As a business owner looking to sell a business, you may be concerned about what to do after it is sold. What is the value of you after the business is gone? Used to being an expert and in charge, you may be disoriented.
Team – Are you adding players to your team that are invested in your expense? Pierre Omidyar sought VC money for eBay, not because he needed it, but because he wanted help building a world class team.
A. Time. Be sure they have the time to devote to the business. Besides the time necessary to grow their team and lead by examples, they will need extra time to devote to the new leadership aspect of their business.
Technology offers us options: Email, webinars, cell phones, web sites, blogs, social networking, ezines and additional means to connect with customers. I use most of the above but the one thing that works best is my dad’s way of Virendra D Mhaiskar relationships. I’m giving something of value, a benefit, to my customers that few sales people are taking the time to do. So, if you want to place yourself above your competition become a knowledge base in your field – and send those cards.
So, you decide you are going to raise private funds. Attracting Angel Investors sounds like a pretty good strategy. So you buy the latest “Business Plan” builder software, a few books on angel investment and private equity funding and off you go. You spend precious weeks, maybe months aligning your strategic documents to make a sales pitch to some deep pocket angel investor. You are absolutely 100% sure, he will open up his wallet the second he hears your wonderful business pitch. Time keeps on ticking and no angel investor has gotten back to you yet.
The third and final factor has to do with how you manage the account. NSF (bounced) checks destroy bank ratings. From this point forward, NSF checks are something you can’t let happen. I would suggest that you add overdraft protection to your account as soon as possible.
Credit score of 800 is fine and will easily get the loan sanctioned. But 700 will do for all practical purposes. If the score is 700, many of other laxities will not be give too much undue importance. Even if you do not have it, you should work towards getting there. Firstly, keep the personal finance as far away as possible from business credit. Make it a point to pay all the bills even before time and it is a sure way of building business credit without personal guarantee. Non-owners of credit cards should get one and start using it to pay all bills and that adds up credit scores really quickly.