Up & Coming Weekly

July 13, 2021

Up and Coming Weekly is a weekly publication in Fayetteville, NC and Fort Bragg, NC area offering local news, views, arts, entertainment and community event and business information.

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WWW.UPANDCOMINGWEEKLY.COM 14 UCW JULY 14-20, 2021 SPORTS What's the best way to sell your business in 2021? Submitted by THOMAS KELSEY BUSINESS & FINANCE Over the past year, many owners have been working hard to keep their businesses afloat. Now, as things are turning around, some are asking "Should I sell my business?" Here are some steps to follow to achieve the best price and experience. Step 1: Get a business valuation Once you know the value of your business, you'll have the opportunity to increase its worth before listing to achieve a higher selling price. In today's climate, business valuation experts will be assessing your 2021 revenue and earnings. Meanwhile, ignoring your 2020 profits. at's why it's crucial to get your business to where it was pre-COVID or better. Step 2: Organize your financials Buyers are shifting their focus to businesses that not only survived the pandemic but will provide long-term viability. Before choosing to make an offer, they'll want to know everything about your business — from your financial statements and taxes to your inventory and equipment. is is the time to take care of any outstand- ing orders, like tax liens or PPP loan forgiveness, that can prevent any sale from going through. For a smooth transaction, meet with a business ad- visor to review your financials before you begin the sales process. Step 3: Prepare your exit strategy You shouldn't wait until the next downturn to sell your business— it's always good to sell when things are getting better. Putting a sound plan in place will help facilitate a faster exit. It can also help you achieve a higher return on investment. Baby boomer business owners will be looking to retire in the upcoming years, overwhelming the market. is is the perfect time to maximize your value and ensure your business stands out from the pack. ere are many exit strategies to consider — selling to friends or family, selling to an internal party, or selling on the open market. Each plan of action has its advantages and disadvantages. Step 4: Find a business broker e most important thing an owner can do while selling their business is focusing on running their business. A broker uses their expertise and ag- gressive marketing program to create competition for you, manage pros- pects and help you achieve the best price. No matter the size of your busi- ness or industry, a business advisor is going to be an expert. With the right guidance and advice, you'll be able to seamlessly sell your business to the right buyer. Step 5: Qualify potential buyers and negotiate One of the main reasons a transac- tion will fall apart is because buyers fail to secure loans after entering into a sales agreement. When you work with a broker, buyers are qualified for financial ability to meet the offer. A business broker can approach and continue to track potential buyers without weakening your position. e best part is brokers will control the information being released, and pre-qualified buyers are required to execute a confidentiality agreement. is will protect you and your compa- ny from someone prying through your financials without proper supervision. When you're selling a business, es- pecially in a hot market, it's crucial to negotiate to achieve the best price and terms. With the help of a professional, you'll be able to avoid confusion dur- ing your sales transaction. ey'll be able to identify when a buyer is asking for too little and have your best inter- est at heart. THOMAS KELSEY, Transworld Business Advisors of Fayetteville. Comments? tkelsey@tworld.com Local fencing academy open to all by AUDREY HOGUE Fencing is not a sport targeted toward any particular age, gender or social status, and Coach Gerhard Guevarra believes it offers a place for everyone. e All-American Fencing Academy of Fayetteville offers great opportuni- ties for people of all ages and abilities to learn the sport of fencing. "Our academy is not some big sports program, this is a place for people of all different athletic backgrounds," said Coach Guevarra, also the owner of the Academy. "Most people come to us because their child or themselves wanted to do fencing and didn't know there was a spot in Fayetteville to do that. All we can say for those who don't know fencing or are skeptical about it, 'hey come try it out,'" he said. e All-American Fencing Academy is an official registered school of USA Fencing and the North Carolina Divi- sion of USA Fencing. Guevarra has been coaching since 1999, and brought fencing to Fayetteville through the Pine For- rest Recreational Center. In 2008, he moved the program downtown to open his fencing studio, the All- American Fencing Academy. Guevarra continues to compete nationally and internationally. He competed in the 2006 Vancouver World Cup and has won several North Carolina Division Championships. Students at the Academy can com- pete locally, regionally and nation- ally. Some have qualified for National Championships and some have quali- fied for Junior Olympics. Some fencers have been recruited and continue to fence for Division I, II, and III univer- sity fencing teams. e All-American Fencing Acad- emy currently has between 30 to 40 students ranging from the lowest age of 7 up to students in their 60s. e beginner classes start on the first week of the month and are for those who have never fenced before. is class teaches the basics, history and proper blade work for fencing. ere is a membership option for students who want to continue to pursue fencing, which offers one scheduled class and additional open fencing nights. e Academy also offers a class for adult learners too — the 40+ class — for those who are interested in the art of fencing but didn't realize it until later in life. Private lessons are available based on coach availability. For those who are just looking for something new and fun to do in Fayetteville, or maybe want to learn more about fencing before committing to a class, the Academy offers a Fourth Friday walk-in class every month, ex- cept July. Anyone ages 7 and older can participate for just $10 a student. All-American Fencing is located at 207B Donaldson St. in downtown Fayetteville. For more information call 910-644-0137, email info@allameri- canfencing.com or visit www.allameri- canfencing.com/#welcome. AUDREY HOGUE, Staff Writer. COMMENTS? Editor@upandcomin- gweekly.com 910-484-6200. (Photo, logo courtesy All-American Fencing Academy)

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