Happy Holidays
We hope that 2013 has brought you everything you desired and we want to thank you for your business and your friendship. You have helped spread the Apex story and we are feeling the positive impact of our relationships and are growing tremendously.
If we can assist you in any way, please let us know. We want your 2014 to be the best and most prosperous year ever!
Although most people don’t like debt, it is critical in most cases to enable a buyer to purchase a business. There are plenty of benefits to using a bank’s money too:
Since a bank is needed to acquire a business, that banker is now going to be your “partner” in the venture. They are taking on a substantial amount of risk and want to make sure their new partner is going to be a good partner. The bank will want to know that their potential new partner has a thorough understanding of the business they want to buy, the industry they are about to enter, the trends, opportunities, challenges, etc.
So, in preparing for a loan, the buyer will need to write a short business plan and have a 2 to 3 year projection of the business after acquisition. This isn’t a difficult process, but will take some effort and thought. There will probably be an interview with the loan officer and maybe the bank credit underwriter. Remember interviewing for a job? This interview will be similar in that it’s not a time to be glib, rude, arrogant, or indifferent. Bankers have feelings too!
The buyer needs to show passion for the business, knowledge of the industry, and interest in growing the business. The seller will be able to educate the buyer about the details of the business and industry trends, and where to go for additional data if necessary. There are plenty of professionals that can also assist in the process and your Apex Business Advisor can steer you in the right direction.
It’s that time of year. Wrap up 2013 with some last minute tax management moves, and start looking at what is in store for 2014. Most businesses don’t spend enough time putting together a long term plan, and it becomes very apparent when the owner decides to sell his/her business. Daydreaming doesn’t work.
A strategic plan doesn’t have to be hard. Actually, it is better to start off with a simplistic version and develop more detail as time goes on. Plans can change too. Without a plan, you are sure to get somewhere, but maybe not where you intended to go. Aspire Business Development put together their Simple Plan to get you started.
Part of developing a plan is having an idea about whether you intend to grow the business to sell, pass on to family, or just auction off assets. Will your business provide funding for your retirement or your next venture? Whether you are 5 years or 25 years from your end-goal, now is the time to put a plan in place.
Check out the Aspire plan link above to start the process, and talk to your Apex Business Advisor to get information about what makes a business valuable.
Connect with us. 
Proud Members of
