When a business owner plans on starting a business, many concerns are addressed beforehand. Whether or not the product or service has enough value to a group of people, whether the idea is profitable over an extended period, the issue of building a brand that the target customer can align themselves with, along with the myriad of other problems a business person has to face. The one problem a business person doesn’t consider is their exit or the sale of their business.
Selling a business typically happens when a business person does not or cannot run a business effectively anymore. Different reasons include retirement, partnership disputes, illness or death, or even boredom.
Selling a business can be overlooked by most business owners since only 30% of businesses on average go through with the sale. This happens because most business owners are rushed and not given the appropriate amount of time to be analyzed effectively. It is recommended that businesses start the process two years before they’re planning on selling to give themselves enough time and enough chance for due diligence to get an accurate representation/price for the business. This process also requires the assistance of a business broker, an accountant, and an attorney to get an accurate idea of what the business is worth.
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