SCORE Association Establishes Branch in Valdosta, GA
VALDOSTA, GA, August 4, 2016–The SCORE Association, a not-for-profit organization composed of volunteers who provide free mentoring and free or low cost training to entrepreneurs who wish to start a new small business or grow a business, has opened a new branch in Valdosta, according to Arthur L. Slotkin, the Georgia District Director of the SCORE Association, a resource partner of the US Small Business Administration.
As part of the larger SCORE organization, the Valdosta branch will conduct a series of three training sessions in October, November and December of this year (2016) for local entrepreneurs focusing on business basics, business plan development, marketing, finances and sources of funding for small businesses. This program is called “Simple Steps to Starting Your Business.” The Simple Steps program will be offered at no cost and participation is being funded by the SCORE Association and the SCORE Foundation. Further information about this training program will be forthcoming.
Ms. Erica Hill will lead the Valdosta branch. Ms. Hill founded and ran the “Entrepreneurs of Valdosta,” a group composed of volunteers who engaged in many of the services that the SCORE Association provides at its more than 300 chapters around the United States. According to Slotkin, the affiliation of the Entrepreneurs of Valdosta with SCORE provides infrastructure, training and resources to the local branch which will help further the aims of SCORE in Valdosta.
SCORE is America’s premier source of free and confidential small business mentoring and advice service. Nearly half a million entrepreneurs count on SCORE each year for help with fulfilling their dream of starting a business, as well as helping existing enterprises grow and become more successful.
SCORE’s more than 10,000 working and retired business professionals are committed to helping their communities thrive by providing local small business owners with valuable guidance and insights for success. Each of the SCORE chapters across the country provide services and programs tailored to the local community’s specific business needs and challenges.
If you would like more information about this topic, please contact Ms. Erica Hill at 229-630-1190 or email at Erica.hill@scorevolunteer.org.
Other SCORE Chapters in Georgia:
Ph: (404) 331-0121
Ph: (706) 596-8331
Ph: (478) 621-2000
Ph: (678) 506-0718
Ph: (770) 538-2522
Ph: (912) 652-4335
Is It Possible to Sell to a Business Competitor?
A common question in the realm of buying and selling businesses is, “Is it possible to sell to a business competitor?” The short answer is yes, it is quite possible and rather common. That stated, selling to a business competitor is different than selling to a buyer who is completely new to the industry. The two types of buyers should not be treated the same way, as there are various differing variables.
A Competitor Can Be a Great Buyer
One reason is that a competitor may indeed be the right party to buy your business, is that they usually have an excellent understanding of how your business and your industry works. They may also enter the negotiation process already understanding the value of your business, and this can serve to speed up the process.
Always Proceed with Caution
Competitors, however, must be approached carefully. Unfortunately, there have been many cases where competitors acted as though they wanted to buy in order to acquire access to inside information. That’s why sensitive information like client lists and other “secrets” shouldn’t be shared until the sale is complete and the money is literally in the bank.
Working with a business broker is always a prudent move when it comes to buying and selling businesses; however, when working with a competitor is involved a business broker is even more important than normal. A business broker can act as something of a shield in the process, helping to ensure that you don’t reveal too much prized information until the sale is 100% complete.
Negotiate from a Place of Knowledge
Further, a business broker understands how much your business is worth and can back up that valuation. Having this information before discussing a potential sale with a competitor is of great importance.
Be Prepared to Accept Certain Legal Conditions
Finally, don’t be surprised if your competitor asks you to sign a non-compete or for you to stay on as a consult after he or she has acquired your business. This is a prudent step and one that makes tremendous sense. If you were buying a business from a competitor wouldn’t you want to make certain that the competitor didn’t simply “set up shop” somewhere else a few months or even a couple of years later? Likewise, tapping your expertise is another prudent move for your former competitor.
Summed up, selling your business to a competitor is a potentially great move, but it is also an opportunity that absolutely must be explored with extreme caution. Never divulge critical information to your competitor until the deal is finalized.
Copyright: Business Brokerage Press, Inc.
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