Cómo vender su negocio
Al enviar este formulario, acepto la Política de privacidad y doy mi consentimiento para el procesamiento de mis datos personales como se describe en ella.
Cómo vender su negocio
Al enviar este formulario, acepto la Política de privacidad y doy mi consentimiento para el procesamiento de mis datos personales como se describe en ella.
Lograr el éxito mediante el trabajo en equipo y el liderazgo
Somos su especialista líder mundial en ventas comerciales y continuaremos liderando el camino con sistemas innovadores y creativos para permitir que cada persona con mentalidad emprendedora cree y construya su futuro a través de los negocios.
- Programe una cita para reunirse con un profesional de ventas comerciales de First Choice.
- Reúna los documentos solicitados por su Broker de Negocios FCBB para su reunión.
- Durante su reunión, se le harán una serie de preguntas exhaustivas para ayudarnos a desarrollar una imagen más clara de su negocio y el enfoque que adoptaremos para obtener el interés del comprador en SU negocio.
- Determine la valoración/precio de mercado de su negocio utilizando los métodos de valoración probados de FCBB, incluidos ingresos y gastos discrecionales.
- Acuerdo de cotización que autoriza a FCBB a representarlo en la venta de su negocio.
- Aprobación previa del vendedor del listado de marketing/publicidad y posibles términos ofrecidos.
- Agente comercial de FCBB para gestionar las consultas de los compradores y el proceso de precalificación de los compradores, incluida la firma del NDA (acuerdo de confidencialidad) por parte del comprador.
- FCBB Business Broker para organizar reunión entre comprador y vendedor.
- Broker de Negocios FCBB para ayudar en la redacción y/o presentación de ofertas y posteriores negociaciones contractuales.
- FCBB Business Broker para gestionar el cronograma desde la aceptación de la oferta hasta el cierre (transferencia de propiedad al Comprador)
Lograr el éxito mediante el trabajo en equipo y el liderazgo
Somos el especialista líder mundial en ventas comerciales y continuaremos liderando el camino con sistemas innovadores y creativos para permitir que cada persona con mentalidad emprendedora cree y construya el futuro a través de los negocios.
- Programe una cita para reunirse con un profesional de ventas comerciales de First Choice.
- Reúna los documentos solicitados por su Broker de Negocios FCBB para su reunión.
- Durante su reunión, se le harán una serie de preguntas exhaustivas para ayudarnos a desarrollar una imagen más clara de su negocio y el enfoque que adoptaremos para obtener el interés del comprador en SU negocio.
- Determine la valoración/precio de mercado de su negocio utilizando los métodos de valoración probados de FCBB, incluidos ingresos y gastos discrecionales.
- Acuerdo de cotización que autoriza a FCBB a representarlo en la venta de su negocio.
- Aprobación previa del vendedor del listado de marketing/publicidad y posibles términos ofrecidos.
- Agente comercial de FCBB para gestionar las consultas de los compradores y el proceso de precalificación de los compradores, incluida la firma del NDA (acuerdo de confidencialidad) por parte del comprador.
- FCBB Business Broker para organizar reunión entre comprador y vendedor.
- Broker de Negocios FCBB para ayudar en la redacción y/o presentación de ofertas y posteriores negociaciones contractuales.
- FCBB Business Broker para gestionar el cronograma desde la aceptación de la oferta hasta el cierre (transferencia de propiedad al Comprador)
Preguntas frecuentes de los vendedores
¿Por qué debería utilizar un Business Broker para vender mi negocio?
Los propietarios de empresas que han vendido una empresa en el pasado probablemente le dirán que es un proceso largo y estresante. Vender su propia empresa puede dañar el valor de la misma, ya que le quita la atención de la operación diaria de la misma en un momento crítico en el que debería estar aumentando o al menos manteniendo su negocio actual. Cuando un corredor de negocios lo ayuda en el proceso, puede obtener más beneficios que solo por el precio obtenido. Los corredores de negocios lo ayudarán a valorar adecuadamente su empresa, llegar a los compradores que ya tienen, llegar a una mayor cantidad de nuevos compradores, permitirle continuar administrando su empresa en lugar de quitarle la atención, mantener la confidencialidad y, lo más importante, ayudarlo con el cierre de su transacción en función de su experiencia y capacitación. El error más común que cometen los vendedores potenciales es comparar la venta de su empresa con la venta de una casa. A diferencia de los agentes inmobiliarios, mantenemos su listado completamente confidencial y trabajamos con usted en cada paso del camino hasta que vendemos su empresa.
¿Por qué First Choice Business Brokers (FCBB)?
Con una experiencia inigualable desde 1994, oficinas en todo Estados Unidos y algunos de los corredores de negocios más capacitados de la industria, First Choice es la "opción clara" cuando se trata de elegir un corredor de negocios para que lo represente. Nuestros corredores de negocios son expertos en el campo de la valoración de empresas, ventas de empresas, marketing de empresas y negociaciones de compra/venta para satisfacer tanto a compradores como a vendedores.
¿Cómo se mantiene confidencial mi negocio en venta?
A diferencia de la venta de una casa o incluso de un edificio comercial, las empresas no tienen un cartel de "se vende". Las ventas de empresas deben mantenerse confidenciales; todos los compradores deben firmar un acuerdo de confidencialidad del comprador (NDA) antes de que se proporcione información detallada sobre su empresa. Esto ayuda a evitar que los empleados, proveedores, clientes y competidores descubran que está vendiendo su empresa.
¿Cómo se publicitará mi negocio?
Con First Choice Business Brokers, su empresa aparecerá en los sitios web mejor calificados específicamente para su área, así como en sitios nacionales e internacionales. Se pueden emplear otros medios publicitarios según el tipo de negocio.
¿Cómo sé cuánto vale mi negocio?
Los métodos probados de valoración y comercialización de FCBB colocarán a su empresa en la mejor posición posible para vender. Los profesionales de ventas de First Choice Business son algunos de los profesionales más capacitados de la industria.
¿Cuánto tiempo tardaré en vender mi negocio?
Una empresa con un precio adecuado suele venderse en aproximadamente 90 días, pero este plazo puede variar en gran medida en función de los ingresos de su empresa (y de lo fácil que sea demostrarlos), el tipo de empresa, las condiciones ofrecidas y la zona en la que se encuentra su empresa. Su profesional de ventas de empresas local de First Choice le proporcionará más información sobre su mercado local.
¿Los compradores visitarán mi negocio?
Después de que un comprador haya firmado un NDA (confidencialidad del comprador), revisado la información inicial y expresado un mayor interés en su negocio, su profesional de ventas comerciales de FCBB programará una reunión para que el comprador vea su negocio en un momento que sea apropiado para su tipo de negocio.
¿Cómo escriben los compradores las ofertas para comprar mi negocio?
La mayoría de los compradores que estén interesados en su negocio estarán representados por un agente comercial profesional que los ayudará a redactar una oferta que exprese su precio, términos, contingencias (si las hubiera) y solicite documentación adicional (si la hubiera). Luego, su agente comercial de FCBB y/o el agente del comprador le presentarán la oferta para su aprobación.
¿Quién atenderá todas las llamadas de consulta sobre la venta de mi negocio?
Su profesional de ventas comerciales de primera elección está capacitado para tratar con consultas entrantes (a menudo de personas que solo buscan información) y ayudar a determinar cuáles de esos compradores podrían estar listos para pasar al siguiente nivel.
¿Quién se encargará de las negociaciones sobre la venta de mi negocio?
Su profesional de ventas comerciales de First Choice está capacitado para ocuparse de las negociaciones de venta de su empresa. Su agente comercial de FCBB lo ayudará a navegar por todo el proceso; lo acompañaremos en cada paso del camino.
¿Cuánto tiempo tendré que capacitar a la persona que compre mi negocio?
Este es un punto negociable, pero hemos descubierto que la mayoría de los compradores piden 30 días. Algunos tipos de empresas solo requieren una o dos semanas de capacitación, mientras que otras empresas más complicadas pueden requerir un período de familiarización más prolongado. Si se requiere un período más largo, a menudo descubrimos que los vendedores negocian una tarifa de consultoría por períodos de capacitación más prolongados.
Después de vender mi negocio ¿puedo abrir otro en algún momento en el futuro?
Todos los compradores le pedirán que firme un compromiso de no competir dentro de un área y/o período de tiempo determinado.
¿Necesitaré financiar parte del precio de compra del negocio?
No existe ningún requisito de que usted "lleve papeles" en su negocio, sin embargo, en el mercado actual es muy común que los compradores soliciten algún tipo de Nota de Transporte del Vendedor que en realidad abre su negocio a un grupo más grande de compradores.
¿Cuándo debo notificar a mis empleados que estoy vendiendo el negocio?
Si bien es posible que tenga una relación cercana con sus empleados, se ha demostrado una y otra vez que el mejor momento para informarles a sus empleados es cuando los presenta a los nuevos propietarios. Esto puede resultarle difícil emocionalmente, pero la experiencia dicta que el silencio es la mejor práctica. La excepción a esta regla sería si un empleado "clave" forma parte de la negociación para que el comprador lo mantenga en su puesto después de que se complete la venta. En este caso, es posible que se requiera un aviso previo a esta persona y solo a ella. Su agente comercial de First Choice lo guiará a través del momento adecuado para esta parte tan importante del negocio. ¡El momento lo es todo!
¿Mi agente comercial de primera elección calificará al comprador verificando su crédito?
First Choice no verifica el crédito de los compradores; sin embargo, durante el proceso de oferta y aceptación, usted puede solicitar que el comprador le proporcione una copia de su informe crediticio. Esto no se le pide al comprador con frecuencia, ya que el propietario o arrendador probablemente obtendrá un informe crediticio para su revisión.
Entradas recientes
Por Kim Santos
•
20 de diciembre de 2024
Deck: Diversification is a sound financial planning strategy, but does it work for company building? How does Vitamix get away with charging $700 for a blender when reputable companies like Cuisinart and Breville make blenders for less than half the price? It’s because Vitamix does just one thing, and they do it better than anyone else. WhatsApp was just a messaging platform before Facebook acquired them for $19 billion US. Go Pro makes the best helmet mounted video cameras in the world. These companies stand out because they poured all of their limited resources into one big bet. The typical business school of thought is to diversify and cross sell your way to a “safe” business with a balanced portfolio of products – so when one product category tanks, another line of your business will hopefully boom. But the problem with selling too many things – especially for a young company – is that you water down everything you do to the point of mediocrity. Here are six reasons to stop being a jack-of-all-trades and start specializing in doing one thing better than anyone else: It will increase the value of your business When you sell one thing, you can differentiate yourself by pouring all of your marketing dollars into setting your one product apart, which will boost your company’s value. How do we know? After analyzing more than 13,000 businesses using The Value Builder Score, we found companies that have a monopoly on what they sell get acquisition offers that are 42 percent higher than the average business. 2. You can create a brand Big multinationals can dump millions into each of their brands, which enable them to sell more than one thing. Kellogg can own the Corn Flakes brand and also peddle Pringles because they have enough cash to support both brands independently, but with every new product comes a dilution of your marketing dollars. It’s hard enough for a start-up to build one household name and virtually impossible to create two without gobs of equity-diluting outside money. 3. You’ll be findable on Google When you Google “helmet camera,” Go Pro is featured in just about every listing, despite the fact that there are hundreds of video camera manufacturers. It’s easy for Go Pro to optimize their website for the keywords that matter when they are focused on selling only one product. 4. Nobody cheered for Goliath Small companies with the courage to make a single bet get a bump in popularity because we’re naturally inclined to want the underdog – willing to bet it all – to win. When Google launched its simple search engine with its endearing two search choices “I’m feeling lucky” vs. “Google search,” we all kicked Yahoo to the curb. Now that Google is all grown up and offering all sorts of stuff, we respect them as a company but do we love them quite as much? 5. Every staff member will be able to deliver When you do one thing, you can train your staff to execute, unlike when you offer dozens or hundreds of products and services that go well beyond the competence level of your junior staff. Having employees who can deliver means you can let them get on with their work, freeing up your time to think more about the big picture. 6. It will make you irresistible to an acquirer The more you specialize in a single product, the more you will be attractive to an acquirer when the time comes to sell your business. Acquirers buy things they cannot easily replicate themselves. Go Pro (NASDAQ: GPRO) is rumored to be a takeover target for a consumer electronics manufacturer or a content company that wants a beachhead in the action sports video market. Most consumer electronics companies could manufacturer their own helmet mounted cameras, but Go Pro is so far out in front of their competitors – they are the #1 brand channel on You Tube – that it would be easier to just buy the company rather than trying to claw market share away from a leader with such a dominant head start. Diversification is a great approach for your stock portfolio, but when it comes to your business, it may be a sure-fire road to mediocrity.
Por Kim Santos
•
19 de diciembre de 2024
In an analysis of more than 14,000 businesses, a new study finds the most valuable companies take a contrarian approach to the boss doing the selling. Who does the selling in your business? My guess is that when you’re personally involved in doing the selling, your business is a whole lot more profitable than the months when you leave the selling to others. That makes sense because you’re likely the most passionate advocate for your business. You have the most industry knowledge and the widest network of industry connections. If your goal is to maximize your company’s profit at all costs, you may have come to the conclusion that you should spend most of your time out of the office selling, and leave the dirty work of operating your businesses to your underlings. However, if your goal is to build a valuable company—one you can sell down the road—you can’t be your company’s number one salesperson. In fact, the less you know your customers personally, the more valuable your business. The Proof: A Study of 14,000 Businesses We’ve just finished analyzed our pool of Value Builder Score users for the quarter ending December 31. We offer The Sellability Score questionnaire as the first of twelve steps in The Value Builder System, a statistically proven methodology for increasing the value of a business. We asked 14,000 business owners if they had received an offer to buy their business in the last 12 months, and if so, what multiple of their pre-tax profit the offer represented. We then compared the offer made to the following question: Which of the following best describes your personal relationship with your company's customers? I know each of my customers by first name and they expect that I personally get involved when they buy from my company. I know most of my customers by first name and they usually want to deal with me rather than one of my employees. I know some of my customers by first name and a few of them prefer to deal with me rather than one of my employees. I don’t know my customers personally and rarely get involved in serving an individual customer. 2.93 vs. 4.49 Times The average offer received among all of the businesses we analyzed was 3.7 times pre-tax profit. However, when we isolated just those businesses where the owner does not know his/her customers personally and rarely gets involved in serving an individual customer, the offer multiple went up to 4.49. Companies where the founder knows each of his/her customers by first name get discounted, earning offers of just 2.93 times pre-tax profit. When Value Is the Enemy of Profit Who you get to do the selling in your company is just one of many examples where the actions you take to build a valuable company are different than what you do to maximize your profit. If all you wanted was a fat bottom line, you likely wouldn’t invest in upgrading your website or spend much time thinking about the squishy business of company culture. How much money you make each year is important, but how you earn that profit will have a greater impact on the value of your company in the long run.
Por Kim Santos
•
18 de diciembre de 2024
Deck: Business valuation goes beyond simple mathematics, but to get some idea of what your business might be worth, consider the three methods below. Your business is likely your largest asset so it's normal to want to know what it is worth. The problem is: business valuation is what one might call a "subjective science." The science part is what people go to school to learn: you can get an MBA or a degree in finance, or you can learn the theory behind business valuation and earn professional credentials as a business valuation professional. The subjective part is that every buyer's circumstances are different, and therefore two buyers could see the same set of company financials and offer vastly different amounts to buy the business. This article provides the basic science and math behind the most common business valuation techniques, but keep in mind that there will always be outliers that fall well outside of these frameworks. These are strategic sales , where a business is valued based on what it is worth in the acquirer's hands. Strategic acquisitions, however, represent the minority of acquisitions, so use the three methods below to triangulate around a realistic value for your company: Assets-based The most basic way to value a business is to consider the value of its hard assets minus its debts. Imagine a landscaping company with trucks and gardening equipment. These hard assets have value, which can be calculated by estimating the resale value of your equipment. This valuation method often renders the lowest value for your company because it assumes your company does not have any "Good Will." In accountant speak, "Good Will" has nothing to do with how much people like your company; Good Will is defined as the difference between your company's market value (what someone is willing to pay for it) and the value of your net assets (assets minus liabilities). Typically, companies have at least some Good Will, so in most cases you get a higher valuation by using one of the other two methods described below. Discounted Cash Flow In this method, the acquirer is estimating what your future stream of cash flow is worth to them today. They start by trying to figure out how much profit you expect to make in the next few years. The more stable and predictable your cash flows, the more years of future cash they will consider. Once the buyer has an estimate of how much profit you're likely to make in the foreseeable future, and what your business will be worth when they want to sell it in the future, the buyer will apply a "discount rate" that takes into consideration the time value of money. The discount rate is determined by the acquirer's cost of capital and how risky they perceive your business to be. Rather than getting hung up on the math behind the discounted cash flow valuation technique, it's better to understand the drivers of your value when you use this method. They are: 1) how much profit your business is expected to make in the future; and 2) how reliable those estimates are. Note that business valuation techniques are either/or and not a combination. For example, if you are using Discounted Cash Flow, the hard assets of the company are assumed to be integral to the generation of the profit the acquirer is buying and therefore not included in the calculation of your company's value. A money-losing bed and breakfast sitting on a $2 million piece of land is going to be better off using the Asset-based valuation method; whereas a professional services firm that expects to earn $500,000 in profit next year, but has little in the way of hard assets, will garner a higher valuation using the Discounted Cash Flow method or the Comparables technique described below. Comparables Another common valuation technique is to look at the value of comparable companies that have sold recently or for whom their value is public. For example, accounting firms typically trade at one times gross recurring fees. Home and office security companies trade at about two times monitoring revenue, and most security company owners know the Comparables technique because they are often getting approached to sell by private equity firms rolling up small security firms. Typically you can find out what companies in your industry are selling for by asking around at your annual industry conference. The problem with using the Comparables methodology is that it often leads owners to make an apples-to-bananas comparison. For example, a small medical device manufacturer might think that, because GE is trading for 20 times last year's earnings on the New York Stock Exchange, they too are worth 20 times last year's profit. However, if one looks at the more than 13,000 businesses analyzed through the The Value Builder System , it’s clear that a small medical device manufacturer is likely to trade closer to five times pre-tax profit. Small companies are deeply discounted when compared to their Fortune 500 counterparts, so comparing your company with a Fortune 500 giant will typically lead to disappointment. Finally, the worst part about selling your business is that you don't get to decide which methodology the acquirer chooses. An acquirer will do the math on what your business is worth to them behind closed doors. They may decide your business is strategic, in which case back up the Brinks truck because you're about to get handsomely rewarded for your company. But in most cases, an acquirer will use one of the three techniques described here to come up with an offer to buy your business.
Por Kim Santos
•
20 de diciembre de 2024
Deck: Diversification is a sound financial planning strategy, but does it work for company building? How does Vitamix get away with charging $700 for a blender when reputable companies like Cuisinart and Breville make blenders for less than half the price? It’s because Vitamix does just one thing, and they do it better than anyone else. WhatsApp was just a messaging platform before Facebook acquired them for $19 billion US. Go Pro makes the best helmet mounted video cameras in the world. These companies stand out because they poured all of their limited resources into one big bet. The typical business school of thought is to diversify and cross sell your way to a “safe” business with a balanced portfolio of products – so when one product category tanks, another line of your business will hopefully boom. But the problem with selling too many things – especially for a young company – is that you water down everything you do to the point of mediocrity. Here are six reasons to stop being a jack-of-all-trades and start specializing in doing one thing better than anyone else: It will increase the value of your business When you sell one thing, you can differentiate yourself by pouring all of your marketing dollars into setting your one product apart, which will boost your company’s value. How do we know? After analyzing more than 13,000 businesses using The Value Builder Score, we found companies that have a monopoly on what they sell get acquisition offers that are 42 percent higher than the average business. 2. You can create a brand Big multinationals can dump millions into each of their brands, which enable them to sell more than one thing. Kellogg can own the Corn Flakes brand and also peddle Pringles because they have enough cash to support both brands independently, but with every new product comes a dilution of your marketing dollars. It’s hard enough for a start-up to build one household name and virtually impossible to create two without gobs of equity-diluting outside money. 3. You’ll be findable on Google When you Google “helmet camera,” Go Pro is featured in just about every listing, despite the fact that there are hundreds of video camera manufacturers. It’s easy for Go Pro to optimize their website for the keywords that matter when they are focused on selling only one product. 4. Nobody cheered for Goliath Small companies with the courage to make a single bet get a bump in popularity because we’re naturally inclined to want the underdog – willing to bet it all – to win. When Google launched its simple search engine with its endearing two search choices “I’m feeling lucky” vs. “Google search,” we all kicked Yahoo to the curb. Now that Google is all grown up and offering all sorts of stuff, we respect them as a company but do we love them quite as much? 5. Every staff member will be able to deliver When you do one thing, you can train your staff to execute, unlike when you offer dozens or hundreds of products and services that go well beyond the competence level of your junior staff. Having employees who can deliver means you can let them get on with their work, freeing up your time to think more about the big picture. 6. It will make you irresistible to an acquirer The more you specialize in a single product, the more you will be attractive to an acquirer when the time comes to sell your business. Acquirers buy things they cannot easily replicate themselves. Go Pro (NASDAQ: GPRO) is rumored to be a takeover target for a consumer electronics manufacturer or a content company that wants a beachhead in the action sports video market. Most consumer electronics companies could manufacturer their own helmet mounted cameras, but Go Pro is so far out in front of their competitors – they are the #1 brand channel on You Tube – that it would be easier to just buy the company rather than trying to claw market share away from a leader with such a dominant head start. Diversification is a great approach for your stock portfolio, but when it comes to your business, it may be a sure-fire road to mediocrity.
Por Kim Santos
•
19 de diciembre de 2024
In an analysis of more than 14,000 businesses, a new study finds the most valuable companies take a contrarian approach to the boss doing the selling. Who does the selling in your business? My guess is that when you’re personally involved in doing the selling, your business is a whole lot more profitable than the months when you leave the selling to others. That makes sense because you’re likely the most passionate advocate for your business. You have the most industry knowledge and the widest network of industry connections. If your goal is to maximize your company’s profit at all costs, you may have come to the conclusion that you should spend most of your time out of the office selling, and leave the dirty work of operating your businesses to your underlings. However, if your goal is to build a valuable company—one you can sell down the road—you can’t be your company’s number one salesperson. In fact, the less you know your customers personally, the more valuable your business. The Proof: A Study of 14,000 Businesses We’ve just finished analyzed our pool of Value Builder Score users for the quarter ending December 31. We offer The Sellability Score questionnaire as the first of twelve steps in The Value Builder System, a statistically proven methodology for increasing the value of a business. We asked 14,000 business owners if they had received an offer to buy their business in the last 12 months, and if so, what multiple of their pre-tax profit the offer represented. We then compared the offer made to the following question: Which of the following best describes your personal relationship with your company's customers? I know each of my customers by first name and they expect that I personally get involved when they buy from my company. I know most of my customers by first name and they usually want to deal with me rather than one of my employees. I know some of my customers by first name and a few of them prefer to deal with me rather than one of my employees. I don’t know my customers personally and rarely get involved in serving an individual customer. 2.93 vs. 4.49 Times The average offer received among all of the businesses we analyzed was 3.7 times pre-tax profit. However, when we isolated just those businesses where the owner does not know his/her customers personally and rarely gets involved in serving an individual customer, the offer multiple went up to 4.49. Companies where the founder knows each of his/her customers by first name get discounted, earning offers of just 2.93 times pre-tax profit. When Value Is the Enemy of Profit Who you get to do the selling in your company is just one of many examples where the actions you take to build a valuable company are different than what you do to maximize your profit. If all you wanted was a fat bottom line, you likely wouldn’t invest in upgrading your website or spend much time thinking about the squishy business of company culture. How much money you make each year is important, but how you earn that profit will have a greater impact on the value of your company in the long run.
Por Kim Santos
•
18 de diciembre de 2024
Deck: Business valuation goes beyond simple mathematics, but to get some idea of what your business might be worth, consider the three methods below. Your business is likely your largest asset so it's normal to want to know what it is worth. The problem is: business valuation is what one might call a "subjective science." The science part is what people go to school to learn: you can get an MBA or a degree in finance, or you can learn the theory behind business valuation and earn professional credentials as a business valuation professional. The subjective part is that every buyer's circumstances are different, and therefore two buyers could see the same set of company financials and offer vastly different amounts to buy the business. This article provides the basic science and math behind the most common business valuation techniques, but keep in mind that there will always be outliers that fall well outside of these frameworks. These are strategic sales , where a business is valued based on what it is worth in the acquirer's hands. Strategic acquisitions, however, represent the minority of acquisitions, so use the three methods below to triangulate around a realistic value for your company: Assets-based The most basic way to value a business is to consider the value of its hard assets minus its debts. Imagine a landscaping company with trucks and gardening equipment. These hard assets have value, which can be calculated by estimating the resale value of your equipment. This valuation method often renders the lowest value for your company because it assumes your company does not have any "Good Will." In accountant speak, "Good Will" has nothing to do with how much people like your company; Good Will is defined as the difference between your company's market value (what someone is willing to pay for it) and the value of your net assets (assets minus liabilities). Typically, companies have at least some Good Will, so in most cases you get a higher valuation by using one of the other two methods described below. Discounted Cash Flow In this method, the acquirer is estimating what your future stream of cash flow is worth to them today. They start by trying to figure out how much profit you expect to make in the next few years. The more stable and predictable your cash flows, the more years of future cash they will consider. Once the buyer has an estimate of how much profit you're likely to make in the foreseeable future, and what your business will be worth when they want to sell it in the future, the buyer will apply a "discount rate" that takes into consideration the time value of money. The discount rate is determined by the acquirer's cost of capital and how risky they perceive your business to be. Rather than getting hung up on the math behind the discounted cash flow valuation technique, it's better to understand the drivers of your value when you use this method. They are: 1) how much profit your business is expected to make in the future; and 2) how reliable those estimates are. Note that business valuation techniques are either/or and not a combination. For example, if you are using Discounted Cash Flow, the hard assets of the company are assumed to be integral to the generation of the profit the acquirer is buying and therefore not included in the calculation of your company's value. A money-losing bed and breakfast sitting on a $2 million piece of land is going to be better off using the Asset-based valuation method; whereas a professional services firm that expects to earn $500,000 in profit next year, but has little in the way of hard assets, will garner a higher valuation using the Discounted Cash Flow method or the Comparables technique described below. Comparables Another common valuation technique is to look at the value of comparable companies that have sold recently or for whom their value is public. For example, accounting firms typically trade at one times gross recurring fees. Home and office security companies trade at about two times monitoring revenue, and most security company owners know the Comparables technique because they are often getting approached to sell by private equity firms rolling up small security firms. Typically you can find out what companies in your industry are selling for by asking around at your annual industry conference. The problem with using the Comparables methodology is that it often leads owners to make an apples-to-bananas comparison. For example, a small medical device manufacturer might think that, because GE is trading for 20 times last year's earnings on the New York Stock Exchange, they too are worth 20 times last year's profit. However, if one looks at the more than 13,000 businesses analyzed through the The Value Builder System , it’s clear that a small medical device manufacturer is likely to trade closer to five times pre-tax profit. Small companies are deeply discounted when compared to their Fortune 500 counterparts, so comparing your company with a Fortune 500 giant will typically lead to disappointment. Finally, the worst part about selling your business is that you don't get to decide which methodology the acquirer chooses. An acquirer will do the math on what your business is worth to them behind closed doors. They may decide your business is strategic, in which case back up the Brinks truck because you're about to get handsomely rewarded for your company. But in most cases, an acquirer will use one of the three techniques described here to come up with an offer to buy your business.
Por Kim Santos
•
20 de diciembre de 2024
Deck: Diversification is a sound financial planning strategy, but does it work for company building? How does Vitamix get away with charging $700 for a blender when reputable companies like Cuisinart and Breville make blenders for less than half the price? It’s because Vitamix does just one thing, and they do it better than anyone else. WhatsApp was just a messaging platform before Facebook acquired them for $19 billion US. Go Pro makes the best helmet mounted video cameras in the world. These companies stand out because they poured all of their limited resources into one big bet. The typical business school of thought is to diversify and cross sell your way to a “safe” business with a balanced portfolio of products – so when one product category tanks, another line of your business will hopefully boom. But the problem with selling too many things – especially for a young company – is that you water down everything you do to the point of mediocrity. Here are six reasons to stop being a jack-of-all-trades and start specializing in doing one thing better than anyone else: It will increase the value of your business When you sell one thing, you can differentiate yourself by pouring all of your marketing dollars into setting your one product apart, which will boost your company’s value. How do we know? After analyzing more than 13,000 businesses using The Value Builder Score, we found companies that have a monopoly on what they sell get acquisition offers that are 42 percent higher than the average business. 2. You can create a brand Big multinationals can dump millions into each of their brands, which enable them to sell more than one thing. Kellogg can own the Corn Flakes brand and also peddle Pringles because they have enough cash to support both brands independently, but with every new product comes a dilution of your marketing dollars. It’s hard enough for a start-up to build one household name and virtually impossible to create two without gobs of equity-diluting outside money. 3. You’ll be findable on Google When you Google “helmet camera,” Go Pro is featured in just about every listing, despite the fact that there are hundreds of video camera manufacturers. It’s easy for Go Pro to optimize their website for the keywords that matter when they are focused on selling only one product. 4. Nobody cheered for Goliath Small companies with the courage to make a single bet get a bump in popularity because we’re naturally inclined to want the underdog – willing to bet it all – to win. When Google launched its simple search engine with its endearing two search choices “I’m feeling lucky” vs. “Google search,” we all kicked Yahoo to the curb. Now that Google is all grown up and offering all sorts of stuff, we respect them as a company but do we love them quite as much? 5. Every staff member will be able to deliver When you do one thing, you can train your staff to execute, unlike when you offer dozens or hundreds of products and services that go well beyond the competence level of your junior staff. Having employees who can deliver means you can let them get on with their work, freeing up your time to think more about the big picture. 6. It will make you irresistible to an acquirer The more you specialize in a single product, the more you will be attractive to an acquirer when the time comes to sell your business. Acquirers buy things they cannot easily replicate themselves. Go Pro (NASDAQ: GPRO) is rumored to be a takeover target for a consumer electronics manufacturer or a content company that wants a beachhead in the action sports video market. Most consumer electronics companies could manufacturer their own helmet mounted cameras, but Go Pro is so far out in front of their competitors – they are the #1 brand channel on You Tube – that it would be easier to just buy the company rather than trying to claw market share away from a leader with such a dominant head start. Diversification is a great approach for your stock portfolio, but when it comes to your business, it may be a sure-fire road to mediocrity.
Por Kim Santos
•
19 de diciembre de 2024
In an analysis of more than 14,000 businesses, a new study finds the most valuable companies take a contrarian approach to the boss doing the selling. Who does the selling in your business? My guess is that when you’re personally involved in doing the selling, your business is a whole lot more profitable than the months when you leave the selling to others. That makes sense because you’re likely the most passionate advocate for your business. You have the most industry knowledge and the widest network of industry connections. If your goal is to maximize your company’s profit at all costs, you may have come to the conclusion that you should spend most of your time out of the office selling, and leave the dirty work of operating your businesses to your underlings. However, if your goal is to build a valuable company—one you can sell down the road—you can’t be your company’s number one salesperson. In fact, the less you know your customers personally, the more valuable your business. The Proof: A Study of 14,000 Businesses We’ve just finished analyzed our pool of Value Builder Score users for the quarter ending December 31. We offer The Sellability Score questionnaire as the first of twelve steps in The Value Builder System, a statistically proven methodology for increasing the value of a business. We asked 14,000 business owners if they had received an offer to buy their business in the last 12 months, and if so, what multiple of their pre-tax profit the offer represented. We then compared the offer made to the following question: Which of the following best describes your personal relationship with your company's customers? I know each of my customers by first name and they expect that I personally get involved when they buy from my company. I know most of my customers by first name and they usually want to deal with me rather than one of my employees. I know some of my customers by first name and a few of them prefer to deal with me rather than one of my employees. I don’t know my customers personally and rarely get involved in serving an individual customer. 2.93 vs. 4.49 Times The average offer received among all of the businesses we analyzed was 3.7 times pre-tax profit. However, when we isolated just those businesses where the owner does not know his/her customers personally and rarely gets involved in serving an individual customer, the offer multiple went up to 4.49. Companies where the founder knows each of his/her customers by first name get discounted, earning offers of just 2.93 times pre-tax profit. When Value Is the Enemy of Profit Who you get to do the selling in your company is just one of many examples where the actions you take to build a valuable company are different than what you do to maximize your profit. If all you wanted was a fat bottom line, you likely wouldn’t invest in upgrading your website or spend much time thinking about the squishy business of company culture. How much money you make each year is important, but how you earn that profit will have a greater impact on the value of your company in the long run.
Por Kim Santos
•
18 de diciembre de 2024
Deck: Business valuation goes beyond simple mathematics, but to get some idea of what your business might be worth, consider the three methods below. Your business is likely your largest asset so it's normal to want to know what it is worth. The problem is: business valuation is what one might call a "subjective science." The science part is what people go to school to learn: you can get an MBA or a degree in finance, or you can learn the theory behind business valuation and earn professional credentials as a business valuation professional. The subjective part is that every buyer's circumstances are different, and therefore two buyers could see the same set of company financials and offer vastly different amounts to buy the business. This article provides the basic science and math behind the most common business valuation techniques, but keep in mind that there will always be outliers that fall well outside of these frameworks. These are strategic sales , where a business is valued based on what it is worth in the acquirer's hands. Strategic acquisitions, however, represent the minority of acquisitions, so use the three methods below to triangulate around a realistic value for your company: Assets-based The most basic way to value a business is to consider the value of its hard assets minus its debts. Imagine a landscaping company with trucks and gardening equipment. These hard assets have value, which can be calculated by estimating the resale value of your equipment. This valuation method often renders the lowest value for your company because it assumes your company does not have any "Good Will." In accountant speak, "Good Will" has nothing to do with how much people like your company; Good Will is defined as the difference between your company's market value (what someone is willing to pay for it) and the value of your net assets (assets minus liabilities). Typically, companies have at least some Good Will, so in most cases you get a higher valuation by using one of the other two methods described below. Discounted Cash Flow In this method, the acquirer is estimating what your future stream of cash flow is worth to them today. They start by trying to figure out how much profit you expect to make in the next few years. The more stable and predictable your cash flows, the more years of future cash they will consider. Once the buyer has an estimate of how much profit you're likely to make in the foreseeable future, and what your business will be worth when they want to sell it in the future, the buyer will apply a "discount rate" that takes into consideration the time value of money. The discount rate is determined by the acquirer's cost of capital and how risky they perceive your business to be. Rather than getting hung up on the math behind the discounted cash flow valuation technique, it's better to understand the drivers of your value when you use this method. They are: 1) how much profit your business is expected to make in the future; and 2) how reliable those estimates are. Note that business valuation techniques are either/or and not a combination. For example, if you are using Discounted Cash Flow, the hard assets of the company are assumed to be integral to the generation of the profit the acquirer is buying and therefore not included in the calculation of your company's value. A money-losing bed and breakfast sitting on a $2 million piece of land is going to be better off using the Asset-based valuation method; whereas a professional services firm that expects to earn $500,000 in profit next year, but has little in the way of hard assets, will garner a higher valuation using the Discounted Cash Flow method or the Comparables technique described below. Comparables Another common valuation technique is to look at the value of comparable companies that have sold recently or for whom their value is public. For example, accounting firms typically trade at one times gross recurring fees. Home and office security companies trade at about two times monitoring revenue, and most security company owners know the Comparables technique because they are often getting approached to sell by private equity firms rolling up small security firms. Typically you can find out what companies in your industry are selling for by asking around at your annual industry conference. The problem with using the Comparables methodology is that it often leads owners to make an apples-to-bananas comparison. For example, a small medical device manufacturer might think that, because GE is trading for 20 times last year's earnings on the New York Stock Exchange, they too are worth 20 times last year's profit. However, if one looks at the more than 13,000 businesses analyzed through the The Value Builder System , it’s clear that a small medical device manufacturer is likely to trade closer to five times pre-tax profit. Small companies are deeply discounted when compared to their Fortune 500 counterparts, so comparing your company with a Fortune 500 giant will typically lead to disappointment. Finally, the worst part about selling your business is that you don't get to decide which methodology the acquirer chooses. An acquirer will do the math on what your business is worth to them behind closed doors. They may decide your business is strategic, in which case back up the Brinks truck because you're about to get handsomely rewarded for your company. But in most cases, an acquirer will use one of the three techniques described here to come up with an offer to buy your business.
Preguntas frecuentes de los vendedores
¿Por qué debería utilizar un Business Broker para vender mi negocio?
Los propietarios de empresas que han vendido una empresa en el pasado probablemente le dirán que es un proceso largo y estresante. Vender su propia empresa puede dañar el valor de la misma, ya que le quita la atención de la operación diaria de la misma en un momento crítico en el que debería estar aumentando o al menos manteniendo su negocio actual. Cuando un corredor de negocios lo ayuda en el proceso, puede obtener más beneficios que solo por el precio obtenido. Los corredores de negocios lo ayudarán a valorar adecuadamente su empresa, llegar a los compradores que ya tienen, llegar a una mayor cantidad de nuevos compradores, permitirle continuar administrando su empresa en lugar de quitarle la atención, mantener la confidencialidad y, lo más importante, ayudarlo con el cierre de su transacción en función de su experiencia y capacitación. El error más común que cometen los vendedores potenciales es comparar la venta de su empresa con la venta de una casa. A diferencia de los agentes inmobiliarios, mantenemos su listado completamente confidencial y trabajamos con usted en cada paso del camino hasta que vendemos su empresa.
¿Por qué First Choice Business Brokers (FCBB)?
Con una experiencia inigualable desde 1994, oficinas en todo Estados Unidos y algunos de los corredores de negocios más capacitados de la industria, First Choice es la "opción clara" cuando se trata de elegir un corredor de negocios para que lo represente. Nuestros corredores de negocios son expertos en el campo de la evaluación de negocios, ventas de negocios, marketing de negocios y negociaciones de compra/venta para satisfacer tanto a compradores como a vendedores.
¿Cómo se mantiene confidencial mi negocio en venta?
A diferencia de la venta de una casa o incluso de un edificio comercial, las empresas no tienen un cartel de "se vende". Las ventas de empresas deben mantenerse confidenciales; todos los compradores deben firmar un acuerdo de confidencialidad del comprador (NDA) antes de que se proporcione información detallada sobre su empresa. Esto ayuda a evitar que los empleados, proveedores, clientes y competidores descubran que está vendiendo su empresa.
¿Cómo se publicitará mi negocio?
Con First Choice Business Brokers, su empresa aparecerá en los sitios web mejor calificados específicamente para su área, así como en sitios nacionales e internacionales. Se pueden emplear otros medios publicitarios según el tipo de negocio.
¿Cómo sé cuánto vale mi negocio?
Los métodos probados de valoración y comercialización de FCBB colocarán a su empresa en la mejor posición posible para vender. Los profesionales de ventas de First Choice Business son algunos de los profesionales más capacitados de la industria.
¿Cuánto tiempo tardaré en vender mi negocio?
Una empresa con un precio adecuado suele venderse en aproximadamente 90 días, pero este plazo puede variar en gran medida en función de los ingresos de su empresa (y de lo fácil que sea demostrarlos), el tipo de empresa, las condiciones ofrecidas y la zona en la que se encuentra su empresa. Su profesional de ventas de empresas local de First Choice le proporcionará más información sobre su mercado local.
¿Los compradores visitarán mi negocio?
Después de que un comprador haya firmado un NDA (confidencialidad del comprador), revisado la información inicial y expresado un mayor interés en su negocio, su profesional de ventas comerciales de FCBB programará una reunión para que el comprador vea su negocio en un momento que sea apropiado para su tipo de negocio.
¿Cómo escriben los compradores las ofertas para comprar mi negocio?
La mayoría de los compradores que estén interesados en su negocio estarán representados por un agente comercial profesional que los ayudará a redactar una oferta que exprese su precio, términos, contingencias (si las hubiera) y solicite documentación adicional (si la hubiera). Luego, su agente comercial de FCBB y/o el agente del comprador le presentarán la oferta para su aprobación.
¿Quién atenderá todas las llamadas de consulta sobre la venta de mi negocio?
Su profesional de ventas comerciales de primera elección está capacitado para tratar con consultas entrantes (a menudo de personas que solo buscan información) y ayudar a determinar cuáles de esos compradores podrían estar listos para pasar al siguiente nivel.
¿Quién se encargará de las negociaciones sobre la venta de mi negocio?
Su profesional de ventas comerciales de First Choice está capacitado para ocuparse de las negociaciones de venta de su empresa. Su agente comercial de FCBB lo ayudará a navegar por todo el proceso; lo acompañaremos en cada paso del camino.
¿Cuánto tiempo tendré que capacitar a la persona que compre mi negocio?
Este es un punto negociable, pero hemos descubierto que la mayoría de los compradores piden 30 días. Algunos tipos de empresas solo requieren una o dos semanas de capacitación, mientras que otras empresas más complicadas pueden requerir un período de familiarización más prolongado. Si se requiere un período más largo, a menudo descubrimos que los vendedores negocian una tarifa de consultoría por períodos de capacitación más prolongados.
Después de vender mi negocio ¿puedo abrir otro en algún momento en el futuro?
Todos los compradores le pedirán que firme un compromiso de no competir dentro de un área y/o período de tiempo determinado.
¿Necesitaré financiar parte del precio de compra del negocio?
No existe ningún requisito de que usted "lleve papeles" en su negocio, sin embargo, en el mercado actual es muy común que los compradores soliciten algún tipo de Nota de Transporte del Vendedor que en realidad abre su negocio a un grupo más grande de compradores.
¿Cuándo debo notificar a mis empleados que estoy vendiendo el negocio?
Si bien es posible que tenga una relación cercana con sus empleados, se ha demostrado una y otra vez que el mejor momento para informarles a sus empleados es cuando los presenta a los nuevos propietarios. Esto puede resultarle difícil emocionalmente, pero la experiencia dicta que el silencio es la mejor práctica. La excepción a esta regla sería si un empleado "clave" es parte de la negociación para que el Comprador lo mantenga en su puesto después de que se complete la venta. En este caso, es posible que se requiera un aviso previo a esta persona y solo a ella. Su agente comercial de First Choice lo guiará a través del momento adecuado para esta parte tan importante de la venta comercial: ¡el momento lo es todo!
¿Mi agente comercial de primera elección calificará al comprador verificando su crédito?
First Choice no verifica el crédito de los compradores; sin embargo, durante el proceso de oferta y aceptación, usted puede solicitar que el comprador le proporcione una copia de su informe crediticio. Esto no se le pide al comprador con frecuencia, ya que el propietario o arrendador probablemente obtendrá un informe crediticio para su revisión.
Entradas recientes
Por Kim Santos
•
20 de diciembre de 2024
Deck: Diversification is a sound financial planning strategy, but does it work for company building? How does Vitamix get away with charging $700 for a blender when reputable companies like Cuisinart and Breville make blenders for less than half the price? It’s because Vitamix does just one thing, and they do it better than anyone else. WhatsApp was just a messaging platform before Facebook acquired them for $19 billion US. Go Pro makes the best helmet mounted video cameras in the world. These companies stand out because they poured all of their limited resources into one big bet. The typical business school of thought is to diversify and cross sell your way to a “safe” business with a balanced portfolio of products – so when one product category tanks, another line of your business will hopefully boom. But the problem with selling too many things – especially for a young company – is that you water down everything you do to the point of mediocrity. Here are six reasons to stop being a jack-of-all-trades and start specializing in doing one thing better than anyone else: It will increase the value of your business When you sell one thing, you can differentiate yourself by pouring all of your marketing dollars into setting your one product apart, which will boost your company’s value. How do we know? After analyzing more than 13,000 businesses using The Value Builder Score, we found companies that have a monopoly on what they sell get acquisition offers that are 42 percent higher than the average business. 2. You can create a brand Big multinationals can dump millions into each of their brands, which enable them to sell more than one thing. Kellogg can own the Corn Flakes brand and also peddle Pringles because they have enough cash to support both brands independently, but with every new product comes a dilution of your marketing dollars. It’s hard enough for a start-up to build one household name and virtually impossible to create two without gobs of equity-diluting outside money. 3. You’ll be findable on Google When you Google “helmet camera,” Go Pro is featured in just about every listing, despite the fact that there are hundreds of video camera manufacturers. It’s easy for Go Pro to optimize their website for the keywords that matter when they are focused on selling only one product. 4. Nobody cheered for Goliath Small companies with the courage to make a single bet get a bump in popularity because we’re naturally inclined to want the underdog – willing to bet it all – to win. When Google launched its simple search engine with its endearing two search choices “I’m feeling lucky” vs. “Google search,” we all kicked Yahoo to the curb. Now that Google is all grown up and offering all sorts of stuff, we respect them as a company but do we love them quite as much? 5. Every staff member will be able to deliver When you do one thing, you can train your staff to execute, unlike when you offer dozens or hundreds of products and services that go well beyond the competence level of your junior staff. Having employees who can deliver means you can let them get on with their work, freeing up your time to think more about the big picture. 6. It will make you irresistible to an acquirer The more you specialize in a single product, the more you will be attractive to an acquirer when the time comes to sell your business. Acquirers buy things they cannot easily replicate themselves. Go Pro (NASDAQ: GPRO) is rumored to be a takeover target for a consumer electronics manufacturer or a content company that wants a beachhead in the action sports video market. Most consumer electronics companies could manufacturer their own helmet mounted cameras, but Go Pro is so far out in front of their competitors – they are the #1 brand channel on You Tube – that it would be easier to just buy the company rather than trying to claw market share away from a leader with such a dominant head start. Diversification is a great approach for your stock portfolio, but when it comes to your business, it may be a sure-fire road to mediocrity.
Por Kim Santos
•
19 de diciembre de 2024
In an analysis of more than 14,000 businesses, a new study finds the most valuable companies take a contrarian approach to the boss doing the selling. Who does the selling in your business? My guess is that when you’re personally involved in doing the selling, your business is a whole lot more profitable than the months when you leave the selling to others. That makes sense because you’re likely the most passionate advocate for your business. You have the most industry knowledge and the widest network of industry connections. If your goal is to maximize your company’s profit at all costs, you may have come to the conclusion that you should spend most of your time out of the office selling, and leave the dirty work of operating your businesses to your underlings. However, if your goal is to build a valuable company—one you can sell down the road—you can’t be your company’s number one salesperson. In fact, the less you know your customers personally, the more valuable your business. The Proof: A Study of 14,000 Businesses We’ve just finished analyzed our pool of Value Builder Score users for the quarter ending December 31. We offer The Sellability Score questionnaire as the first of twelve steps in The Value Builder System, a statistically proven methodology for increasing the value of a business. We asked 14,000 business owners if they had received an offer to buy their business in the last 12 months, and if so, what multiple of their pre-tax profit the offer represented. We then compared the offer made to the following question: Which of the following best describes your personal relationship with your company's customers? I know each of my customers by first name and they expect that I personally get involved when they buy from my company. I know most of my customers by first name and they usually want to deal with me rather than one of my employees. I know some of my customers by first name and a few of them prefer to deal with me rather than one of my employees. I don’t know my customers personally and rarely get involved in serving an individual customer. 2.93 vs. 4.49 Times The average offer received among all of the businesses we analyzed was 3.7 times pre-tax profit. However, when we isolated just those businesses where the owner does not know his/her customers personally and rarely gets involved in serving an individual customer, the offer multiple went up to 4.49. Companies where the founder knows each of his/her customers by first name get discounted, earning offers of just 2.93 times pre-tax profit. When Value Is the Enemy of Profit Who you get to do the selling in your company is just one of many examples where the actions you take to build a valuable company are different than what you do to maximize your profit. If all you wanted was a fat bottom line, you likely wouldn’t invest in upgrading your website or spend much time thinking about the squishy business of company culture. How much money you make each year is important, but how you earn that profit will have a greater impact on the value of your company in the long run.
Por Kim Santos
•
18 de diciembre de 2024
Deck: Business valuation goes beyond simple mathematics, but to get some idea of what your business might be worth, consider the three methods below. Your business is likely your largest asset so it's normal to want to know what it is worth. The problem is: business valuation is what one might call a "subjective science." The science part is what people go to school to learn: you can get an MBA or a degree in finance, or you can learn the theory behind business valuation and earn professional credentials as a business valuation professional. The subjective part is that every buyer's circumstances are different, and therefore two buyers could see the same set of company financials and offer vastly different amounts to buy the business. This article provides the basic science and math behind the most common business valuation techniques, but keep in mind that there will always be outliers that fall well outside of these frameworks. These are strategic sales , where a business is valued based on what it is worth in the acquirer's hands. Strategic acquisitions, however, represent the minority of acquisitions, so use the three methods below to triangulate around a realistic value for your company: Assets-based The most basic way to value a business is to consider the value of its hard assets minus its debts. Imagine a landscaping company with trucks and gardening equipment. These hard assets have value, which can be calculated by estimating the resale value of your equipment. This valuation method often renders the lowest value for your company because it assumes your company does not have any "Good Will." In accountant speak, "Good Will" has nothing to do with how much people like your company; Good Will is defined as the difference between your company's market value (what someone is willing to pay for it) and the value of your net assets (assets minus liabilities). Typically, companies have at least some Good Will, so in most cases you get a higher valuation by using one of the other two methods described below. Discounted Cash Flow In this method, the acquirer is estimating what your future stream of cash flow is worth to them today. They start by trying to figure out how much profit you expect to make in the next few years. The more stable and predictable your cash flows, the more years of future cash they will consider. Once the buyer has an estimate of how much profit you're likely to make in the foreseeable future, and what your business will be worth when they want to sell it in the future, the buyer will apply a "discount rate" that takes into consideration the time value of money. The discount rate is determined by the acquirer's cost of capital and how risky they perceive your business to be. Rather than getting hung up on the math behind the discounted cash flow valuation technique, it's better to understand the drivers of your value when you use this method. They are: 1) how much profit your business is expected to make in the future; and 2) how reliable those estimates are. Note that business valuation techniques are either/or and not a combination. For example, if you are using Discounted Cash Flow, the hard assets of the company are assumed to be integral to the generation of the profit the acquirer is buying and therefore not included in the calculation of your company's value. A money-losing bed and breakfast sitting on a $2 million piece of land is going to be better off using the Asset-based valuation method; whereas a professional services firm that expects to earn $500,000 in profit next year, but has little in the way of hard assets, will garner a higher valuation using the Discounted Cash Flow method or the Comparables technique described below. Comparables Another common valuation technique is to look at the value of comparable companies that have sold recently or for whom their value is public. For example, accounting firms typically trade at one times gross recurring fees. Home and office security companies trade at about two times monitoring revenue, and most security company owners know the Comparables technique because they are often getting approached to sell by private equity firms rolling up small security firms. Typically you can find out what companies in your industry are selling for by asking around at your annual industry conference. The problem with using the Comparables methodology is that it often leads owners to make an apples-to-bananas comparison. For example, a small medical device manufacturer might think that, because GE is trading for 20 times last year's earnings on the New York Stock Exchange, they too are worth 20 times last year's profit. However, if one looks at the more than 13,000 businesses analyzed through the The Value Builder System , it’s clear that a small medical device manufacturer is likely to trade closer to five times pre-tax profit. Small companies are deeply discounted when compared to their Fortune 500 counterparts, so comparing your company with a Fortune 500 giant will typically lead to disappointment. Finally, the worst part about selling your business is that you don't get to decide which methodology the acquirer chooses. An acquirer will do the math on what your business is worth to them behind closed doors. They may decide your business is strategic, in which case back up the Brinks truck because you're about to get handsomely rewarded for your company. But in most cases, an acquirer will use one of the three techniques described here to come up with an offer to buy your business.
Corredores comerciales de primera elección en Phoenix
2 North Central Ave, piso 18 y 19, Phoenix, AZ - 85004
(602) 675-4261
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