Am I an entrepreneur? Are all business owners entrepreneurs? How are they defined? Does it really matter? The real distinction is how do I define my “job” – Do you answer as follows:
My job is to do my job. When I am done with my job I go home. The following day I get up, go to work and do my job again.- to me this does not sound like any entrepreneur/business owners I know. When one is an entrepreneur/business owner, your job is to, start, grow, run, manage your business. Your job is not your job, your job is your business. And while many people with jobs that work for others, do “take their work home” – EVERY entrepreneur takes their work home. It is a mindset that some just think about and others act on.
All business owners and entrepreneurs are continuously involved with at least one or more of the below:
- Starting your business,
- Running your business,
- Growing your business,
- Buying a business,
- Selling your business.
The below provides information helpful to those currently considering to sell their business, or planning as an exit strategy.
Just last month professionals in the Business for Sale field were surveyed regarding the current state of business. This survey provides valuable insight into the current status of the business for sale market from the people directly involved in it. I participated in that survey, have received the results and below are some findings of that survey:
Firstly, of the over 400+ professionals that responded to the survey request over half of them have been in the business of representing buyers and sellers of businesses for 7 years or more.
– 54 % of those respondents expected to close more deals in 2009 than 2008.
– Nearly 70% stated that over the last 12 months that business valuations were decreasing, 26% viewed valuations as being “stable” and less than 5% viewed valuations as increasing
– Of those responding to the survey respondents stated that Seller financing has been used in increasing frequency and SBA financing was utilized less (374 of 416 respondents expected SBA financing to be used in less than 1/2 of all their deals and 228 respondents expected SBA financing to be used in less than 10% of their deals)
So for those contemplating the sale of their business – Businesses are being sold, values are down, and seller financing will probably be part of the equation. Good time to sell? Good time to Buy?
Part of my job as a business owner and a business broker is to help answer this fairly basic but involved question.
Image modified from the original source by The Consumerist.