What Is YOUR Reason to Sell?
You have a will, right? Your business needs one as well – known as an exit strategy. There are factors – some you may know, some you may not — that can derail a smooth and successful sale. Here are several scenarios:
- You are burned out. Life is too short to continue the struggle. Sell, retire, do something you love.
- Your business faces mounting cash flow challenges—growing too quickly or suffering monetarily.
- The business has grown beyond your capabilities. Many successful entrepreneurs are not the best CEOs!
- External economic or competitive forces change the industry, which can be a threat or an opportunity.
- A successful competitor offers above fair-market value. It may be time to cash out rather than compete.
- Death or disability forces a sale and your business’ value can plummet.
As you can see, there are many – often unexpected – pressures prompting a sale. So, what can you do NOW?
Stay tuned for more thoughts on the efficient sale of your business.