Getting Ready to Sell?

I've written before about closing your business, but a recent e-mail campaign (with the dozens of bounced e-mails) has brought this issue to my attention again. I usually try to find a new e-mail address for the ones that are bounced back to me -- and it's easier if the e-mail address includes the company domain name -- like info@yourresumesite.com.

But even then, I've got a list of more than 100 domains that no longer exist. That can be valuable real estate -- I'm half-tempted to go out and register them myself. After all, some resume writer out there spent a lot of time building up that brand name ... only to let it lapse if they left the business.

Does anyone know a business broker that does any work in the careers industry? I'd like to interview him or her for a future article -- and I think I could send some business their way.

In the March 2008 issue of Inc. Magazine, the "Ask Inc." column featured a question from a business owner who would like to sell the company in the next 18 months.

It made some very good points. Among them:

• "What is the business without me? Most of your company's value is in your relationships with clients and the knowledge you have gained from experience."
• Business owners should begin preparing for a sale 3-5 years in advance. (Of course, resume writers who are leaving the field for another career won't have that long. But ideally, you'd make time to grow the value of the company. That's the catch-22 -- if you grew the company, you probably would stay in the field!)
• Update any manuals you've written or materials you've created to make the business transition smooth -- to help a buyer understand the business -- it can't just be all in your head.
• If you're selling the business (and not just your client list or domain), make sure you have solid sales record documentation in place.
• Your client list is your biggest asset. Ideally, you've been keeping in contact with your clients, so the information is still "fresh." The ultimate value of your client list to a prospective buyer is how many of those clients he or she can convert/retain. If you help make the transition possible, your client list will be worth more.

Here are some additional resources:
Closing a Business Checklist (IRS)
Small Business Planner: Getting Out (SBA)

A Quick Note on Closing Your Business

I received a note back today from a resume writer who recently retired. I asked her whether she had tried to sell her business, instead of just closing it, and she was kind enough to respond back to me, and provide this tip for resume writers too:

"It's practically impossible to sell. Or at least I found it impossible. So I just closed it up. In Rhode Island, there's only one other person who really made a difference in the resume writing market, and she figured she'd get people from me simply because I wasn't there, so she turned [the opportunity to buy the business) down.

However, if you're signed up for umpteen months in the Yellow Pages, they have an "Out of Business" office that will allow you not to pay for the remainder of the year if you can prove that you've cut off your phone and are actually no longer in business. It took me a long time to find this out, so I'm passing it on to you."

I believe that it is possible to sell your business, and this is a topic that I will be exploring in the future. If you have insight into the matter, e-mail me! (rwdigest@aol.com).