Are you planning of selling your business? For you to sell the business at a higher price you need to increase its value. To help you out here are some of the ways in which you can increase the value of your business:
It's common for business buyers to intend to secure business loans using the businesses that they have bought. This means that if your business isn't profitable enough or the cash flow isn't adequate, no buyer will be interested in it.
To make your business more attractive you should hire a knowledgeable person from outside to balance your books of accounts and identify any mishaps that could be there. Wonderful people that you should hire are those that have CFO or CPA qualifications.
Although, your business can seem very attractive on paper, a potential buyer might shy away from buying it if the premises aren't pleasing to look at. The most effective way of going about it is renovating the premises. This calls for you to paint the premises with attractive colors. You should also replace the floor. When it comes to furniture, you should make new purchases.
There is no one who likes doing the hard work; therefore, you should create systems that ensure that the business can run itself even when you are not around. The most effective way of going about it is consistently taking breaks from the business and see if the people handed over with given areas are able to execute everything with no problems.
On the plus side, since the cost of the bond is included in the contract amount, the city may have saved about $3,000 for the tax payers. That's the approximate difference between the cost of a traditional 100 % performance and payment bond as opposed to this maintenance bond issued for a lower dollar value.