Why Do People
Sell Their Business?
There are many things to consider when selling your small business and many precautions to take along the way. The first thing is to identify your WHY? Why are you selling your business? The answer can change everything, from how fast you can sell to how much you can sell for.
Since buyers always ask why the business is being sold, be honest, sincere and thoughtful with your answer. If you don’t fully understand why you are selling your company, you’re likely to make costly mistakes as you move forward in the selling process.
Top Reasons Why Business Owners Decide to Sell
One of the most common reasons a business is sold is the owner is drained, burnt out and basically fatigued. Sometimes, they just no longer enjoy the business and want to move on to something else. Certain industries call for ongoing redundancy, such as retail operations like sandwich and pizza shops, which can lead to boredom and unhappiness with one’s work life.
Retirement/Time for a Change
Playing the entrepreneurial game can be draining. Sometimes after people play it long enough, they decide to take their lives in a new and different direction—one that doesn’t include their business. Many owners keep a business until it has finally come time for them to retire, lace up the golf shoes and hit the tee box.
Financial Reasons/Need the Money
Even when an owner has a profitable business, they can sometimes make bad
decisions which lead to financial difficulties. Selling their business can often relieve them of debt or other financial burdens. Or perhaps an owner is ready to sell their business simply to pull out their capital after years of hard work.
Personal Health/Family Problems
Unfortunately, this a common reason for selling a business. Many small businesses are very dependent on the owner, therefore when the owner becomes ill or has significant personal problems, such as divorce, the business will struggle.
New Opportunities/New Challenges
Sometimes when opportunity knocks and everything says to answer the door….it’s welcomed with open arms! Selling their business can open up new opportunities in the entrepreneurs life. Maybe they want to start a new company in a different field, work for an employer in exchange for a paycheck or put a new spin on what they were doing before: if they sold baked goods, for example, maybe they might want to start a new business catering.
Business Struggling/Increasing Competition
Some businesses decline for reasons beyond the owner’s control, such as an economic downturn. Many business owners may decide to ride out such changes, but others can’t or simply don’t want to. Businesses that have been operating for many years can sometimes get stagnant. These businesses must innovate and react to a rapidly evolving market; otherwise they will be passed by. Today’s economy is very strong and a second wave of entrepreneurs is upon us! Sometimes a fresh look at the company, with new energy and ideas is what it needs to be competitive again. Timing cannot be overestimated in the sale of a business.
As you can see, business owners sell their companies for a variety of reasons. Regardless of the reason for selling, it is critical that a business be properly valued by an experienced and competent Business Broker so that the business is listed at a fair price, under fair terms, and in the owner’s best interest.
When it comes to selecting a Business Broker to sell your business, you can’t go wrong by choosing an expert like Phil Reese. Phil has experienced the selling process himself when he sold his company several years ago. He knows how it feels. And he also knows how it feels to be rewarded with quite a bit of cash to use as he wished.
Check out his website philsellsbiz.com to see what others have said about his abilities. If you choose to call Phil, everything discussed will be kept absolutely confidential, so give him a call to see if this really is the right time to exit your business.
7077 E. Marilyn Road, Bldg. 4 Suite 130
Scottsdale, AZ 85254
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