Mergers & Acquisitions

Preparing a Business for Sale

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Preparing a Business for Sale

When you are planning to sell your business, one thing you need to consider is the type of customer you have. Does your business have one-time, repeat, or recurring customers? You may be surprised to know that the type of customer you have can have a dramatic impact on the value of your business. One-Time Customers As the name implies, one-time customers are those who find your business, make a purchase, and are never heard from again. One-time customers have no loyalty to your business. Further, it takes a lot of money to acquire a customer, and getting one in...

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In general, you should avoid switching accounting systems if you are in the process of selling a business. Although there are some exceptions (which we will discuss later), the majority of the time we recommend staying with your current accounting system if you’re planning to sell in the near future. QuickBooks is currently the most popular accounting system for small businesses, but that is slowly changing with the introduction of more modern, streamlined cloud-based systems. Switching to a new accounting system is a major project and should only be undertaken with proper professional assistance. While software companies claim they can...

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