuable because they directly impact app ranking and contribute to higher user conversions and app installation rates.4. Reduce Friction
If you complicate the process more than that, expect to lose some prospects from friction. This is especially true if you have a sign-up, membership requirement, or registration form that prevent users from accessing your app’s features until they complete the initial process.
Understandably, you need the information for membership-based products and apps, like SaaS products, but you don’t need to collect every piece of information right off the bat.
There is already evidence that proves a reduction in the number of form fields can dramatically impact conversions for registration and opt-ins. Trim the information required to get started and eliminate that excess friction. You can always gather more information once they’re in the door.
Freshbooks is a prime example, since their sign-up is limited to just two fields. You can’t get more welcoming than that to get someone to sign up for your free trial.
The same technique was used during Obama’s presidential campaign. Eliminating form fields in the contribution section greatly reduced friction and lifted conversions for donors and other web visitors.5. Make Social Your Main Feedback Channel
There are many benefits to having multiple methods for connecting with customers, but if you have a stellar model for customer service, then show it off to prospects and customers alike. Designate social media as your primary feedback channel.
Prospective customers clearly see how you and your team handle service-related issues, which can build trust and lead to a purchase
Brand/product visibility expands as prospective customers see their connections engage with you
There are no costs for monitoring and responding to customers in social media outlets
Reach and engagement will improve across the social channels you use, which should gradually spark more engagement from your followersConclusion
You know when your business should expand internationally. Expanding your business internationally can present many opportunities, potential customers, as well as obstacles.
It helps you grow your business and also allows you to understand the global market. If you are looking to make your mark on the world, now is the right time to do it.
There are many things to consider when expanding your business internationally. Multilingualism isn’t enough. You also need to be able to take your business to a country that meets their requirements. It should be useful and serve a purpose.
Here are some questions to ask before you start:
Is my product likely to sell in the targeted culture?
Are your customers familiar with the products or services you offer?
Are you positive it will work in this country?
How does the infrastructure look?How to Expand Internationally: Keep your Business Purpose Alive
It is important to fully understand the potential of your brand in its current market and national version before you expand it internationally.
You may have difficulty expanding your business internationally if your brand strategy doesn’t meet the mark. Understanding your customers is the first step to understanding them abroad. Your brand is what will make or break your business. This includes product packaging, website design, customer service, and who your ideal buyers are. You need a solid strategy that can work for all of these.
Also read: Top 10 Job Search Websites of 2023Do not forget about Cultural Barriers and Language Barriers
There are many obstacles to overcome when you try to enter a foreign country. Two of the most important obstacles are language and cultural differences. These two issues will require you to adapt your marketing and branding strategy to appeal to your customers differently and highlight their culture.
This means that even if your office is new, you need to think about the culture of the office. Work/life balance can be different in every place, so you should make decisions that are based on that.
Language barriers can make it difficult to communicate with others when you are there. This can be avoided by learning a foreign language. This shows respect for their culture and values. It also helps to build meaningful relationships.
It is possible to identify the language spoken in your area and how long it will take you to learn it. You can then create a plan and start learning the language to help you move your business forward.Focus on the market needs that your business can solve
Global does not necessarily mean that the whole United States is your target country. It all depends on many factors. Some regions are better markets for your product.
These are some tips to help you choose which areas to focus on:
Is there a need for my product/service in this area?
These are just a few of the many options available to you. You can also choose the areas that matter most to your business and pinpoint the best places for your product.
Top 10 Programming Languages for Kids to learnRelationships are Important
You will likely be dealing with customers speaking different languages when you go global. It is therefore important to translate product materials and keep your brand as one that values other cultures.
You can also consider having a native speaker in your team to help you understand these requirements. This will ensure that you communicate with your customers as you should. A video translation service is also available. Many professional translation services are available to assist you in keeping up with your client and building relationships that will be important.Play your Logistics Game Right
You must manage the logistics of global expansion in a structured manner. This is critical to your success. This is where you need to be aware of the possible pitfalls that could affect your smooth logistical plans. You should also consider shipping costs, damaged cargo, and government regulations.
Logistics is crucial for your brand image. Setbacks such as these can negatively impact the brand image. These are the things that will help you build customer loyalty quicker if you deliver within the time agreed upon. You will have a nearness if you lose sight of the logistics.Identify Competition
It is important to know the competition in your market before you enter it.
Also read: Top 10 Job Search Websites of 2023Culture is Important
There must be a huge difference between the ideologies and practices of dealing with different people. These are the most important aspects to think about when expanding your business internationally.
Your services may be more popular in certain regions. Based on cultural practices and specifications, however, you might see greater or lesser demand.
Your branding strategies must be flexible to adapt to new markets. You won’t be able to appeal to new customers if you don’t solve them. You should also consider that cultural demands and views change, so something that might be offensive to one culture may not be offensive to another. These are the essential things to know before you start your global expansion plan.
Some of the largest businesses would have failed in certain markets if they underestimated their appeal.Consistency Is the Key
Consistency is key to positioning your brand in a global marketplace. No matter what you do, your brand’s values and promises must be kept in mind. People must see your brand as a positive example, especially as they grow in their perspective.
Also read: Top 10 Job Search Websites of 2023Conclusion
These are the top things to think about if you’re a business looking to expand internationally. It is a big step and requires careful planning. If you do everything right, your global expansion branding strategy can appeal strongly to both your customers and the entire market.
It doesn’t matter if you start at step 1, but it is important to remain consistent in your actions. Once you have everything in order, you can streamline everything to make your business stand out from the rest.
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