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How Can I Sell My Business With Minimum Efforts? 5 Hints

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How Can I Sell My Business With Minimum Efforts? 5 Hints

Selling a business is not a one-day event. It requires a lot of planning, preparation, and consulting for the entire process to be a success. Besides, there are decisions to make, all of which make the entire process more complicated. From hiring a business broker, accountants, and an attorney, these activities can take a toll on you.

The closing deal that you get will depend on the reasons why you are selling the business, the season you are selling your business, as well as the financials and operation structure of your business. Besides, selling a business requires a lot of time commitment, which can take a toll on you. However, did you know that you can still sell your business with minimum efforts?

The following are 5 hints to make the entire process effortless.

Create an exit strategy

The first step towards a successful and effortless business sale is having a solid exit strategy. Thus, it’s important to answer the following questions:

  • Why are you selling the business?
  • Are there any legal issues that need to be addressed before selling the business?
  • Are you ready to lose the income you were getting from the business?
  • What shall you do after selling the business?

These questions will help you ensure that you have considered your decision and that you will not get in the way during the selling process. This also helps one to prepare both emotionally and mentally for the sale. You shouldn’t underrate the emotional impact of selling your business, especially if it’s been the main source of your income.

Consulting an accountant and attorney during this process will make things easier for you, and make sure that you don’t overlook important things.

Hire a business broker

Most people underestimate the value of a professional business broker. While you will need to pay the broker to help you with selling the business, the broker will do most of the heavy lifting. That means you will have the time to work on other activities—meaning you will not be focused on selling your business.

Besides, professional Business Broker, Orlando normally maintains confidentiality during the entire process, thus helping your business operate normally. In addition, a professional business broker will push for the highest price—meaning you will get the best possible deal. When hiring a business broker, ensure that you discuss your expectations, and remain in contact with the broker during the entire process.

Get your documents in order

Get all your tax returns and financial statements for the last 2 or 3 years, and enlist the services of a professional accountant to help with reviewing the documents. Besides, ensure that you create a list of all the assets that need to be sold together with the business. Moreover, you should prepare your all documents related to supplies and sales transactions, as well as any important paperwork like the lease contract. Now, make copies of these documents, and share them with your prospective buyers.

Furthermore, it’s important to have a summary showing how you’ve been conducting your business or an updated operating manual. Also, you will need to make sure that your business is appealing—repair or replace any broken equipment before the sale.

Set a realistic selling price

Most people operating a successful business are tempted to set an unrealistic selling price. They believe that the value of their business is based on its performance alone. However, you should note that buyers will need to look into other factors when purchasing the business.

Therefore, you should consider how these things will determine the value of your business. Also, it’s important to look at your business from the buyer’s view. Consider things like client relationships, profits, as well as the time the new owner will need to invest in the business for the transition to be smooth. Set the asking price accordingly after considering these things.

Market your business appropriately

Yes, you will need to do some extra work to get your business out there and find prospective buyers. If you choose to hire a professional business broker, you should be assured that they will work towards finding the right buyer.

All in all, you will have to list the business for sale on different platforms (online and offline). Besides, it’s important to invest in marketing your business—this will ensure that the right people find your business. Your business broker should advise you on where and when to start marketing your business for sale.

Bottom Line

Selling a business is not an easy thing. However, you can have a seamless experience by following these tips. And, don’t forget to tie up any loose ends. Before you start the process, ensure that you’ve cleared all pending payments, loans, promises, and defaults. For example, if you promised someone shares in your company, make sure you reward the person these shares, even if you are selling the business. Failing to tie any loose ends can cause serious problems and unwanted delays when trying to close the deal. Therefore, ensure that every loose end is tied—no matter how small or insignificant it is.

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Business

How to create a GST invoice

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How to create a GST invoice

What is a GST invoice?

A GST invoice or a GST bill is basically a list of all the goods or services that you or your company delivered and the payment that you expect in return for it. A GST invoice is mandatory if your business is registered under the GST and you must issue it while providing services to your clients. Invoice related decisions of the GST are taken by the chairman of the GST council along with other members of the council under the GST act.

To create a GST invoice you must be aware of the fields that your GST invoice should mandatorily have:

  1.     The name of the customer
  2.     The invoice serial number
  3.     The invoice date
  4.     The shipping address
  5.     The billing address
  6.     If the customer is registered then the customer and taxpayer’s GST number (GSTIN)
  7.     If the customer is not registered and the total value of the invoice is greater than Rs.50000 then your invoice needs to have the following information:
  8.     Name of the recipient
  9.     Address of the recipient
  10.     Delivery Address
  11.     Name of the destination state
  12.     Name of the state code
  13.     The place from which the supply is to be made
  14.     HSN code or the SAC code
  15.   Details of the item: should include things like description, quantity along with a unit of measurement of the good and the total value
  16.   The taxable value
  17.   The discounts
  18.   The rate of taxes
  19.   The amount of taxes (IGST, CGST SGST)
  20.   Is the GST payable on a reverse charge basis
  21.   Signature of the supplier

Note: Reverse charge basis means that the liability to pay the taxes lies on the recipient of the goods or services and not on the supplier

You can create a GST invoice in excel using these values and print them in pdf or you can just use one of the countless online tools for it.

For the supply of goods three invoices need to be issued:

  •       Original for the recipient of goods
  •       Duplicate for the transporter
  •       Triplicate for the supplier

For the supplier of services

  •       Original for the recipient
  •       Duplicate for supplier

When should the invoices be issued?

According to the GST act, there are different timelines for different kinds of invoices:

  •       Goods (if the supply of goods is one time): on or before the date of delivery
  •       Goods(If the supply of goods is recurrent): On or before the issue of account statement
  •       Services: within 30 days of the date of supply of services
  •       Services(Banks and NBFC): Within 45 days of supply of services

What is GST E-invoice?

E-invoicing an electronic validation process by the GST Network (GSTN) and has been approved by the GST council in its 37th council meeting. It helps ensure that the invoices that you have generated are valid and meet all the requirements to be used for processes like bill creation or GST return filing. Hence it is a way to verify different kinds of invoices from different accounting software based on common parameters.

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Things To Follow While Conducting Virtual Business Meetings

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Things To Follow While Conducting Virtual Business Meetings

Work from home has become the new normal after the covid-19 pandemic. With this, all the meetings, training, work sessions are all conducted virtually. But are you conducting the meetings perfectly?

Does this happen with you that in the middle of the meetings your family member starts talking to you or passes by? Or your kids are crying in the background while you are in the middle of the meeting?

All these cannot be completely avoided and some compromises need to be made, but many things can be improved. It’s called online meeting etiquette. By following primary meeting protocols, you help your colleagues and organization in completing the meeting agenda on time and become more focused during the meetings.

So here, we bring to you some important online meeting Dos & Donts to assure high productivity and professional remote work culture:

Dos:

  • Arrive Early

Arrive at the meeting early at least 15 mins before, as there may be a lot of things that can go wrong at the last moment. For example, your laptop hangs up or you may be unable to connect to the audio. Joining early will give you some buffer to fix all that up. Don’t wait for the last minute to join.

  • Setup Everything Before The Meeting

If you are the presenter, be ready with all the setups beforehand. It is quite frustrating for the audience to wait for you to the setups, and open the documents while the meeting is on. It also creates a bad impression and shows that you were not ready.

  • Mute By Default

If a large group of people is attending the meeting, select the mute by default option. A lot of people forget to put the call on mute and then you get to hear various background noises and interruptions that disturb the whole meeting and the presenter. You can unmute them all in the question and answer session and when the whole meeting is about to come to an end.

  • Don’t Fidget

Make sure you don’t fidget or multitask when the meeting is in progress. You may unknowingly unmute yourself or press the screen share button to embarrass yourself in front of a large audience. And trust us, there is no undo or going back from this shame!

  • Check Your Laptop/Desktop Background

If you are the presenter or asked to present anything and you have to share the screen, it will be quite humiliating if your Netflix is opened in the minimized tab or you have a wallpaper that is not ethical to keep as per the office norms. Hence make sure that you check your system background and minimized tabs before you share the screen.

  • Stick To The Agenda

Don’t try beating around the bush. This will waste your time as well as the time of the audience. They will lose interest and you may miss the important point that you were supposed to make. Hence stick to the agenda and cover all the objectives that you have jotted down for the meeting.

  • Be Attentive

It is very common that you may lose your concentration from an online meeting if it has been going on for a long time. But try to be as attentive as you can. If someone from the meeting asks you any question or your suggestion and you are completely lost, won’t that be embarrassing?

Conclusion

After the companies have started moving towards remote working culture due to the covid-19 pandemic, online meetings have increased tremendously. Just because you are not in the office, there are some professional etiquettes you should follow to maintain a good reputation. Following all the above-listed points and using LMS software like paycom will help you be a pro at conducting and attending online meetings like an expert. Don’t believe us? Check the paycom reviews yourself.

Also, let us know in the comments, what troubles do you go through while attending office meetings from home.

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Business

Bankruptcy in America: How Insurance Is Affected When Bankruptcy Occurs

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Bankruptcy in America

Sometimes, people have no choice but to file for bankruptcy when life’s finances get out of control. Though sometimes preventable, it is possible to end up in a bankruptcy situation due to tragic incidents like accidents, deaths, or natural disasters.

Regardless of how you ended up filing for bankruptcy or considering it, it is important to understand how bankruptcy can affect different types of insurance. Insurance premiums, in some cases, can be affected by this filing.

Let’s take a closer look.

Life Insurance

One bankruptcy and life insurance fact that you need to be aware of upfront is that filing for bankruptcy will have an effect on your insurance rates for seven to ten years.

Insurance companies determine whether or not they will insure you and what types of policies they will offer to you based on the amount of risk that they perceive you to carry. Individuals that are more likely to file a claim or to fall into situations where the claim is needed are typically insured at higher premiums than other individuals.

Any life insurance plans that you have at the time of filing for bankruptcy may need to be liquidated to sell your assets. Life insurance policies have a high cash value, and this means that they may need to be let go during your court proceedings. This will, however, be handled on a case-by-case basis.

Does Bankruptcy Type Matter?

When considering the effects of bankruptcy in America on life insurance, it matters whether or not you have filed for Chapter 7 or Chapter 13 bankruptcy.

Since Chapter 7 bankruptcy does require you to sell items and otherwise liquidate assets to pay back creditors, it tends to have a more serious effect on life insurance policy terms and premiums.

Chapter 13 bankruptcy, on the other hand, is often considered a less serious type of bankruptcy. It does not typically require the liquidation of assets, and more life insurance carriers are likely to offer plans to Chapter 13 filers. Whether or not you can get full or limited coverage plans, however, will still depend on the particular carrier.

Will Bankruptcy Affect Plans On My Family Members?

If you have taken out policies on your spouse or children, those policies will likely be revoked during the court proceedings related to your bankruptcy. Once the filings are complete, you will need to reapply to have new policies for these members, and the turnout of your bankruptcy case may affect the rates.

Car Insurance

Many people may be curious about how bankruptcy affects car insurance rates.

The simple answer is yes. Filing for bankruptcy affects your car insurance rates because bankruptcy will lower your credit score. A credit score is a major determining factor used by many major car insurance companies to determine the amount of risk associated with giving you a policy.

When Will My Premiums Change?

If your credit score is very low, this can lead to higher premiums on your car insurance policy. While you might not see your rates immediately go up when you file for bankruptcy, they will likely change when the insurance company next reviews your credit score.

Is It Possible To Find Affordable Coverage After Bankruptcy?

Despite this, it is possible to shop around and find affordable car insurance policies after you file for bankruptcy. You may need to take a different type of policy that you are accustomed to in order to find something affordable, but this may be the path that you need to take following your bankruptcy.

The best policy is going to be different for every individual because policy pricing is based on a variety of individual factors. If you are struggling to find a policy that works for you, consider looking for a company that does not use credit scores as a part of its price-determining formula. While rare, this can be a life-saver in some financial situations.

Steps for Success: Avoiding Bankruptcy

Though avoiding bankruptcy is not something as simple as just budgeting properly due to the complex nature of finances in the modern world, that doesn’t mean that there are no ways to reduce your risk of falling into bankruptcy.

For many people, bankruptcy occurs whenever a financial investment that they made goes awry or they lose their job without having the proper savings to keep up with their day-to-day expenses.

In the future, diversifying your income streams can help to prevent a single loss like this from causing your entire financial situation from falling apart. Diversifying your investment portfolio or finding ways to generate passive income can help to support your long-term financial health.

Additionally, make sure that you are starting to set aside savings as soon as you are able to. Creating a solid savings account can provide the backing that you need when unexpected expenses pop up.

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