Making the Most Out of Selling Your Small Business at Retirement

Retirement is the holy grail of the working individual’s lifetime. Having the free time to travel, spend time with grandchildren or pets, or even hitting the links at the nearest golf course is what gets many through the forty plus years of hard work and dedication they commit to day after day. When it comes to retiring for those who own small businesses, the same thought comes to mind. How do I sell my business and make the most profit?

Selling a business in today’s economy is not an easy task. The unemployment rate is at an all time high and many individuals are seeking the help of the government in the form of stimulus checks and unemployment income. What does that mean for the small business seller? Simply put, help is needed. It is near impossible to sell a small business alone or without the help of a small business broker. According to the Business Brokerage Press, the average business broker has a 14-24% success rate, where as an individual sale may only be effective up to 2% of the time. That’s almost ten times the success.

Finding the right broker can take some time and research, but it is well worth the effort. The right broker can provide your business with the exposure it needs and the help you need to find the perfect buyer. Business brokers are a part of every aspect of the selling process, from advising, advertising the business through a network of buyers, screening potential buyers, structuring the sale (including valuation) and all the negotiations there out. Business brokers also guarantee complete confidentiality and identity safe guarding.

Retirement should be enjoyed, not spent worrying about income. Make the most out of your retirement years. Work with a business broker to obtain the maximum profit from the sale of your small business and leave the legacy you deserve.

The Importance of Having a Business Bank Account For Your New Business

Many small business owners avoid or do not pay too much attention when considering whether to open up a bank account in their business name. They make the mistake of using their personal account to carry out their business transactions, just so they can save a small amount of money required to open a new business bank account.

Having an account in your business name has many advantages. For example it gives your business a more professional look when dealing with your customers or clients. Using your personal account for business purposes gives the impression you are not really serious regarding your business and it is more like a hobby.

Having a separate business account proves to be beneficial when you need to complete the accounts for the business and any related tax returns. Indeed, you can quickly check the income and expenses for the year, rather than having the hassle of separating your personal and business transactions if you only have a personal account.

Another good reason to have a business bank account is to show the tax authorities that your business is transparent in terms of the financial transactions it carries out. All the income and expenses should be accounted for through the business account. Thus, if HM Customs & Revenue want to look at your records, this will demonstrate that you are declaring all your income and only claiming expenses related to business.

Opening a company account with a bank also has other additional perks. For example, you can usually obtain free banking for at least a year as a new business. Also some banks even offer new clients special deals on accounting software to use in their businesses. Lastly, as regards this point, it may be easier for you to obtain a business overdraft or loan if you have a company bank account.

Some entrepreneurs are put off from opening a business bank account because they think it will be complicated in terms of the formalities and legalities. This is a misconception as it is very easy to open a bank account most of the time.

A few points that one needs to keep in mind while opening a business accounts are:

  • The account maintenance fee
  • Different transaction modes available e.g. online banking, debit card etc.
  • Overseas transaction charges
  • Interest rate charges
  • Minimal balance that you need to maintain

A company bank account may initially seem to be an extra overhead on your business, but the amount paid will be worth in terms of the time and money you will save by not having to separate out your business transactions from your personal transactions. Having a business bank account also sends a clear message to other businesses you deal with and the tax authorities that you are a proper business with nothing to hide.

VoIP Business Solution – Saving Your Company Money

For a business VoIP plan, the cost currently is somewhere less than $50. Businesses are allowed to make calls to anyone in the USA and Canada at anytime on their home, business and cell phone free of charge.

While this probably won’t be of much concern when you’re calling a friend, but remains a huge topic for businesses that constantly use telephone communication for discussing pertinent business information. Those with home offices can also this as a separate business number.

For home or small business users, cable Internet service will provide the biggest savings, as most DSL service requires a land line telephone service account. In order to make use of VoIP business solution for placing internet telephone calls, you will need to subscribe to a service plan provided by one of the major VoIP service providers in business today.

Some companies charge for technical support, while many provide support during normal business hours. This is done remotely by the VoIP Hosted PBX provider, which also provides your company with greater flexibility to respond quickly to changing business or market conditions.

While the new VoIP service can save the average user a lot of money, a VoIP solution is by far an practical means for most small business users.

There is only one telecommunications solution that has the flexibility and capability to ensure business continuity and to keep business communications running in a major catastrophe — VoIP hosted PBX service. On the other hand, if you want business flexibility you should consider a small business package that costs more, but adds services like conferencing, a separate fax line, even an 800 number.

VoIP Phone Services- You also should to consider how easy-or how difficult-it is to install the service, both as a business option and for home use. If you are a internet shopper consider that most of the time you will be able to run across a discount code or rebate if you buy through a third party link.

To get started, there are some major players and most reputable VoIP providers in the small business and residential VoIP industry right now: Vonage, Packet8, and SunRocket. The quality and reliability of service has improved so much within the past year or so that a VoIP solution is now suitable and reliable enough for everyday residential and business use. Voip service plans offer voice over IP phone service, landline, long distance plans, cellular phones, cellular calling plans, broadband access to the Internet and a host of Internet and telecommunication services to residential, SOHO and small business customers nationwide.

The best way to choose a VoIP Business solution plan would be to search the better business bureau for complaints against the company, search Google reviews of complaints, opinions, or stop by a well rated VoIP forum and ask for advice.

Learn how a VoIP Business Solution can provide your company with huge savings when using a Business VoIP Solution.

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