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Articles
Crucial Steps For Selling A Business
written by Willard Michlin CPA Have All Records Ready Before You Go To Market! Have these items ready before the business goes on the market to be sold: The last 3 years of federal tax returns for the business being sold, the last 3 years of financials (profit & loss statement, balance sheet), the last 3 years of monthly bank statements, copy of current lease, ...Read More
What You Need To Know Before You Buy A Business!
written by Willard Michlin CPA 80% of all business buyers never end up buying a business! Many factors contribute to this statistic, but by following the points below, you should be successful in locating and buying a business that interests you and completing the transaction! Know The Types/Sizes/Locations Of Businesses You Want To Buy Before you start ...Read More
Closing Escrow On Business Buying/Selling
written by Willard Michlin CPA The final part of the whole deal is the escrow. The word is an old Anglo-French word which originally meant "piece of parchment or fabric". In today's parlance, the word describes the process whereby a property is deposited with a third party to be transferred to the grantee (buyer), when certain conditions are met. There is a ...Read More
"Due Diligence 101" Or What You Don't Know Can Kill You!
written by Willard Michlin CPA Introduction: This article is written as a general discussion on the subject of "Due Diligence". It is for informational purposes and not intended to be a definitive guideline for your exact situation. You should consult the appropriate professionals with regard to your specific transaction or situation. Further, this article is in ...Read More
How Is The Value Of A Business Worked Out?
written by Willard Michlin CPA There are many different ways to work out the value of a business. For the small to mid-size business, there are 3 main approaches that are used more than others. These are the Income value, Market value and the Asset value. In brief, these would be described as follows: Valuation based on income: Here one is looking at the ...Read More
Buying A Business - The Basics
written by Willard Michlin CPA Buying a business in today's economic climate requires that you, the buyer, be on the ball, with regard to business basics. This economic climate, as far as businesses are concerned, is a sellers market. With the corporate downsizing, economic downturn and other factors, there are a lot of very knowledgeable buyers out there ...Read More
So You Want To Buy A Fast Food Franchise?
written by Willard Michlin CPA SO YOU WANT TO BUY A FAST FOOD FRANCHISE? WHAT YOU NEED TO CONSIDER BEFORE WRITING A CHECK. By Willard Michlin June 13, 2007 As an accountant for 30 years and a business broker for 15 years, it is very disheartening to me when I see highly intelligent people who want to be free of corporate America, jump in to buying Franchises ...Read More
Financing A Business
written by Willard Michlin CPA The financing of a business is a relatively straightforward process, if you are aware of what lenders are looking for and generally what they will and will not do. The will be looking at your credit, your experience and the sort of down payment you have and information about what sort of note the seller is willing to take back when ...Read More
So Why Are You Doing Your Body Work For Nothing.
written by Willard Michlin CPA SO YOU WANT TO BUY A FAST FOOD FRANCHISE? WHAT YOU NEED TO CONSIDER BEFORE WRITING A CHECK. By Willard Michlin June 13, 2007 As an accountant for 30 years and a business broker for 15 years, it is very disheartening to me when I see highly intelligent people who want to be free of corporate America, jump in to buying Franchises ...Read More
The Right Price – How To Value Your Businesses Worth
written by Willard Michlin CPA Correctly Pricing A Business Is Important If You Really Want To Sell It! As a consultant I talk to many business owners, brokers, and agents on a daily basis about valuing businesses. It always amazes me on how some of these individuals come up with the values on small businesses being sold. No wonder only 30% of all businesses ...Read More
Why An SBA Loan Makes Sense To Finance A Business Purchase
written by Willard Michlin CPA Getting financing to buy a business can be one of the most important aspects of buying a business. Not too many buyers have all cash for a purchase and not many business owners are willing to take back a sizeable note. Buyers need to be prepared well in advance with the information below to increase the odds of getting a loan to buy a ...Read More
How To Appraise A Business.
written by Willard Michlin CPA Methods of Business Valuations There are many different ways to work out the value of a business. For the small to mid-size business, there are 3 main approaches that are used more than others. These are the Income value, Market value and the Asset value. In brief, these would be described as follows: Valuation based on income: ...Read More
Do You Know What Your Body Shop Business Is Worth?
written by Willard Michlin CPA Many smaller body shop owners have asked, "How do I appraise my body shop?" In the last month I have been asked to do two appraisals on body shops. The first appraisal was to assist in partnership dissolution; the second appraisal was for marriage dissolution. (That is what the attorneys call a divorce.) Would you like to know how ...Read More
Marketing: Is It The End All Of Business Success In Today’s Economic Times?
written by Willard Michlin CPA Marketing, as we all recognize, is a key, vital area of any business. Its function is to ensure that your products or services are in the public eye, sought after and then purchased. Proper marketing can "make a company" and if done improperly can, "break a company". Your organization, with its staff of one or ten thousand ...Read More
Finding The Right Listing Broker To Sell Your Business
written by Willard Michlin CPA What makes Kismet Business Brokers different from every other Business Broker in town? It is the way we advertise our listings. Let me explain. Kismet has developed a marketing strategy that has been applauded by other brokers and is incredible. It took 5 years of research and testing to get it right. Other brokers have not, even now ...Read More
Is This A Good Time To Sell Your Body Shop Business?
written by Willard Michlin CPA Have you ever asked yourself the question? "Is this a good time to sell my business?" That is a question every business owner asks himself, every time he has a bad day. I once received e-mail from the editor of the Auto Body News, asking me that key question. "What is happening in the market today? Is this a good time to sell? " My ...Read More

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