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Why Support and Training from a Previous Business Owner Puts You in A Great Place to Succeed

You're purchasing a business. Congratulations! No matter how much experience you have and what talents you bring to the table, chances are, you have a steep learning curve ahead of you. Your new business may have its own unique processes and systems. That's just part of the reason why obtaining support and training from a previous business owner can be very valuable.

Experience and Wisdom

If you had access to the counsel and advice of a subject matter expert in your new business’ field, you'd be foolish not to take advantage of tapping into that kind of intelligence. Presumably, the previous owner has been running the business for some time, making him or her the expert you need.188144335.jpg

You may have some great ideas and plans for the future of the company. Perhaps you have a vision for improving its operations and the way things are done. By carving out a period of time where the previous owner continues managing the business, as usual, you can observe how things have been done previously. This may provide added insight as to the reasons why they follow the processes they do.

During the transition period, when you have access to the previous owner, you may want to discuss your plans and ideas for the business. They may be things that have been tried in the past or the previous owner may be able to identify possible obstacles or issues that you had not considered.

Managing Customer and Vendor Relationships

Over the course of running the business, the owner has probably developed some close relationships with key customers that are critical to the business' ongoing success. If a customer has a new contact person to deal all of a sudden, it could potentially jeopardize their loyalty to your brand. To mitigate that risk, involve the previous owner in facilitating the change.

A face-to-face or telephone meeting may be in order, wherein you and the previous owner discuss with your customer the way in which the responsibility managing their account will transition. It's an opportunity for you to reassure them that they will receive the same service they've come to expect and that they remain valued by the company.

A similar special relationship may also exist with the company’s vendors. Your company may have enjoyed better discounts or preferential terms thanks to the bond the owner has formed with suppliers. Again, including the owner in a conversation with suppliers is a great way to get support and training from a previous business owner and ensure you maintain a strong relationship with the supplier so they continue to be an important partner in your company's success.

Helping Employees Through the Transition

When a company is sold, it's natural for employees to be a bit nervous. The unknown is always a source of anxiety and fear. Keeping morale up is going to be critical for maintaining the normal operation of the business. When they see you working with the former owner, it will help to reassure them that, despite the change in ownership, there will be some continuity between what they have become familiar with and what lies ahead.

The transition period after purchasing the business is a time that can be fraught with hazards that could significantly set back its operations. By making the most of the support and training from the previous owner, you'll be going a long way toward making sure that doesn't happen.

To check out a comprehensive list of Minnesota companies currently for sale, visit Transworld's businesses to buy webpage.

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Our Sellers except us to achieve the highest and best offer for their business while taking the least amount of their time away from it as possible. That is because the absolute best use of their time is to continue to run and grow the company.  If revenue or profits begin to decline, buyers will walk away or decrease their offer. Transworld's philosophy can be summed up in a ten step, how-to strategy that culminates with the sale of a company. This proven method has been used to sell hundreds of businesses.  Here are the steps. Step1 Comprehensive Business Analysis and Feedback As your business broker, the first thing in our how-to strategy is to analyze your operation, finances, market potential and industry trends. We take that information and advise you on steps to prepare your business for sale, and  generate a business profile that represents your company in the most attractive way possible. Step2 Sale Structure We identify the best possible price range to sell your company. This is based on solid facts, the condition of the market, projected growth, sales potential and the sale of similar businesses within your industry. Transworld’s experts apply sophisticated, time-proven valuation techniques to ensure that your price is appropriate for the current market condition. The price must not be too high or too low. Yet, it must represent an attractive investment potential for the buyer. Step3 Confidentially Network The Business For Sale During the selling process, we utilize the latest technology to present your company to other business brokers and strategic buyers all over the world. This greatly multiplies the effort in your favor. With Transworld Business Advisors, you have literally thousands of industry professionals confidentially representing your company to buyers.   Step4 Confidentially Advertise To Buyers Our aggressive marketing program ensures your confidentiality and provides maximum exposure for your company. Your listing is placed in various industry databases, Internet sites, and publications which are constantly updated. We spend more money in advertising and marketing for buyers than anyone else in our industry. Step5 Control The Information Flow We organize all necessary documentation and release information only as needed. We use limited information when advertising to maintain confidentiality. Buyers are pre-qualified and required to execute a confidentiality agreement before receiving any sensitive business information. Step6 Create Competition For Your Company We attract thousands of buyers, creating competition for your business. Buyers are qualified for financial ability to meet the offer, and we engage you with only the most qualified buyers. Once you meet the best of the buyers, we urge them to prepare and present all offers. We can continue to engage potential buyers on your behalf as negotiation on an offer is in process and have another interested party ready to go should a buyer change their mind. Step7 We Negotiate For You To Achieve The Best Price Appropriate negotiation is crucial to achieving your best price and terms. We have the expertise to establish sound and resourceful negotiating techniques on your behalf. Transworld has trained all of its agents in the art of negotiating through curriculum that we have created specifically for our industry. Never negotiate without planning, expertise, or from a position of weakness. Step8 We Provide Exceptional Support To You Through The Due Diligence Process We take pride in our exceptional service. Only half of the job is finding the right buyer who will pay your price and meet your terms. The other half is getting that buyer to the closing table. We quarterback the deal, work with the accountants, lawyers, banks, landlords, and other third parties that could jeopardize the success of the transaction. We realize that you depend on us to guide you through the sale of your business. We make the transition simple and easy for you. We know when an opportunity for you may arise and are always there to take advantage of it. We also know when someone is trying to kill your deal or is being unreasonable and how to handle those situations. Step9 We Are There From Beginning To The Closing We help manage all administrative procedures, licenses, inventory counts and lease assignments that may be required. Transworld works closely with your advisors to ensure a smooth transition. Using the latest technology, we strive to be ready to work on your behalf to get the deal done! Step10 We Are There For The Transitional Phase And Beyond! Because we are in the business community, you may want to consult us from time to time after the sale. We will provide you with the assistance after closing. Transworld will always remain in your corner! Schedule Consultation Now

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