Unfortunately, procrastination may be all too common among business owners... NOT a good trait for those considering selling. The Exit Planning Institute (EPI) estimates that 4.5 million businesses will go to market over the next decade. However, only 20 - 30% may actually be sold according to Christopher Snider, EPI CEO. Recent surveys of business owners by EPI reveal that many have little to no exit planning in place.
 |
| Platinum Financial Planning; jmarkmiller.net |
Selling is not a snap decision nor will it happen in a snap...or, at all if you consider the input from EPI's Snider. It's a decision that requires ample thought...
Michael R. Lewis, a retired corporate executive and entrepreneur, suggests that owners consider some of the following questions before initiating the sale process.
- What will you do after the sale?
- Can you replace the income from your business?
- Does your business enjoy a healthy advantage in the marketplace?
- Who are potential buyers?
- What are possible obstacles to a sale?
- Are you able to run the business and participate in the sale process?
Start the planning now... the experts suggest business owners start preparing for a sale 3-5 years from the desired exit date. Conducting internal due diligence is one approach to assessing how prepared an owner is for the big event. And, keep Ben Franklin's quote in mind... to spur you into action.
