Business Transition Planning, the Forgotten Loose Canon

Q. From time to time, we read news about companies that have been sold for millions of dollars. So, if such businesses were profitable, what are some reasons that might drive a business owner to consider selling their business?

Business owners choose to sell their companies for different reasons. It could be that they are ready to move on to the next phase of their life, whether that is starting another business or spending a lot more time traveling and being with family. It could be that they expect the industry they are in, to undergo significant changes, and they would do better selling now rather than later.

It is important for business owners not to assume that a company will come along and offer millions of dollars for their business. The firms that are successfully sold are those that have set up their company in such a way that it is an attractive investment for companies to buy. Profits are an important element that buyers are looking for but not the only thing they look for. It takes years to prepare for a successful sale properly, so the sooner businesses and their owners get started, the better.

Originally posted 2016-10-22 01:07:55.

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