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Business – Page 161 – Reginald Chan

Reginald Chan

Category: Business

  • Why It Is Important That Workers Know Their Rights?

    Why It Is Important That Workers Know Their Rights?

    A few months into the Covid-19 pandemic, a lot of people lost their jobs. Some had to work from home taking home only a portion of what they usually make. This was understandable because the entire globe was dealing with a similar challenge as an impact of the measure put in place to put the spread of the virus in check.

    However, people lose their jobs every day in the normal world. Some employees are discriminated against by their colleagues and seniors based on race, color, gender, background, or even fitness levels. Bullying is also not unheard of in the standard workplace. Still, some people work under extremely harsh and hazardous conditions with zero concern about their safety from the employer. While you need the money to put groceries on the table, you are not a slave or a robot. You are also human and your rights should be respected. To get an extra pinch on this, the following pointers should paint the picture of why employees should know their rights. 

    1. Workplace Safety and Health

    At the federal level, OSHA (Occupational Safety and Health Administration) is the entity tasked with the responsibility to regulate workplace safety in the United States. The organization works tirelessly to ensure workers have safe working conditions. OSHA ensures manufacturing facilities are inspected and won’t hesitate to levy large fines to any employer subjecting their workers to unsafe working conditions.

    This goes a long way in preventing workplace injuries and work-related health issues. When injured in a workplace accident, the folks at joyelawfirm.com/north-charleston/workers-compensation-attorney/ say that worker’s comp should cover your medical expenses and a significant portion of your lost wages. With the guidance of an experienced attorney and perhaps some help from OSHA, dodgy employees can be brought to book as you recover your deserved financial damages. In a nutshell, below are a few examples of unsafe work conditions:

    • Exposing workers to hazardous or infectious material without proper safety gear
    • Lack of safeguard on dangerous machinery
    • Exposure to toxic or corrosive chemicals without protective clothing  
    • Slippery floors and oil spills out of negligence
    • And much more

    2. Employment Laws against Discrimination

    Every worker needs to know and understand his/her rights to stay safe from any form of work-related discrimination. According to the Civil Rights Act of 1964, every worker is protected from any form of workplace discrimination whether based on color, creed, nation of origin, gender, age, or religion. Some states have also provided workers with protection against workplace discrimination based on their sexual orientation, disability, marital status, and pregnancy-even though the federal law is yet to adopt these protection rights. Moreover, employers are not supposed to deny you a job opportunity or promotion based on any protected classifications mentioned whether under federal or state law.

    Workplace discrimination laws are applicable in a wide range of areas, including:

    • Hiring
    • Firing and layoffs
    • Job promotion
    • Task allocation
    • Training and career development

    It can sometimes be quite difficult to pinpoint unless the victim comes forward. It can sometimes even manifest in the form of sexual harassment where senior members of staff take advantage of fresh-out-of-college staff or ask for sexual advances from a staff member from an “inferior race or gender” in return for favors at the workplace. Nonetheless, it is easier to seek help if you know and understand your employment rights like the palm of your hand.

    3. Workers Deserve To Be Paid A Fair Wage

    Workers have the right to be paid a fair wage for the work they perform. However, some employers will always try to cut corners when it comes to rewarding their workers for the work done. That’s why every employee needs to know and understand the amount of payment they deserve after working for a given number of hours. In the US, the federal government and states have an established law that dictates the minimum wage for different categories of workers.

    Alongside a ton of scientific research out there, multiple arguments have also been raised regarding why employees should take home more than the minimum wage. This is because, in most cases, the minimum wage is set based on assumptions that anyone can survive comfortably when earning such a wage weekly or monthly.

    Also, the law tends to have a few loopholes regarding compensation. An employer may choose to pay their workers in commissions as is usually witnessed in many sales and marketing departments. This commission may or may not be in addition to a salary, usually called a retainer. Sometimes you may lose even the retainer salary in case you fail to achieve certain targets. Before taking such a job, the employee needs to carefully scrutinize the contract and ascertain whether they can cope without a guaranteed minimum wage.

    4. Workers must be Paid for Overtime Hours

    The federal law requires every employer to pay their workers for the extended time working. Every worker is eligible for bonus pay, usually, a 50% increase for every hour worked over forty hours in a week. States such as California mandate overtime pay if a worker works for more than 8 hours in one workday. Note – extra overtime compensation is always not optional but mandatory. Therefore, any employer who denies workers overtime pay risks being at loggerheads with the state or federal employment laws. Additionally, an employer is not supposed to release a worker from employment while sorting out their increased wages.

    5. Right to Family Leave

    According to the Family and Medical Leave Act of 1993, workers are provided with job security and time off when there is a need to take care of, say, a seriously ill family member, newborn, or an adopted baby. Factually, the employer is not only mandated to provide workers with up to 12 weeks off but also with guaranteed job protection. Even if the time off is unpaid, as a worker you won’t lose your position at work.

    In conclusion, understanding your rights as an employee can have numerous benefits. It can give you the peace of mind to stay productive and prosper in your career. The chances of hating your job are also greatly minimized. The next time you drop a successful job application at company A or B, make sure they are compliant with employment laws and regulations before signing the contract.

  • Flywheel Growth Suite: An introduction and powerful tool for website developers

    Flywheel Growth Suite: An introduction and powerful tool for website developers

    Grow your business by leveraging a personalized customer experience that helps drive conversions.

    Flywheel Growth Suite is a set of tools to help you do just that. With the suite, you can help your customers find what they’re looking for quickly and smoothly. Flywheel offers everything in one place so you don’t have to manage multiple platforms or make changes on each site when things change at Flywheel. Not only will this save time and ensure all users are getting the experience they want, but it will also provide consistency across channels – making sure all parts of your marketing strategy work together effectively.

    What are the advantages of using Growth Suite by Flywheel?

    1. Personalized Dashboard

    Your Account Manager will help create a personalized dashboard that shows all of your client sites in one place. From here, you can see metrics for each site as well as customize the display to show only what’s important to you. For example, if you want to be sure that all of your clients’ sites are in tip-top shape, you can check each of their pages to see page speed, load time, and how many posts they have.

    The Flywheel team will also include site speed as a factor when reviewing your reviews. This means Flywheel will only publish sites that pass the “3 second test.”

    2. Site and Content Management

    With Flywheel, you’ll be able to put your clients in control of their content. Using Flywheel’s client dashboard, they can login and make changes to their site’s blog posts, pages, and images. You no longer have to worry about remembering what needs updating or taking time away from working on other projects or clients for the updates.

    This also means Flywheel will be able to restore sites that have been accidentally deleted – even if you don’t notice it right away.

    3. Automated Notifications and Reports

    Flywheel management tools create automated notifications for everything from site traffic, page speed, and load time to errors in code on your client’s site. But Flywheel goes further with reports for your clients and you.

    At the same time, Flywheel will also provide analysis on what content performs best which is great for guiding your client when creating a new site or revamping an existing one.

    As you can see, Flywheel management tools put everything you need to run a successful WordPress business in one place, making it easier for you. In easier words, Flywheel can take care of the technology while you focus on what really matters, growing your business.

    You’ll love Flywheel Growth Suite if:

    • You have a team and want an all-inclusive package that covers everything from hosting to billing to client management.
    • You are looking for more than just site hosting so you don’t have to manage multiple companies or platforms.
    • You are looking for tools that will enable you to provide your clients the best experience possible by helping them find anything they need quickly and easily. Flywheel Growth Suite can help you with all of this and more!

    More information about Flywheel’s WordPress hosting

    • Flywheel’s WordPress hosting provides a complete environment for your clients’ sites. That means you’ll get:
    • Instant scaling – Flywheel will instantly spin up additional resources as needed to handle traffic spikes, so your client’s sites never slow down during peak hours.
    • Automatic backups – Flywheel Backup backs up all of your customer sites every night, ensuring that your sites will always be in safe hands.
    • Free SSL – Flywheel offers free SSL for all customers so they know their information is always secure when they check out on your site.
    • Optimized hosting – Flywheel servers are optimized to handle the high traffic volume WordPress can generate. They’re also designed specifically for fast WordPress hosting. Flywheel also auto-installs security updates and core WordPress updates daily, so you always have the latest protection against hackers.
    • Free migration – Flywheel handles everything from your domain name transfer to your content transfers, so you can focus on growing your business instead of worrying about technology issues.
    • “Flywheel will take care of everything for you”
    • Flywheel WordPress Hosting makes it easy to grow a business.
    • You no longer have to worry about updating your clients’ website and site speed. Flywheel will handle this and it will also back up all of your customer sites every night (nightly backups)
    • Flywheel Growth Suite provides you with tools to not only help grow your business, but help your clients’ websites grow as well. Flywheel growth suite puts you in control with reports and notifications for things such as site speed and traffic. The Flywheel team can also help you with things such as automated notifications and reports. The best part? Flywheel will even provide analysis on what content performs best which is great for guiding your client when creating a new site or revamping an existing one.
    • Flywheel Growth Suite makes it easy to run a successful WordPress business, unlike many other platforms.
    • Flywheel Growth Suite includes everything you need to run your business in one place. In other words, Flywheel Growth Suite includes Flywheel management tools, WordPress hosting and subscription billing, working together to help you grow your WordPress web development agency

    Summary

    Flywheel Growth Suite is the first all-inclusive package for agencies and freelancers that includes everything from hosting to billing to client management. The suite also comes with tools such as automatic notifications, reports, analysis on what content performs best which helps clients create a new site or revamp an existing one. Flywheel offers free SSL for all customers so they know their information is always secure when they check out on your site.  If you’re looking for more than just site hosting so you don’t have to manage multiple companies or platforms, Flywheel Growth Suite can help you with all of this and more!

    Take Flywheel Growth Suite for a spin today!
  • 5 Best Ways to Use Your Smartphone

    5 Best Ways to Use Your Smartphone

    Smartphones have become an integral part of human existence. It is totally correct to assert that humans have become one with their smartphones to such an extent that it’s difficult to live without them.  Our world has gradually evolved into a smartphone culture. Think about it, you use your smartphone for almost everything.

    In the UK and US, two thirds of people own smartphones, and all of them consider their phones to be a necessary device for connecting with the world.

    Here, we will identify some ways to efficiently use your smartphone, iPhones, and Android alike. These tips will work for most recent smartphones, though Android models and brands will differ.

    1. Get a Case

    This is the first thing to do. Nothing is more frustrating than dropping your phone and breaking the screen. It happens sometimes, and there’s no assurance that you’ll be able to repair it. The solution is to use a case to cover your smartphone. Adding a case may add to the weight (depending on the size), but it will be worth it.

    2. Update your apps from time-to-time

    Most smartphones come with a collection of applications pre-installed by the maker. You may not use some of them, and the more applications you have open, the shorter your battery life will be. It also helps to disable or remove any apps you don’t need.

    Be sure you’re running the most recent update of the software you already have. App developers upgrade their software regularly to add additional features, reduce resource consumption, and protect against malware and security threats. Set your apps to update automatically or manually regularly.

    3. Take care of the battery

    To care for your battery, follow the manufacturer’s instructions. Depending on the age of the smartphone and the battery it uses, this could include using the phone until it runs out once in a while. Restart your phone regularly to let it cool down, especially if it overheats.

    4. Listen to text messages and emails

    Most smartphones have a feature that allows you to listen to content instead of reading it. Texts, emails and website content can all be read aloud.

    5. Use your phone’s camera to read small text

    Squinting is no longer necessary. You can turn your phone’s camera into a magnifying glass to make the small print on forms, labels and documents easier to read.

    6. Get rid of old pictures

    If you use Google Photos (on Android or iOS) or iCloud Photo Library (on iOS), you can delete local copies of photos from your phone and free up some disk space to back up your photos and videos to the cloud.

    7. Clean up the home screen

    Android and iOS handle home screen icons in very different ways, with iOS adhering to strict rows and columns and Android allowing you a lot of flexibility. On both operating systems, however, you can organize the icons by moving them into files.

    To make a list, simply tap and keep an icon, then drag it on top of another (on iOS, you need to wait for the icons to start jiggling after tapping and holding before you move them). You can rename a folder as Social, Productivity, Games or whatever you want after tapping to open it. Your home screens could be a lot easier to use this way.

    8. Arrange the widgets in order of importance

    You can add widgets to your home screen to gain quick access to useful information and apps. You can get the weather forecast, traffic conditions or the search bar for a particular app.

    9. Access key features faster

    You can access key features faster by bringing them to locations where you can easily reach them. These are phone functions you might use often, such as the flashlight, Bluetooth, Wi-Fi or airplane mode.

    You don’t have to stick with the default interface and range.

    10. Recognize individuals based on their ringtone

    Consider this scenario: your phone is ringing on the other side of the room; do you get up from your incredibly cozy couch and attempt to figure out who it is, or do you let it ring? You’ll never have to abandon the warmth of your couch if you know who is calling you from across the room.

    You can assign personalized ringtones and text messages to specific contacts on your account, so you can tell if the person calling you is someone you want to talk to without even looking.

    11. Mirror your phone screen

    Getting your phone screen up on a large screen can be useful at times. This is something that both Android and iOS can do, but they do so on different platforms. Open Quick Settings on Android by dragging down from the top of the screen with two fingers, then swipe left and select Screen Cast to mirror the monitor on any Chromecast computer.

    Open Control Center on iOS by dragging down from the top of the screen and tapping Screen Mirroring—you can use any AirPlay-enabled unit, like an Apple TV, in this case.

  • Choosing The Right .NET Framework For Your Project – An Essential Guide

    Choosing The Right .NET Framework For Your Project – An Essential Guide

    If codes are the tools, then a framework is the instruction manual that determines how the tools will be used to create your project. Through one platform, they allow the developer to build a whole software without as much effort. Consequently, this means that your choice of framework will influence your end-product’s speed, performance, compatibility, and more. That’s why project managers spend a long time deciding on a framework, and that’s also why developers spend an even longer amount of time deciding which framework to study/specialize in. See, there’s a lot that goes into choosing a framework for your project. To make the best decision for your project, here is everything you need to know about picking the right .NET framework.

    Project Complexity

    The first factor you need to consider when going about your selection process is determining what your project is and what you want out of it. Not only that, but also how far do you expect to go with your software. Remember, planning for scalability is crucial. When it comes to .NET frameworks, you’ll find that Microsoft is constantly releasing updated versions. Not just that, but you’ll also find that these frameworks make the job of building complex software that much easier. They are fitted with various tools to create and edit anything from websites to mobile and desktop applications.

    Even better, developers have access to libraries that enable them to use codes previously created by others before them. This translates to less time spent on writing the basic code common in all software and more time spent on writing unique code. Keep in mind, less time means less money which is a great advantage for any client. Of course, within the DotNET family, there are differences between frameworks when it comes to the ability to handle complex apps. The ASP.NET MVC framework is designed to simplify the process of building web applications by separating elements, like design and code. The ASP.NET Core, however, does not have the same feature. Instead, it offers the ability to build and use microservices (self-contained pieces of code responsible for a specific function).

    Developer Preferences

    Respecting a developer’s preferences is essential to picking the right framework. The relationship between developers and frameworks is similar to the relationship between people and the android vs IOS debate in a way. You can know your way back and forth around an IOS device, but struggle to set the time on an android device. In the same way, a developer who is proficient in using Java won’t be as good at using .NET as it is a whole other language. That is why, as a client, if you want to choose .NET for your project, you need an expert in the framework. By giving them the home advantage, you’ll be taking advantage of the full range of their abilities, thus setting your project up for success. Take into consideration that this also applies to different frameworks within the .NET family. While a developer who is used to ASP.NET MVC will be able to make the switch to Core in a short time, you need to account for that short period until they get used to the newer version. 

    Performance

    While Java is good and has become faster over the years, it still is slower than .NET frameworks, especially the .NET Core, given that it is designed for the specific purpose of developing high-performance apps. The reason behind the difference mainly goes back to the coding languages used. Nowadays, some refer to Java as a framework, but at its core, Java was created to be a programming language, like C# and F# which are used in DotNET frameworks. What makes DotNET frameworks faster is the fact that they use compiled languages rather than interpreted languages. Here is where it gets a tad complicated. A compiled language is a set of instructions that, once complete, is compiled directly by the machine itself, translated into machine-friendly language before the program starts running. It’s similar to reading a whole book before writing up a summary.

    On the other hand, an interpreted language is converted and executed by an interpreter while the program is running. It’s the equivalent of summarizing chapter by chapter. Needless to say, compiled languages (C# and F#) are a lot faster because they are instantly converted by the machine itself before running. Going in, the CPU already knows what to do. It doesn’t need to translate anything on the go. Meanwhile, an interpreted language (Java) is slower because it is executed by an interpreter (a program) which converts the source file to instructions during run-time and not ahead of it.

    Target Platform

    One of the main differences between frameworks is their platform compatibility. The first frameworks within the .NET family, Web Forms and MVC were only compatible with Windows. Meaning, applications designed using those frameworks couldn’t and still can’t be edited or run on any operating software other than Windows. In their 2016 framework release, however, Microsoft managed to permanently overcome this limitation by creating the .NET Core. It is capable of creating enterprise-level applications, gaming projects, as well as AI programs, fully compatible with Windows, macOS, and Linux. In response to the increasing demand for products that can function on more than one operating software, as of 2020, the majority of .NET developers have migrated to .NET Core. While this doesn’t mean that the MVC has been cast out, it seems to have become less popular compared to the more versatile alternative.

    As you see, the selection process requires researching dense material, some of which may fall outside one’s field of expertise. It is, without a doubt, exhausting, but all the information you will learn will help you a great deal when communicating with your developer. Not only will you be able to keep up with their explanations, but once they see that you can speak their language, they’ll start sharing more details and suggestions, knowing that it won’t go over your head. Before you get too excited about a certain developer, though, make sure you pick out the best framework for the job

  • SEO basics to increase your blog revenue

    SEO basics to increase your blog revenue

    So you’ve decided to get into the world of blog monetization, but you want to learn how to stand out of the crowd.

    What do you know about Search Engine Optimization?

    In order to have a profitable blog, you’ll want to optimize your content to be picked up by search engines. Below is a list of helpful tips to optimize your content for search engines to increase traffic and revenue from your blog.

    Important: You should also go for building quality backlinks for your blog. As per specialists of SEO Melbourne, creating 1 quality backlink is 100% beneficial than creating non-relevant backlinks for any business blog or website

    Write a Killer Featured Snippet

    Google has a new feature called the “featured snippet.” If you write the very best featured snippet, your blog automatically jumps to the top of the search results.

    You’re probably already familiar with Google’s featured snippet, it’s the clipped answer in the answer box that the search engine has best matched to the user’s query.

    Google’s search engine uses two types of featured snippets: paragraph snippets and list snippets. These are intended to answer two different types of questions.

    Paragraph Snippets

    A paragraph snippet is a 300-character paragraph that best answers the search query. This is used for search queries that have complex answers.

    For example, if you search “why isn’t my puppy eating,” Google will provide an answer at the top of the page. Write the best one, and you jump to the top of search results.

    To write a good paragraph snippet, write a paragraph near the top of the page that best answers the question in 300 characters. Effective featured snippets are factual in tone (think Wikipedia) and answer the question clearly.

    In order to write a good featured snippet, start with the search query and consider what the searcher wants to know. So if the search query is “why isn’t my puppy eating,” they probably want to know if the puppy needs to go to the vet. Then you write a featured snippet that tells them what other signs to look for that would indicate a need to go to the vet.

    So a good featured snippet for “why isn’t my puppy eating” could be:

    “If your puppy is not eating, it could be a sign of illness or a sign of stress. If your puppy is exhibiting other signs of illness, such as vomiting, diarrhea, lethargy, or you suspect they have eaten something toxic, take your puppy to the vet.”

    Notice how that paragraph both directly answers the question and elaborates on the reason for the search query.

    List Snippets

    If the answer has three or more items, the Google search engine will probably aim for a list snippet.

    For example, if you type in a search query “What foods are toxic to dogs?” Google provides a list of food items that dogs should not consume. Ideally, list snippets should contain 9 or more items to encourage the reader to click on the link.

    Conduct A/B Tests to Track Results

    Now that you’ve got your killer featured snippet, how do you know it’s actually driving traffic to your blog? With the magic of A/B testing!

    A/B tests, also known as “split tests,” are a great way to determine if changes made to your blog are effective or not. Let’s say you’ve got two great webpage designs, but you want to see which is more effective at converting viewers.

    How it works is you make two versions of your webpage, one with design A, the other with design B. Using A/B testing software, users are randomly shown either of the two webpages, and tracks the results.

    It’s worth keeping in mind that your A/B tests may be affected by the demographic that you’re targeting. Certain segments of a demographic may convert well with certain designs or copywriting, and other segments may not.

    A/B tests are the most effective way to stay on top of unpredictable marketing trends. It takes a lot of the guesswork out of monetization: you know what works and what doesn’t.

    Write Your Blog In a User-Friendly Format

    How the content of your blog is presented is as important as the content itself.

    • Keep important content towards the top of the page

    Most people visiting your blog are pretty internet-savvy and will leave your webpage if they do not find the answer to their query near the top of your page. You want to convince readers to stay on your page by offering both the answer and further information about their query.

    • Keep paragraphs short

    Paragraphs should be no more than three sentences.

    Your blog needs to keep its content optimized to be read on any device. Short paragraphs are best for readers using a mobile device.

    Keeping paragraphs short prevents intimidating walls of text, which drive viewers away.

    • Put affiliate links towards the bottom of the page

    Google tracks the time viewers spend on any given page when determining the best search results, so you’ll want to encourage readers to spend as long as possible on your page.

    If you have monetized your blog using Amazon’s affiliate program, you’ll want to put those links towards the bottom of the page. This both encourages people to stay on the page for as long as possible AND click on the link.

    Join Amazon’s Affiliate Program

    Speaking of Amazon’s affiliate program, if you haven’t joined already, you are missing out on a great opportunity for monetization!

    The Amazon affiliate program, also known as “Amazon Associates,” is a super-simple way to monetize your blog by making Amazon product recommendations.

    So let’s say you write a blog about dogs and pet care. Once you’ve written an excellent SEO blog post about puppy care, why not recommend some puppy food towards the end?

    When the customer clicks the link and buys products from Amazon, you get a referral fee.

    While the Amazon affiliate program isn’t necessarily a tip regarding SEO, it is a great way to make money from your blog. When it comes to monetization, you want to take every chance you can get!

    Final Thoughts

    Making money off your blog can be an easy process. With a few basics of SEO applied to your blog, you can gain more traffic and generate more revenue. Are you ready to say yes to success?

  • Learn Which Steps To Take To Be Safe When Selling Your Business

    Learn Which Steps To Take To Be Safe When Selling Your Business

    Whether you’re ready for retirement or you’re ready to move on to your next career adventure, selling your business can be a very stressful, even scary experience. You’ve worked hard to build your company, putting endless hours, energy, and passion into making it what it is today. So, it’s easy to become overwhelmed trying to decide on things like valuation, if you should use a broker, and how to manage the business during a sale. Your first priority should be protecting yourself, and here are some strategies to do so. 

    Get Your Ducks in a Row 

    What the customer sees is just the tip of the iceberg when it comes to your business. There are so many moving parts to a business, and all of them need to be put down on paper for potential buyers to do their due diligence. From accounting to marketing, you need to prepare for all of your business documentation to be reviewed with a fine-tooth comb. Work with your accountant and/or bookkeeper to prepare your finances. Gather all important information including profits, expenses, losses, and projections spanning the last few years, documentation relating to suppliers and vendors, descriptions of operations and business practices, and expected/necessary replacements or repairs to be completed prior to the completion of the sale. Remain actively engaged in the business, even try finding new marketing strategies opportunities and sales-boosting initiatives. The more organized you are and the better you present your business, the more likely you are to have a more efficient sale and even increase the offers. 

    Broker: to Hire or Not to Hire

    Just like hiring a real estate agent, hiring a broker will cost you some money. If you are arranging a sale to a family member, employee, or someone else who you trust will respect the terms of the sale, then hiring a broker might not be worth the commission fees. However, if you are selling to someone outside of your close circle, a broker will mitigate the risks, get you higher offers, and allow you to continue focusing on the business while the business is on the market. The average length of the sale of a business is 7 months. Consider how much time it takes to advertise and promote your business to potential buyers, then to further communicate with them, and provide the required documentation for their due diligence and, finally, consider their offers. That’s a lot of time and resources that could be put into the business, which could increase your valuation. 

    Over or Under

    Deciding what your business is worth is a very personal experience. Entrepreneurs often aim too high or too low when evaluating what their business is worth, and either end up struggling to make an equitable sale or settling for a low offer. You put your blood, sweat, and tears into your business, and you know its ins and outs better than anyone. However, the value that it holds for you may not translate into market value, so be realistic. The folks at Global Career Book created this calculator for business valuation that will help you gain an understanding for what your business is worth at market value. Remember that there are many variables that will contribute to the final valuation; the age and type of business, recurring revenue, hours worked, and income diversification, to name a few. The size of your business will also play into the final price. Businesses priced below $3 million average about 2-3 times profit, mid-size businesses between $3 and $20 million tend to see 3-5 times the profit, and large businesses over $20 million can expect 5-10 times profit. Of course, the larger the business and the more money involved, the longer the sale will generally take. 

    Friends Close, Enemies Closer?

    Be careful of who you are handing your records over to. Selling your business means you’ll be sharing all of your most sensitive information, and potential buyers have the right to review it all. Of course, it’s not information you want just anyone to have access to, so considering buyers who are pre-qualified for loans from third parties such as banks and investors is one way to protect yourself throughout this process. It is unfortunate but true that your competitors may make an offer or have someone act on their behalf for the chance to review your financials and sensitive documents, only to use this information for their own benefit with no intention of completing the sale. This is another area where a broker’s expertise can serve to keep you safe and informed. 

    Play the Field

    It can be exciting and a huge relief to receive your first offer, especially an offer that far exceeds the asking price. However, it’s very important to take your time and consider multiple offers. Do your own research and contemplate what each offer could mean further down the road. While it’s unfortunate, it is all too common for a new owner to crash and burn in the first year of taking over even a very successful business, leaving the former owner with nothing. It is far safer to take a lower offer with a buyer who can offer an upfront payment than it is to take a higher offer with a longer financing period and no upfront payment. Consider not only the offer but the person/people behind it. Are they capable? What sort of experience do they have? Do they understand and value the company you’ve built – this will be especially important for the customer base. Look beyond charm and charisma to see if they have the time, energy, passion and resources that it will take to continue on what you have built. 

    For the fortunate ones, selling a business can mean continued success. For the unlucky ones, it can lead to devastating losses. Taking time to prepare yourself for the sale the right way can help ensure that you’re protecting yourself and the future of the business. This is more than just the closing of a chapter; it’s an opportunity to set yourself up for the long-term future, giving yourself peace of mind for years to come.