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Essay / Research Paper Abstract
This 5 page paper evaluates an article written by Michael Walker entitled Exit strategy missteps and how to avoid them. Bibliography lists 2 sources.
Page Count:
5 pages (~225 words per page)
File: RG13_SA944smb.rtf
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Unformatted sample text from the term paper:
many business owners underestimate the complexities entailed when selling a business (Walker, 2009). He lists and elaborates on five common mistakes made when someone sells a business (Walker, 2009). The
mistakes noted are failing to plan in advance, not knowing the worth of the business, failing to present the business to more than one purchaser, losing control, and not focusing
on the business itself (Walker, 2009). He ends the piece as follows: "The anticipated surge of aging Baby Boomers means succession strategy and exit planning are, and will continue to
be, hot topics. I hope business owners take steps to prepare themselves for the transition" (Walker, 2009). In the Failing to Plan section, the author explains that the seller should
be aware of tax ramifications when making decisions (Walker, 2009). Many fail to enhance a business and this is tied to understanding what the buyer wants (Walker, 2009). In other
words, the seller will be more knowledgeable about the current business and can make changes before the sale for the new owner, thus increasing the sale price. Such a move
could be beneficial for both parties. The fact that the seller fails to present the business to multiple purchasers is an obvious oversight. Obviously, with one purchaser, the seller is
at a loss. He is only negotiating with one individual. When there are more offers on the table, the seller is likely to not only find the best person to
make the purchase but also get a more competitive price. Yet, Walker (2009) warns that the offer should be made to a limited number of people so that there is
control over the process. In fact, in the section regarding control, the author lists several ways that the seller should maintain control over the process. They are confidentiality, release of
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