CAN I SELL A BUSINESS?

Yes, but it’s most advantageous to make a plan.

Even during economic downturns, such as those experienced during the times of COVID-19 and the challenges in 2008, business owners continued to sell their businesses. However, it’s important to note that according to an Exit Planning Institute Report to Forbes Magazine that 70% to 90% of businesses that go to market, do not sell.

While business owners know everything about their businesses, selling their businesses can be more complicated and challenging than they expect.

You deserve the best price and the right Buyer for your business. Consider getting a business market assessment of price that indicates the most likely selling price for your business.  Additionally, learn and understand the factors that drive the value of your business. In order to get the best price, you need to understand how the marketplace will perceive your business.

Remember to maintain confidentiality. Although there is the occasional exception, most owners prefer to not have their employees, customers, and competitors find out the business is for sale. We’ll delve more into this later.

Keep in mind that it is not just about getting the best price but getting any offers at all. Sadly the vast majority of businesses for sale never sell. With the tips in this book, we will introduce you to some of the critical factors that lead to successful sales.

When you started or bought your business, you probably thought you would run it, make an excellent living for your family, and then retire comfortably.  But did you craft how exactly you were going to retire comfortably?

What is your exit plan?

If you do not have one, then do not feel alone. Most business owners have no formal plan. From the IBBA industry report from March 2022, “Even though retirement leads as the number one reason for sale, most Buyers do not engage in a proactive planning process, particularly in the Main Street market. Generally, the smaller the business, the less likely the owners are to do any planning prior to going to market.”

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