Understand a Business’s Value Before Signing a Listing Agreement with a Business Broker

I have been contacted by numerous business owners after a business broker attempted to pressure them into signing a listing agreement to sell their business during their initial meeting. The listing agreement was pushed upon the business owner prior to the business broker performing a thorough analysis to determine an opinion of value. The business broker asked the business owner their annual revenue and the amount of income they put in their pocket in recent years and then quickly gave them an estimated opinion of value and price for their business. I have seen many of these quick opinions of value wildly inaccurate. 

A business owner only has one opportunity to sell their business and a thorough opinion of value is a critical step. It is important to have a business broker complete a thorough opinion of value prior to signing a listing agreement to ensure proper pricing and terms, fairness, and informed decision-making throughout the entire process.

As a former business owner who bought and sold businesses for myself and as a business broker who has assisted many business owners buy and sell their businesses, I cannot imagine signing a listing agreement prior to having a thorough opinion of value. 

This article will discuss why it is important to obtain a thorough opinion of value from a business broker prior to signing a listing agreement to sell a business.  A thorough opinion of value will help to:

1. Understand Fair Market Value:  A thorough opinion of value establishes a fair market value for a business.  A thorough analysis evaluates various factors, such as financial performance, quality of assets, market conditions, industry trends, how a business compares to similar businesses sold, and diversity of customers, products, and services.

2. Set a Realistic Asking Price:  A thorough opinion of value helps establish a realistic asking price.  Overpricing a business will cause buyers to not consider that business for purchase.  Underpricing a business will leave money the business owner deserves on the table. 

3. Negotiate from Strength:  A thorough opinion of value gives a business owner the ability to negotiate from a position of strength.  They have a price backed by solid data and analysis.  In some circumstances, a business owner may wish to share their opinion of value with a buyer to increase the buyer’s confidence in the price.

4. Enhance Financial Planning:  A thorough opinion of value is a key element of financial planning.  Understanding the contribution the business sale has to a business owner’s overall financial plan is critical to understanding and establishing future investment strategies to support the next phase of their life.  If an opinion of value is underestimated, a business owner’s future may be jeopardized.

5. Shorten Due Diligence:  A thorough opinion of value that clearly documents discretionary expenses can help expedite the due diligence process and build confidence with buyers.  Providing this detail up-front demonstrates a business owner understands their financial statements and gives buyers confidence in the business’s past financial performance.  

6. Help with Bank Financing:  A thorough opinion of value is very helpful in obtaining a Small Business Administration (SBA) lender’s letter of pre-approval for a business.  A pre-approval letter helps generate additional confidence in buyers that a business is priced appropriately.  

In summary, a thorough opinion of value is a critical step to ensure proper pricing and terms, fairness, and informed decision-making prior to signing a listing agreement with a business broker.  It establishes a solid foundation for determining fair market value and pricing, negotiating, financial planning, due diligence, financing, and contributes to the success of a transaction and the achievement of a business owner’s post-sale dreams.

I hope this article has been helpful. If you are considering selling your business, please contact Edison Business Advisors. We are happy to discuss your specific situation and how we can help you achieve your goals.

3 Tips For Packing And Shipping Books

There are some things that are going to be simple and easy to ship or pack, like light items that don’t take up a lot of space. But then there are items that require a bit more planning and forethought in order to get packed and shipped correctly, like items that are a weird shape or that can be heavy, like books. So if you have a lot of books that you’re needing to pack up and ship, you’ll want to make sure that you go about this the right way so that you can avoid load shift and other shipping issues.

To help you learn how this can be done, here are three tips for packing and shipping books. 

Use Smaller Boxes

When you’re packing up most things, you might feel like the bigger the box you use, the easier it will be to pack and move those items. But with books, the opposite usually proves to be true.

Because books can be very heavy when you pack a lot of them together, you’re going to want to use smaller boxes than you may have originally planned. Ideally, you should choose boxes that are going to be easy for you or other other grip onto and hold because they’re likely going to be pretty heavy once you load them full of books. You’ll also want to make sure that the boxes are well made and sturdy enough to hold the weight of the books you’re packing and moving

Reinforce Your Packing Materials

Along with choosing boxes that are sturdy on their own, it’s also a good idea to reinforce the boxes with other packing materials before you start loading them full of books. This will give them extra structure and support for when you load heavy books from bottom to top of the boxes. 

To best reinforce the boxes you’re using to pack your books, you’ll want to add extra tape along the seams and the edges or corners. You can also add an extra piece of cardboard to the bottom or sides of the boxes so that there’s more structure as you both load and carry the boxes. 

Hardback Versus Paperback

When you’re ready to get the books loaded into the boxes that you’ve chosen for packing and shipping, you’ll want to pack them differently depending on whether the books are hardback or paperback. 

For hardback books, you can stack them just like you would on a bookshelf, with the spines against the side of the box. Their covers will give them added protection in this position. But for paperback books, you’ll want to lay them down on each other in flat stacks. This way, there is less of a chance of the books getting ripped or torn while they’re in transit. You’ll also want to make sure that you pack all of the books at the same angle. 

If you have books that you’re needing to pack up and ship to a new location, consider using the tips mentioned above to help you learn how to best get these items ready to ship, packed into proper boxes, and kept safe while they’re in transit. 

Navigating the World of Haberdashery: A Beginner’s Guide

Embarking on the exciting journey of haberdashery may initially feel like stepping into a realm of intricate details and craftsmanship. But fear not, beginners! Haberdashery, the timeless art of sewing and needlework, is a skill that brings both joy and satisfaction. Whether you’re just starting out or looking to refine your skills, here are some essential tips to help you navigate the enchanting world of haberdashery.

Master the Basics

Every expert begins as a novice, and you’re no exception. Start by acquainting yourself with the fundamental tools of the trade. Invest in quality essentials like a sewing machine, hand needles, pins, threads, and an array of fabrics, which you can find at reallymaria.com. Understand the nuances of different needles and threads, learning their applications for specific fabrics and projects.

Familiarize Yourself with Your Sewing Machine

If you’re using a sewing machine, take the time to comprehend its features and functionalities. Practice stitching on scrap fabric to understand the machine’s speed and tension settings. Don’t hesitate to refer to the user manual or online tutorials. A well-operated machine will be your reliable companion in the fascinating world of haberdashery.

Build a Strong Foundation

Haberdashery, like any skill, requires a solid foundation. Start with straightforward projects such as pillowcases, tote bags, or basic garments. This will help you grasp essential sewing techniques like straight, zigzag, and seam allowances. As your confidence grows, gradually progress to more intricate projects.

Select Appropriate Fabrics

Understanding different fabric types is crucial in haberdashery. Begin with user-friendly fabrics like cotton or linen before delving into silk or knit materials. Each fabric has its unique properties, and selecting the right one for your project is vital for achieving the desired outcome.

Precision in Measurements

Precision is paramount in haberdashery. Always double-check measurements before cutting to avoid costly errors. Familiarize yourself with basic body measurements and garment sizing to ensure your creations fit well and are comfortable.

Experiment with Patterns

Once you’ve mastered the basics, explore the realm of patterns. Patterns act as blueprints for your creations and come in various difficulty levels. Begin with simpler patterns and progress to more intricate designs. Feel free to modify patterns to reflect your personal style and inject creative elements.

Invest in Quality Tools

Quality tools are a worthwhile investment. Sharp scissors, durable cutting mats, and ergonomic sewing accessories enhance your efficiency and the overall quality of your work. Properly cleaning and storing your tools ensures their longevity.

Join a Haberdashery Community

Learning from others is a fantastic way to improve your skills. Consider joining a haberdashery community or taking a class to exchange ideas, seek advice, and learn new techniques. The camaraderie of fellow enthusiasts can inspire and motivate your haberdashery journey.

Conclusion

Embarking on the haberdashery path is an enjoyable adventure filled with creativity, self-expression, and the satisfaction of crafting. As a beginner, focus on building a robust foundation, understanding your tools, and gradually exploring more complex projects. With patience and practice, you’ll find yourself stitching together beautiful creations that showcase your unique style and passion for the art of haberdashery. 

What Causes Adjustment Disorder in Seniors?

Older people can sometimes struggle mentally when big life changes happen. This is called adjustment disorder, and it often shows itself through strong emotions or behaviors that seem too intense for the situation. 

For example, seniors moving into assisted living homes may find this change huge, leading them to develop this condition. It’s key we grasp what sparks these feelings so we can help manage them better.

Loss of Independence and Control

Older adults can find their lives turned upside down when they feel like they’re losing control. This usually happens when they need more help, perhaps even moving to a care home. The shift is tough emotionally. 

It feels like a loss of personal freedom and changes how others see them in the family or community setting. Plus, getting older often means dealing with physical limits that add feelings of frustration and powerlessness. These factors can significantly fuel adjustment disorder among seniors.

Social Isolation and Loneliness

Feeling isolated and lonely can really hit older people hard, often leading to adjustment disorder. As they grow old, it’s common for them to lose their partners or friends, which shrinks their social group.

Moving somewhere new, such as a care home, is even tougher when they’ve lost so many familiar faces already. Having no one around that you know well – feeling alone in a crowd of strangers – can cause serious emotional stress and make transition difficulties worse.

Health Decline and Chronic Conditions

Aging often brings chronic health problems that really affect seniors, and this can lead to adjustment disorder. Managing life with constant pain or juggling lots of medicines is tough enough. Add in progressive conditions like arthritis, diabetes, or heart disease, and it gets even harder.

Always worrying about your health can spiral into anxiety and depression – both common signs of adjustment disorder among the elderly. The psychological impact of deteriorating health cannot be underestimated in its role in triggering adjustment disorders among the elderly.

Grief and Bereavement

Grief from losing loved ones also plays a big role in adjustment disorder among seniors. As we age, it’s more likely to happen, and the emotional hit can be huge. Combine that with all the other changes aging brings, and you have a recipe for an even tougher time adjusting.

Sometimes, people just aren’t equipped enough to deal well with grief, which shows up as certain emotions or behaviors – another sign of adjustment disorder. It really highlights why this group needs lots of understanding and targeted support.

Conclusion

It’s key to understand all the different things that can lead to adjustment disorder in seniors. Losing independence, feeling alone or disconnected, and dealing with poor health aren’t just individual challenges for them. They connect and pile emotional stress onto our elders. Spotting these factors is vital when we want to offer helpful support.

Our older folks should be able to move through life transitions without losing their dignity or control by creating a caring environment of understanding around them. Getting old isn’t only about living longer but also having good quality years—that means giving seniors respect, attention, and happiness during this precious time in their lives.

Millionaire by 35: Mara Dorne’s Extraordinary Journey of Success and Motherhood

In the world of business and personal development, there are few stories as inspiring as that of Mara Dorne. A self-made millionaire by the age of 35, Mara’s journey is one of resilience, determination, and the unwavering belief that anyone can achieve their dreams, regardless of their background or circumstances.

In a recent interview with InfluencerPress.com, Mara Dorne opened up about her life, her career, and her mission to inspire others to reach their full potential. Here’s a closer look at Mara’s extraordinary journey and the secret to her success: embracing discomfort.

The Elevator Pitch

Mara Dorne’s story begins with a simple elevator pitch: “I’m a self-made millionaire, but that’s just one aspect of who I am.” This introduction only scratches the surface of her remarkable life. As a mother of three – a 16-year-old daughter, a 13-year-old son, and a 5-year-old son – Mara’s journey started from humble beginnings.

“I didn’t come from a ton of money,” she explains. “But I always knew, as a child, that I wanted to do something big in life.” Initially aspiring to be a lawyer, Mara’s plans changed due to economic circumstances. She found herself in the insurance industry, a choice she humorously describes as “insurance chose me; I didn’t choose insurance.”

Despite the unexpected career path, Mara’s mission remained clear: to positively impact every person she met. Over the last 15 years, she has led over 350 agents and helped create over two dozen millionaires within the industry.

The Pain She Solves

Mara’s journey is not just about financial success. It’s about breaking down barriers and inspiring others to believe in themselves. She addresses a common pain point – self-doubt and feeling inadequate – head-on. “If you look at me and think she could be successful, so can I,” she boldly states. Her message is clear: there is nothing extraordinary about her except her desire and purpose.

“When your purpose is greater than who you are, you can accomplish anything,” she emphasizes. Mara’s mission is to help people recognize their potential, overcome limitations, and believe in their dreams.

The Business Model

Mara serves as a regional sales leader of an insurance company, overseeing six different offices across the United States. Her journey began with humble origins – door-to-door sales of health insurance. She entered a male-dominated industry and faced significant challenges. However, her natural leadership abilities shone through, and she started building teams, mentoring, and developing agents.

Her unique approach to leadership centers on servitude and giving back. “Our mission as leaders is to give back to our people,” she explains. “Our people don’t work for us; we work for our people.” This philosophy creates a culture of support and growth within her organization.

The Transformation Process

Mara’s transformative approach to leadership focuses on several key principles:

  1. Impeccable Word: She believes in keeping promises and delivering on commitments, earning trust and respect from her team.
  2. Vested Interest in People: Mara invests significant time in understanding her agents and leaders, fostering genuine connections.
  3. Vulnerability and Authenticity: She encourages raw and honest conversations, making her relatable and approachable.
  4. Leading by Example: Mara believes in getting her hands dirty and leading from the front, demonstrating her commitment to the cause.
  5. Accountability: Holding oneself accountable and helping others do the same is a fundamental principle in her leadership style.
  6. Patient and Effective Communication: She teaches her team how to navigate different personality types, fostering a harmonious and productive environment.
  7. Leadership, Not Management: Mara emphasizes the importance of leading, not just managing, as the key to achieving outstanding results.

The Guarantee

Mara’s guarantee to those who choose to work with her is simple: she will provide all the tools for success, but the results depend on how individuals apply those tools. “I don’t have a secret wand,” she says. Success requires effort, commitment, and a willingness to step out of one’s comfort zone.

Why Trust Mara Dorne

Mara Dorne’s credibility is undeniable. She has led over 1500 agents, consistently achieving top rankings in her industry. Her journey from humble beginnings to a self-made millionaire by 35 is proof of her expertise. Mara’s commitment to her mission and her ability to inspire change in others is what sets her apart.

Embracing Discomfort

The mantra that guides Mara’s life and business is “being comfortable with being uncomfortable.” It’s a reminder that success often lies outside of one’s comfort zone. Mara’s journey has been a testament to this philosophy – she faced adversity, took risks, and embraced discomfort to achieve her dreams.

In conclusion, Mara Dorne’s extraordinary journey of success and motherhood is a story of determination, resilience, and unwavering belief. Her secret to success, embracing discomfort, serves as an inspiration to all.