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Blog Description:

Small Business News and Reviews Here you can learn how to start your own business, grow that business, set up accounting software and find the best software, website builders and SBA business loan information for you, the entrepreneur, to succeed.
Blog Added: June 21, 2018 03:04:48 AM
Annual Regular Membership: 1 Year Term 2019-06-20 21:04:48 (268 days left)
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Questions to Ask When Designing a Logo

When you start the process of designing a logo for your new business or redesigning and rebranding an existing company, you have lots of questions. That’s good. You want to ask all the right questions for the best logo design project outcome. Your logo, done right, is amongst your most valuable business assets. No matter […] The post Questions to Ask When Designing a Logo appeared first on...

questions to ask about designing a logoWhen you start the process of designing a logo for your new business or redesigning and rebranding an existing company, you have lots of questions. That’s good. You want to ask all the right questions for the best logo design project outcome. Your logo, done right, is amongst your most valuable business assets.

No matter where you decide to design your logo using a free online logo creator, illustrator logo templates, 99designs or its competitors for best results you need to ask these questions first.

Your questions will cover many of areas of concern; such as which designs and colors will be most attractive to your target customers, what is the logo design process, can you trademark a logo and what is the best logo design contest sites.

I will thoroughly discuss all these questions and more, that you should ask when designing a logo. Here are the right questions to ask the many different groups of people that can help you get the very best logo design for your company.

The questions you should ask yourself, your employees, your existing customers, your prospective target customers, your competition, your industry experts, your lawyer, your graphic designer, and your logo design site.

One of the worst mistakes I see new entrepreneurs make in logo design is not asking enough questions of the right people.

They often confuse their personal tastes and preferences with the types of logo design that will work best for their company’s brand and attract their target customer – which may not be exactly the type of person they are!

Often the business owner is not the same sort of person as the target customer by confusing the two the results will be incompatible with good branding decisions which can dramatically negatively affect business sales.

I recommend that you write down the answers to these questions and have them at the ready when you start designing a logo. Sharing the answers to these questions will help graphic designers develop your best logo.

Recently I used the 99 logos site to design a new logo that I love! Read about my experiences in my 99designs review.


questions to ask logo design

 

All the Right Questions to Ask When Designing a Logo

 

Questions About Your Company

The first place to start when inquiring about creating a logo design is your company information.

  • What is the exact name of your company?
  • Will you include your LLC or INC in your company name?
  • Which words in your company name do you want to emphasize?
  • What is your product or service line?
  • What characteristics of your products/services set your company apart from others in the marketplace?
  • Do you want to include your tagline in your logo?
  • Do you have a tagline or slogan?
  • Should you get a tagline or slogan written for your logo brand?
  • Why should customers choose your company over competitors when buying your types of product or service?
  • How big is your company in terms of revenue and number of employees?
  • How long has your company been in business?
  • What are your strengths and weaknesses of your firm?
  • Who is your strongest competitor?
  • What are your other competitors, both direct and indirect?
  • Why was your company launched?
  • What is your brand story?
  • Personally what motivated you to found this business?
  • What color palettes do you prefer and you think will resonate and attract your target audience?
  • Why do you prefer these colors?
  • What will be the primary uses for this logo; signage, websites or business cards?
  • Do you have preferences for typography or brand character illustrations?
  • What restrictions, if any, are there on the logo design?
  • What logos do you like, both in and outside, of your industry and why?
  • What logos do you dislike, both within and outside of your industry, and why?

 

 

Questions to Ask Your Employees

 

  • What do you see as our company’s offerings primary benefit to our customers?
  • What do customers say to you about why they purchase your products as opposed to your competitors?

 

Questions to Ask Your Existing Customers

 

  • Why do you purchase our brand and not others from the industry?
  • If you were to describe our products to your friends what would you say, in a sentence or two?
  • What three words would you use to describe our product or service benefits?


designing logo questions

Questions to Ask About Your Prospective Target Customers

 

  • Who are your target customers? Their needs and desires?
  • What is their primary motivation for purchasing your type of business or service?
  • What are their ages? Their income levels? Geographic regions? Genders? Their occupations? Family life?
  • Their other favorite brands?

 

Questions to Ask Your Competitors and Industry Experts

 

  • What do your competitor’s logos look like in design, fonts, and colors?
  • How can your company stand out against those competitors but still fit within your industry?
  • What colors should I avoid to prevent confusion with competitive brands?
  • What shapes and designs should I also avoid to not appear as a lesser-known knockoff brand and not infringe upon registered trademark logos?

 

Questions to Ask Your Graphic Designers and Ad Agency

 

  • What is your logo design process step by step?
  • How long will it take from start to final logo finished files?
  • What will I need to provide?
  • How many logo samples will I get to review?
  • How many revisions are included in the initial package price?
  • What are some samples of recent logos that you have created?
  • What types of colors do you think would be best for our company logo?
  • What type of logo will you design for our company a wordmark, icon design or illustration character?

 

Questions to Ask Your Crowd Sourced Logo Design Site

 

  • What are the best logo design contest sites?
  • How does the logo design contest work on your site?
  • How soon will I receive logo design submission ideas?
  • How many different logo designs will I receive?
  • Can I request edits and revisions to logo design submissions?
  • Is there a money back guarantee if I don’t like any of the designs submitted? How long after my order am I eligible for a refund?
  • How do I communicate with the graphic designers?
  • Is it easy to fill out the logo design brief order? Are there logo samples and colors to select as samples of my design preferences?
  • How long is the logo design contest open?

 

Questions for Your Attorney

 

  • How can I be sure that I am not infringing on another copyright or trademark with this new logo design?
  • What is the process to obtain full ownership of my new logo design?
  • Can I trademark my logo?
  • How can I trademark my company name?
  • What should I do if somebody copies my logo or company name?

 

99designs Tim Ferriss Code Promotion for Startup Logos

 

LogoNerds vs 99designs Review – Logo Designs for Your Business

 

The post Questions to Ask When Designing a Logo appeared first on Best4Businesses.com.



The Value of Logos – America’s Top 10 Brands [INFOGRAPHIC]

The total value of America’s top 10 logo brands is worth more than 10X the combined value of the ten most expensive renown real estate in the world including Palace of Versailles, France and Buckingham Palace, England, Taj Mahal, India, Eiffel Tower, France plus The Vatican, Rome and The White House, United States. Logos reign […] The post The Value of Logos – America’s Top 10 Brands [INFOGRAPHIC] appeared first on...

The total value of America’s top 10 logo brands is worth more than 10X the combined value of the ten most expensive renown real estate in the world including Palace of Versailles, France and Buckingham Palace, England, Taj Mahal, India, Eiffel Tower, France plus The Vatican, Rome and The White House, United States.

Logos reign supreme in the monetary and marketing world, diminishing even the most expensive real estate on the planet including; The Forbidden City, China, Winter Palace, Russia and Tokyo Imperial Palace.

Ten of the world’s most iconic buildings worth combined only represents 10% of the value that the United State’s top company logos achieve.

For businesses, this data proves that creating a great company logo can hold more value than the Wonders of the World.

Make your logo your company’s most valuable real estate using 99designs to get your logo created. I recommend this site after I launched a logo design contest and got a design I love. Read about my 99 logos experience and review.

 

value of logos America's top brands compared to most expensive real estate

 

Illustrations of the Value of Logos

  • Four (4) Forbidden Cities equal one Google logo
  • Fifteen (15) Vatican Cities equal one Facebook logo
  • Two hundred and seventy-five (275) White Houses equal one McDonald’s logo.

 

Logos are the epicenter of a company’s brand; the personality behind the business, and the marketing soul of its endeavors.

 

 

Industry Shifts to Technology Companies

Over the last decade, tech brands such as Google and Apple have taken the top spots most valuable logo brands from formidable consumer brands such as Coca-Cola and Marlboro.  

In 2006, the top 5 global brands were Microsoft $62 billion, General Electric $55 billion, Coca-Cola $41 billion, China Mobile $39 billion and Marlboro $38 billion.

2012 began the shift away from consumer products to technology when Apple $183 billion moved into the #1 global brand spot along with IBM $116 billion, Google $107 billion, McDonald’s $95 billion with Microsoft $76 billion dropping to fifth place.

The 2017 lineup of global top brands, are all technology companies,  leads with #1 Google $245 billion, Apple $234 billion, Microsoft $143 billion, Amazon $139 billion and Facebook $129 billion.

 

Logo Brand Value Calculation

The monetary value of a company brand is a three-step valuation process.

Step 1 – Financial Value – It begins by determining the percentage of corporate earnings that results from the brand logo. Utilizing that brand amount and then assessing the company’s future earnings by using a brand multiple calculations.

Step 2- Brand Contribution – These three factors are considered:

  • Meaningful – Combo of emotional and rational affinity
  • Different – Consumer perception of uniqueness
  • Salient – Top of mind awareness when making buying decisions

Step 3 – Brand Value – Multiple the financial value from step 1 by the brand contribution in step 2 results in the Brand Value amount.

Brand value calculations for companies include the future ability to earn more money. While real estate, regardless of its historic and cultural value, is limited by its stationary location, the comparative market value of neighboring properties. Growth is typically under 10% annually, US housing prices rose 6.21% in 2017.

 

SOURCES:

 

http://brandz.com/infographics/18

 

https://www.citylab.com/life/2013/10/how-much-paris-worth-surely-more/7281/

 

https://therealdeal.com/2013/10/16/its-official-empire-state-building-worth-300m-less-in-reit/

 

https://www.lovemoney.com/gallerylist/56266/how-much-the-worlds-most-valuable-palaces-are-worth

 

https://www.businessinsider.com/how-much-the-white-house-is-worth-cost-rent-2017-1

 

https://www.savingadvice.com/articles/2018/03/23/1054839_real-estate-value-of-the-vatican.html

 

The post The Value of Logos – America’s Top 10 Brands [INFOGRAPHIC] appeared first on Best4Businesses.com.



What does INC mean in business?

Wondering what INC means in business? You see you at the end of company names such as Apple, Inc and want to know exactly what does this abbreviation mean about the business. The abbreviation INC means incorporated. In the UK they use LTD instead of INC. The abbreviation Inc. is used for both traditional C […] The post What does INC mean in business? appeared first on...

Wondering what INC means in business? You see you at the end of company names such as Apple, Inc and want to know exactly what does this abbreviation mean about the business.


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The abbreviation INC means incorporated. In the UK they use LTD instead of INC. The abbreviation Inc. is used for both traditional C corporations and S corporations.

An incorporated business is a legal entity. This entity is recognized, just as a person would be as an individual, for business purposes under the law. This corporation could be a commercial business, a nonprofit charity, a government, city or town or club organization.

Because the Corporation is an entirely separate legal entity from the people who founded the company it will survive beyond the life of the stockholders or any owners who leave the company.

When a business incorporates it creates shares which are sometimes called stock. These stock shares represent ownership of the company.

Incorporation and the issuing of stock shares allow companies to sell some of those shares to raise capital for business operations and expansion,  they can also to use them as collateral for loans, or equity for venture capital investments.

Companies that plan to expand and go public with an IPO are required to be corporations with issuing stock shares.

Is Legalzoom Good for Incorporation? Review and Promo Codes Save 10%

To form a corporation you must complete the proper paperwork and file it with the Secretary of State in the state headquarters of the corporation primary address.

Additionally, you will need to file Articles of Incorporation which meet your state’s laws and guidelines. These often include the corporation’s purpose, principal business address, number of stock shares and corporate bylaws. Fees for registration must also be paid along with your application.

Also, there are annual requirements for filing for corporations, which differ from state to state. Usually, it’s an Annual Report, Board of Directors meeting minutes and sometimes also details about Shareholders Meetings and votes.

The rules governing corporation formation and maintenance can be complex and difficult for many business owners to complete without professional legal help.what does inc mean

Image courtesy of Bobby Finance

I recommend using the highly rated online legal service LegalZoom. Read my full review here and get referral code to save 10% on your incorporation services.

The United States Small Business Administration recommends that companies should incorporate if they plan on growing substantially. I incorporated my cosmetic manufacturing firm at the onset to protect my personal assets from any possible product liability lawsuits.

 

Advantages of Incorporation

The primary advantage of corporations is that they can issue stock shares. This gives corporations the ability to attract investors and venture capitalists. Tax liability can also be limited with incorporation and income sharing.

 

Disadvantages of Incorporation

Traditional C corporations have two significant disadvantages. The first, worst, is double taxation on earnings. Firstly, profits from the Corporation are taxed, and then the shareholders, the business owners, and shareholders must again pay taxes when they receive dividend payments.

Because of this negative ramification, S-type corporations were developed to avoid double taxation. These type of corporations have restrictions which include a limit of 100 shareholders.

The other drawback of incorporation is more administrative work to file state reports annually, and shareholder and board of director meetings.

Depending upon your business operations incorporation could be a good decision. Ask your attorney for their recommendations.

 

FAQ about INC

 

Is INC a corporation?

The terms Corp. is an abbreviation for Corporation and Inc. is also is an abbreviation for Corporation. They can be used interchangeably, however, INC is more prevalent and widely known. Both short words can be used for entities that are incorporated whether a business, government or nonprofit organization.

 

When you register your new business you can use either Corp. or Inc in your business name for registration. Legally and for tax purposes, there is no difference between these two abbreviations, Corp or Inc.

 

What type of company is INC?

The abbreviation Inc means incorporated. This corporation is a separate entity legally from the business owner, person or people, that created its formation. Board of Directors and company officers own or purchase shares in the incorporated business and have responsibilities for business operations.

 

When you decide to incorporate your business you are protecting your individual assets against business liabilities, debts, and lawsuits.

 

Can an LLC be an INC?

While LLC and inks are both forms of business entities they are different and distinct. Inc. is used for incorporated companies either C-Corporation or S-type corporations, while LLC indicates that the company ownership and legal entity is as a limited liability company.

 

Every US state has their own laws about LLC formation which include specific requirements about the words you can legally include in your LLC name. No state allows an LLC to include the designation Inc in their registered name.

 

Can I incorporate my LLC?

It is common for growing startups to launch as an LLC and then want or need to incorporate, for financing, tax or liability purposes.  You can indeed incorporate your LLC and convert that LLC to a corporation Inc. There are a few ways you can incorporate your LLC by first forming a new corporation and then :

 

1 – Merging your existing LLC into the new corporation. Once you make the merge your LLC will be terminated legally and the corporation will now have all the rights and obligations of the LLC.

 

2- LLC to contribute its assets to the new corporation in exchange for all the stock in the new corporation. Then you can liquidate the LLC.

 

3- LLC owner’s to assign their LLC interests to the new corporation. Your LLC will become a wholly-owned subsidiary of the new corporation.

 

Resources:

What does Inc. Mean?

FAQ: How are Corporations Taxed? S-corp and C-corp Differences

LLC vs Corporations: Which is Best?

The post What does INC mean in business? appeared first on Best4Businesses.com.



Best Logo Design Contest Sites: 99designs – Crowdspring- DesignCrowd

Looking for the best crowdsource logo designs?  Tap into the genius and talent of thousands of the best graphic designers internationally at affordable prices by crowdsourcing your new logo. This side by side comparison grades and reviews each site 99designs, DesignCrowd and Crowdspring on twelve important criteria points including; customer reviews, packages, pricing, number of […] The post Best Logo Design Contest Sites: 99designs – Crowdspring- DesignCrowd appeared first on...

Looking for the best crowdsource logo designs?  Tap into the genius and talent of thousands of the best graphic designers internationally at affordable prices by crowdsourcing your new logo.

This side by side comparison grades and reviews each site 99designs, DesignCrowd and Crowdspring on twelve important criteria points including; customer reviews, packages, pricing, number of logo contest submissions, money back guarantees and logo design quality plus more.  99Designs: Logos from just $299!

  •  
  • Editor's Grade
  • User Reviews
  • Packages & Prices
  • Number of Logo Submissions
  • Length Duration
  • Crowdsource or Direct Hire
  • Guarantees
  • Process Ease
  • Design Quality
  • Site Features
  • Selection
  • Customer Service
  • A
  • 4.8/5
  • Four packages - Bronze, Silver, Gold and Platinum from $299 - $1,299. Read more about 99designs pricing
  • 100+ Logo Ideas per contest
  • Start getting logos in 1 day and finish contest in 7 days
  • Both crowdsource logo design contests and direct designer hire
  • 100% Money back guarantee. A design you'll love, guaranteed.
  • Easiest ordering process and development of logo brief with color swatches and sample logos to select.
  • Best quality of logo designs
  • Large selection of industries and logo design styles
  • Wide selection of graphic services including website design, social media pages, t-shirts,apps, brochures, packaging labels and business cards.
  • US based, human support via toll free 1-800-513-1678, also by email. Offers a free design consultation. Premier packages have prioritized support.
  • B
  • 4.0/5
  • Four packages - Silver, Gold, Elite and Platinum from $299-$1.199.
  • 60 designs for lowest price package up to 90 for premium packages.
  • Contests run for 7 days, and you can extend it for a few days by notifying support.
  • All crowdsource design services - no direct hire.
  • Company says they have 99% satisfaction rating, but no specifics on refunds nor guarantees.
  • Good logo design brief process with images and color choices
  • Good quality of design and variety of styles.
  • OK site user experience, logo brief has color swatches and font choices. No polling feature or star rating to tag logo submissions.
  • Good selection of graphic services with focus on logo design, company naming and websites.
  • Live chat and support team via toll free 877-887-7442 plus email.
  • C+
  • 3.3/5
  • Five packages are offered starting with 1 design up to 150+ designs, prices $109 - $719.
  • As little as 1 up to 150+ for highest priced package.
  • You select a 3, 5 or 10 day deadline.
  • Crowdsource graphic design only
  • Their refund policy is very restrictive and excludes posting and upgrade fees.
  • Bad logo brief form with no images, nor colors, all text based.
  • OK quality of logos. Standard grade.
  • Moderate selection of industries, low selection of styles.
  • Good menu of graphic services with focus on website and flyer designs.
  • Toll free contact numbers in US, UK, AU, CA, NZ, BR and SG plus email.

99Designs: Logos from just $299!

Key to Comparison Criteria in Review

  1. Editors Grade – This is the overall combined score based on all the factors listed below. Using the standard grading system with A as top grade and lowest is F.
  2. User Reviews – Customer reviews from across the web and on each companies site are reported here in the 5-star ranking system.
  3. Packages and Prices – Here we compare the prices and packages, including total services and costs. Read more about 99designs pricing.
  4. The Number of Logo Submissions – An important factor in your buying decision should be both the number and quality of logo submissions you can expect from your logo design contest.
  5. Contest Duration – Each company has a different time length of contests, both when you can expect to start receiving logo design ideas and when your contest must be completed.
  6. Crowdsource or Direct Hire – All of these firms offer logo design contest, and some of these also have direct hire options for your graphic design needs.
  7. Guarantees – Before you buy it is wise to review the stated money back guarantees because while they sound similar, they are not alike in their coverage or time period for eligibility. Yes, my recommendation for your logo creation, 99designs has the most generous 100% money back guarantee.
  8. Ease of Process – Since launching a logo design contest is different than simply ordering a logo, evaluating the process and its level of difficulty is crucial.
  9. Design Quality – The most critical element of your company selection is the quality of graphic design work you can expect. Each company portfolio graphic samples were compared and shown side-by-side in full-length reviews of Crowdspring and DesignCrowd vs 99designs.
  10. Site Features – Helpful features such as easy to complete logo briefs with sample images for your selection plus the polling feature in which you can send final designs to your team members, or even post on social media, to get votes for favorites makes the process easier and more enjoyable.When I got my logo created at 99designs I used the star system which allowed me to tag and filter submissions as they arrived. This was a huge time saver and helped me organize my favorites because I got 100+ logo ideas. Watch me use these features in the video below.
  11. Selection – You want to know that the site’s logo designers can create many different logo styles, from modern to retro, and great logos for restaurants,  and fitness business branding as well.
  12. Customer Service – Does the site offer human support via a toll-free telephone number, email or chat.
  13. 99Designs: Logos from just $299!

     

    99Designs: Logos from just $299!

  14.  

    99Designs Reviews: My Experience of Logo Design Contests

     

99designs Competitors: 60+ Alternatives for Logo Designs

  1. https://best4businesses.com/designcrowd-vs-99designs/

     

    99designs vs Crowdspring Logos: Review & Comparison

     

The post Best Logo Design Contest Sites: 99designs – Crowdspring- DesignCrowd appeared first on Best4Businesses.com.



Hatchwise vs 99designs – Comparison of Prices & Quality

Today I will review and compare another option for affordable logo design called Hatchwise vs 99designs. Is it a viable 99designs alternative? Continue to read my findings and conclusion. Recently, I personally used 99designs to create the logo for this website. I was really pleased with the process, how easy it was, and the many […] The post Hatchwise vs 99designs – Comparison of Prices & Quality appeared first on...

Today I will review and compare another option for affordable logo design called Hatchwise vs 99designs. Is it a viable 99designs alternative? Continue to read my findings and conclusion.

Recently, I personally used 99designs to create the logo for this website. I was really pleased with the process, how easy it was, and the many great logo ideas – I got 100+ logo designs for only $299! Read about my experience using the crowdsource site 99 designs.

Here I compare Hatchwise vs 99designs on criteria of pricing, packages, number of logo design submissions, quality of designs, money back guarantee and customer reviews.


hatchwise vs 99designs

Pricing Comparison  

Hatchwise advertises that they are cheaper than 99designs. Let’s review the details and compare prices for these two logo sites to discover the truth.  

compare hatchwise to 99designs logo packages

 

The screenshot below shows Hatchwise’s four (4) pricing levels offered which start at $89. Certainly, they are targeting the lower priced market in logo design. However, these prices are for fewer services.   The cheapest program for those on a shoestring budget only is for thirty (30) designs.

 

logo pricing packages hatchwise

Number of Logo Design Submissions

Compare that to the 99designs pricing package Bronze. While officially 30 designs are the approximate number of concepts 99designs promises, when I purchased this package I received over 100+ logo submissions. Comparing the per logo idea price, dividing the total package by the number of design ideas, you pay the same approximately $3.00 per logo design submission.

So while you are promised a certain number of designs at 99logos, my experience and that of many others is that due to a large number of talented designers (hundreds of thousands) competing for the design contest award you will actually get many more design concepts.


review of 99designs vs hatchwise

 

Quality of Logo Designs

Here is where Hatchwise really fails. See the screenshot below of the low-quality logo designs from their portfolio gallery. The logos were so boring I almost fell asleep while reviewing these designs – so tired and expected. In many ways, they were only marginally better than the type of logos that comes out free logo generators.

Compare them to the top quality from 99designs below and you will see why I, and thousands of other entrepreneurs, choose to get logos made by crowdsourcing at 99designs.

Examples of Logos Designs from Hatchwise

samples of logos from hatchwise for quality comparison

 

Examples of Logo Designs from 99Designs

 

99designs logo examples

 

 

Money Back Guarantees Compared  

Both sites offer guarantees – but they are not the same.

Hatchwise offers what they call the simple money back guarantee. If you do not get the number of designs that your package promises you can get a full refund within 14 days. However, this means that they only guarantee you will get a certain number of logo designs – not that you will like them. This does not help me to feel comfortable taking a chance.

Also, there are multiple exceptions to the Hatchwise guarantee such as 48-hour rush projects and that it’s not eligible for contests where winter has been awarded.

Compare that to the 99designs money back guarantee – A design you’ll love, guaranteed.

This generous 100% money back guarantee from 99 designs is valid up to 60 days after your contest launches.  Also, 99designs offers personal assistance with modifying your logo brief if you are not receiving either the quantity or type of logo ideas that you desire. I judge the value of the company based on their guarantee because this shows me how much confidence they have in their service promise.

 

Customer Reviews

I researched many customer review sites to get you objective views on this company’s services. Based on the ones I read most of them preferred 99designs. Often mentioned were the professional quality of logo designs received at 99logos coupled with their solid reputation and the wide variety of different types of designs.

From modern logos to vintage branding the thousands of 99 logo designers can give your company just the look you envision.

You can read my review of 99designs and also stories from their customers.

If you want to explore other logo design alternatives check out my big list of 56+ of 99designs competitors 

 

99designs vs Fiverr: Bought and Compared To Find Best Logo Designers

 

DesignCrowd vs 99designs: Which is Best?

 

The post Hatchwise vs 99designs – Comparison of Prices & Quality appeared first on Best4Businesses.com.



How to Change Business Ownership – Transfer Owners

Starting a business and growing it to a well-known brand takes years of hard work and dedication. While a company or industry can continue for generations, but the business owner simply cannot. Is your small business at the point where the transfer of ownership is necessary, due to retirement, death or change of interests? Know […] The post How to Change Business Ownership – Transfer Owners appeared first on...

Starting a business and growing it to a well-known brand takes years of hard work and dedication. While a company or industry can continue for generations, but the business owner simply cannot.

Is your small business at the point where the transfer of ownership is necessary, due to retirement, death or change of interests?

Know that the process of transferring business ownership is not merely passing on the official paperwork and store keys to someone else, family or not. 

Keep in mind that you are want to ensure that your business remains a legacy for your children and grandchildren and that they get the opportunity to grow and be a significant competitor in the market.

There are some options to consider when looking at a change of business ownership. Also, you will have to think about the possibility of retaining the business within the family or including non-family members.

 

Reasons for Change of Business Ownership

  •       The exit or retirement of one of the key members thus the need to replace the individual
  •       The death of a business owner or spouse
  •       Business owner becomes disabled and therefore cannot provide the necessary services
  •       To sell your business entirely

 

Despite the above differing reasons, the most critical factor to consider is the primary business or company agreement that members agreed upon right from the very start. However, there are fundamental underlying factors that every change of business ownership abide by and must come into play. When starting a limited liability company (LLC), the drafting and signing of an LLC operating agreement are essential. It is crucial because it provides a guideline of the company’s operations as well as includes a guide on how to transfer ownership.

 

Selling a Limited Liability Company

Entirely selling your business will require that you find a non-related third party who has an interest in your business as well as one who will be able to pay as per your agreement. When selling a business, whatever the new owner decides to do with the business or company after that is entirely up to them. When selling, the market will be evaluated to identify its worth. The evaluation will include looking into the business books as no one wants to invest in a business that has lost its value.

Once the valuation is complete and both parties are still interested, it is recommended that you hire a lawyer who has the experience in such fields. Hiring a lawyer will not only ease the process, but it also ensures that all financial, as well as legal implications, are complete.

The lawyer will draft the contract, and after both parties are satisfied with the terms and conditions provided, you and the buyer will sign the deal with the help of your lawyers. At this point the sale is complete, and you cannot claim ownership of the business or company. Save money with this Legalzoom discount coupon

How to transfer ownership of an LLC 

 

 

Addition of a Major Shareholder / Partner

The company’s operating agreement will determine the process of adding a new shareholder. The deal will not only provide the terms, requirements, and capabilities of the new partner but it also indicates the required financial strength of an individual. Quote how much it needs for a new member to obtain ownership interests.

 

Family Member Transfer

There are instances where individuals grow a business and rather than sell it or add a new member, the founder will choose to retain the company within the family. In this, another family member will need to run the business. Many a time, if you decide to maintain the company as a family operated concern it is best that you train the family member you intend to transfer it to, early. The individual can accompany you to work on various occasions. Over time, you can then train him or her by allowing them to work in the company or business. They will then grow into the market as they familiarize themselves with the business expectations. Groom your family member over a period as opposed to just handing it over to him or her.

 

On the other hand, you can decide to hand it down to your children. Depending on the level of interest they have shown, they can get different shares. For example, the child, or children who have an interest and have demonstrated outstanding cooperation can obtain leadership roles whereas the others can only be shareholders without the need to participate in the company operations actively. You can, therefore, reward all members thus preventing unnecessary conflict especially during your time to depart or upon your death.

 

Despite the different ways in which you can transfer ownership, consider hiring professional assistance. Retaining one is essential even if you are a lawyer by profession. A third party ensures that there is no favoritism or desperate move that may legally bind you to any actions or financials after the transfer of ownership. The necessary and legal documents will also be prepared and presented professionally.

 

Always remember to obtain legal documents. The documentation will differ depending on the type of business as well as on the complexity of the operations underway. For example, a large and complex company will require more documentation due to the hierarchy of command as opposed to a business that only needs two parties to consider.

 

Whether you choose to sell, add another shareholder, or transfer it to a family member, remember that ownership will remain with the trusted owners only. You cannot come back later and claim to make decisions or advise the management unless they consult with you. In the case where you are selling the business entirely, your signature on the change of ownership business reaps you off every responsibility that refers to the company.

 

When transferring it to a family member, you can advise and monitor the company operations. About adding a shareholder, your role remains the same, and you will continue to be part of the activities until you choose to leave the business. The above ways will help you to understand better the change of business ownership and how best to go about it. Also, you will know what you stand to gain or lose by choosing either way of ownership transfer.

 

Leaving your business to your kids without setting them up for failure.

 

Transfer Ownership Process

 

Outright Sale 

If a business has not performed well and the owner is involved in other concerns they may opt to sell the full concern. By selling the firm, the full ownership is transferred immediately upon payment as agreed in the sales documents.

Gradual Sale

This is a scenario where a business is sold but the prior business owner gets continuing payments from the new owners. It could be in the form of royalty payments or as installment payments over time which were part of the purchase agreement.

Lease Agreement

Some business owners who are unable to manage their business for a long period of time transfer their company via a lease contract to an individual who is given the rights to manage that firm and make payments to the original owner.

 

SBA tips on business transfer ownership 

 

Review of Partnership Agreements Legalzoom.com and Promo Code

 

The post How to Change Business Ownership – Transfer Owners appeared first on Best4Businesses.com.



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