Thinking of Buying -- or Selling -- a Resume Writing Business?

A couple of times a year, I hear from a resume writer who is thinking about retiring or selling his or her business. I recently interviewed a resume writer who successfully sold her business (and I'm thinking about interviewing the buyer too!), but the topic came up for me yesterday when I got a call from a business broker who wondered if I was interested in selling my resume writing business.

I told her I wasn't (My husband and I have created a business that fits our lifestyle, and that we love!), but I asked for more information about what she does, so that if you come across this post and you're interested in buying an established resume writing business -- or selling yours -- you'll have a resource to check out. (Note: I don't know much about this brokerage company other than what I read on their website, and from talking to my contact there.)

Linda, with Affiliated Business Consultants, says some of the main reasons why someone might be interested in buying a business include:

• They've moving to a different state
• They've lost a job and want the security of self-employment in an established business

I told her I sometimes hear from resume writers who want to sell. Their primary reasons for selling include:

• Retirement (there is a substantial segment of the resume writing industry over age 55 -- this will open up the possibility for business sales over the next 5-10 years)
• Health issues -- again, age is a factor in this one too. The resume writer might be interested in cutting back his or her business due to health concerns.
• Returning to the corporate world. I talked with a couple of resume writers in the last few months alone who are taking corporate jobs and consequently, are shuttering their careers business.

If you're thinking of buying or selling, contact Linda at 719-540-2200 extension 243. Or visit the Affiliated Business Consultants website at www.Bizsale.com.

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)