It’s a Small WorldBusiness Information
Posted by Jennifer Hendrickson on
I was at an international convention a few weeks ago and was asked if we can do business valuations in other parts of the world like Europe and Asia. YES! While we primarily work with companies in North America, the Murphy Business team is able to work with other currencies and pull comparison data from many other parts of the world.
When I was growing up, it was a very big deal to travel or do business outside the country. Now we use contractors in London, secure capital in Hong Kong, and learn from motivational speakers in Uganda without giving it much thought. Business is global, and we must adapt.
With trade concerns being in the news daily, it might seem daunting to think about doing business internationally, but here are a few advantages to expanding operations outside of our borders:
- Find new markets to sell into and extend the life of your products and services.
- Diversification. Reduce your dependence upon current market economies.
- Balance any seasonal fluctuations or changes in demand cycles.
- Capture the very best talent and knowledge regardless of borders. Some can even be found online using websites for freelancers.
- Differentiate yourself from competitors in other parts of the world and bring your unique value proposition to that market.
Of course, there are many considerations before going global. Some names, products, or services just don’t translate well in another culture. There is also infrastructure, communication, laws, and safety to consider just to name a few. Don’t assume that because you’ve found the “secret sauce” in the United States that it will carry over seamlessly to a foreign market. One book I really like to better navigate cultural differences is The Culture Map by Erin Meyer.
So, regardless of where you are (or want to be) in the world, contact us to determine a likely selling price. We can even help you stage your business and get it ready to sell for top dollar down the road.