If you are looking for starting a business in retirement you have basically two options. To start something from scratch or to buy and existing business. Both are viable options, and both need some analysis to help you determine which is better for you.

Do you want to spend valuable start-up time and money learning the ropes before you get any income? When you buy an existing business that has all been done for you. You step into a revenue flow from day one, but it might cost more. What’s more important? Go through the process of start-up before you make any money or have a cash-flow from day one.

Buying a business that is for sale by a retiring owner is desired. This is why:

There should be (theoretically) nothing wrong with the business

Some owner sell business because they have to. They don’t know how to run them properly, ran out of money or many other reasons. A retiring owner simply wants to cash in and not operate the business anymore. The business could have problems, but it’s less likely. In addition, a retiring entrepreneur might be a “motivated seller”.

The vendor won’t be a competitor.

The chances of the seller opening a store just like yours in a different (and maybe better location) is almost non-existent. In spite of non-compete agreements which are difficult to enforce – this is an important factor. In a perfect transaction, the retired owner will help get going and move on to a beach somewhere. He or she might even be available to advice you from time to time.

The retiring owner might be willing to work part-time

One of the challenges in buying a business is to learn the ropes. If the seller just wants to move on you could spend valuable time learning how things are run. An owner wanting to retire might stay on a while to teach you the ins and outs of the business. He or she will help you get to know the staff and operating procedures. This also helps maintaining the goodwill the owner has established over the years. Introducing you to the clients and so forth. In addition, it will “look” better that you took over a business from a retired owner than someone who might not have been a good business person.

Retirement-driven business sales usually means the business has been around for some time.

You would prefer that the business is well established. This reduces the risk to you, since there will be experienced and trained staff to help you in the transition. I would look for at least three years of operation. Anything less should raise a red flag – why sell so soon?

Do you have to pay more for a retiring owner business?

Technically, you would be paying more for a business with less risk exposure. If all of the above is true, risk is reduced, and risk is money.

In considering the tips above you still need to do your due diligence. The numbers need to speak for themselves and match up with your own tolerance for risk and desire for future growth and profits.

Ingvar is getting close to “the golden age”. He writes about entrepreneurship

after retirement.

www.retiremententrepreneurs.com



By: Ingvar Grimsmo

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Registered Agent Services: What every Business Owner needs to Know?

It’s important to note, business owners who choose to form a corporation or LLC will be required to have a registered agent. Although this is a common requirement, several business owners are opting for third party registered agent service providers instead of hiring their own lawyer/registered agent. This is due to the fact that third party registered or resident agents can be contracted at a much lower price point… saving businesses and business owners money.

If you are unfamiliar with registered agents, these individuals are responsible for receiving legal and tax documentation. Registered agents receive these documents on behalf of the business. These agents are required for all corporation and LLC’s because they provide a permanent address, during normal business hours, in which legal and tax documents can be received.

Every legal entity conducting business as either a corporation or LLC is required to have a registered agent. For every state in with that business operates a registered agent must be in that state of business. For example if a business owner has a business in two states, such as Massachusetts and New York, a registered agent will be required in both Massachusetts and New York.

Registered agent services and third party providers are great due to a variety of reasons. There are several situations in which having a third-party registered/resident agent is a great option.

1) Your business is located in several states:

If you are a business owner and your operate your business in several states, it’s easy to have a third party registered agent service provider monitor documentation of your business. One company will handle all of your documentation and you will not have to worry about contracting out individuals from several different companies.

2) You want your business matters to stay private:

Many business owners choose third party registered agents because they want all legal/tax documentation to go to their agents address, instead of their place of business. Typically the resident agent will be mailed necessary legal/tax documents and then deliver these to the business. This way your business matter are kept completely private and confidential.

3) You change your address often:

If you are a business owner who moves around frequently, maintaining a third party resident agent is ideal. If you do so, anytime you move, you won’t be inundated with paperwork you will need to file so that the necessary legal/tax documents reach you. If you are your own agent then you would have to file “change of address” forms and possibly pay an additional feel. As long as you have a third party agent, the documents will go to their address and you don’t have to worry about the changes.

4) You are too busy to monitor your business legalities:

Naming yourself as the registered agent means that you will have to maintain all the proper documentation and file the necessary paperwork. Often times this can become very confusing. If you want to take some of the load off of your back, hire an third party agent to do this work for you. This way you can focus on making money for your business, as opposed to wasting time making sure all your paperwork/filings are up-to-date with the state(s).

5) You need professional guidance:

Registered agent service providers are the professionals. They know what they are doing, so let them carry the weight. If you don’t want to play the guessing game with filing dates and necessary requirements, let your agent do this for you. Work on growing and making money for your business instead.



By: TLupo85

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By: SmallBusinessfaq

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