Lendio helps small business owners find lenders

May 18, 2011

We have discussed in the past how challenging the last 2 years have been for small business owners who want to borrow money to start or expand their business. The Great Recession of the century has made banks jittery about taking on risk and lending money to small businesses. We have also mentioned some creative ways you can use to start business with little money.
Recently we came across a new startup that aims to help small business owners find lenders who are willing to give them money. The startup is called Lendio The goal of this web start up is to “help small business owners find right business loans in a matter of minutes.” According to their web site they can do this with a simple 3-step process – 1) Business owners answer simple questions about themselves and their business. 2) Lendio looks for a match between your loan needs and over 3,000 banks and other lenders. 3) Business owners apply to multiple lenders on the web site and get status updates.
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How can you overcome biggest buyer fears when selling your business

May 8, 2011


We have been discussing what preparations the small business seller needs to make before listing the business for sale. There are items seller needs to start taking care of as much as 1 year in advance As the sale process gears up you need to prepare number of documents for the sale to complete fast and without any major hiccups.
The biggest obstacle to the sale of small business stems from buyer’s FUD (Fear, Doubt and Uncertainty). When the buyer is betting hundreds of thousands of dollars on the business and is committing large part of his future life he is bound to have cold feet and second thoughts at some point in the process – just like in marriage!!! Your job as a seller is to address these FUDs and alleviate buyer’s anxiety.
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What do you need to do 3 months prior to listing your business for sale

May 4, 2011


We mentioned in the previous post that selling a business is a long, arduous process. It is not uncommon to take more than a year to sell the business. In the post we showed items you need to take care of 1 year prior to putting your business for sale.
As the date of putting the business for sale approaches there are additional items you need to start working on. Just like selling your house, you need to get your business ready 3 months prior to listing date. The goal is to spruce up the image, both physical and virtual, of the business so that the buyer will find it attractive and worth paying for. You should also aim to remove the fear and uncertainty in buyers because this is the single most reason why many buyers are reluctant to sign on the dotted line at closing.
So, what actions do you need to take 3 months in advance? Here is a list of items we think are important based on our prior experience.
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What do you need to Prepare before Selling Your Business

May 1, 2011


Selling a business is a lot like selling your house – only lot more difficult and time consuming. It is not uncommon to take more than year to sell the business – from the time it is put on market to the time the closing papers are signed. Anyone who has been through the selling process knows that there are number of aspects you need to take care of long before the business is put for sale. What makes it more challenging is the fact that you need to do it all while running the day-to-day operations of the business and ensuring that it does not suffer during the selling process.
There are steps you can take to make the process of selling the business easier for you. They can also help make the sale go faster; which is very important for any seller. The longer it takes to sell the business, the more chances of something going wrong and the sale falling through.
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5 Qualities of a Good Business Broker

September 8, 2010


Majority of small business owners use a business broker when buying or selling their business. A business broker takes the headache out of buying or selling process and lets you focus on your primary tasks. A broker also presents you with more and targeted opportunities that you cannot otherwise find yourself. One of the most important considerations when choosing a broker is whether he/she can help you sell your business at the highest possible price in the shortest time or buy a business at the lowest possible price quickly.
However, not all business brokers are created equal. There are good business brokers and there are mediocre ones.
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10 Questions You must Ask Seller Business Broker

September 2, 2010


We mentioned in the previous post that selling your business is the second most important decision you will make. We also provided reasons why it is important to be careful about choosing a broker to sell your business. Hiring a wrong broker will not only leave you with lot of headaches; but also will waste your valuable time in the selling process.
So how can you make sure you are hiring the “right” broker for your needs? Below we have listed 10 questions you can ask the broker before making decision to engage him/her.
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How to choose a business broker when selling your business

August 31, 2010


Selling your business is the second most important decision you can make after your decision about buying the business in the first place. There are many reasons why small business owners decide to sell – to get into some other business, because they cannot handle the workload, because they want to cash out and so on. Whatever the reason, we cannot overemphasize the importance of selling process and the attention you need to pay to it.
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10 Questions to Ask Buyer Business Broker

August 18, 2010


We mentioned in the previous post that you need to watch for several pitfalls when hiring a business broker to search for a suitable business. Buying a business is time consuming and tiring process. You don’t want to waste your and broker’s time looking for business that is not suitable to you.
So how can you make sure you are hiring the “right” broker for your needs? Below we have listed 10 questions you can ask the broker before making decision to engage him/her.
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Effective Techniques for Working with Buyer Business Broker

August 17, 2010


Many small business buyers hire business brokers to find a suitable business that is available for sale. Hiring a business broker makes the search easier. A business broker can search for businesses from the large database of available businesses and filter the suitable ones based on your criteria. In some cases, they can also help with the buying process, including document preparation and negotiations – particularly useful when you are new to business.
However, working with business broker is not without pitfalls. Typically, a business broker represents the seller. They make money from the commission paid by the seller – similar to real estate agents. This may cause them to keep seller’s interest ahead of buyer when there is a conflict.
Below we have highlighted several tips you want to keep in mind when hiring a business broker.
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