Biggest Obstacle to Owners Successfully Selling Business
Over the course of my career as a Business Intermediary, I am often asked what is THE secret to selling a business. While there are a multitude of things that contribute to the sale of a business, business owners are usually disappointed when we tell them that the most important thing they can do is to plan ahead.
For this reason, we try to get in contact with business owners as early as possible to discuss the future sale of their business, and to try and get them to plan and prepare. In a perfect world, we would like to start working with business owners thinking about selling at least three years prior to actually listing their business for sale. In reality, most owners contact our office with the idea of selling their business within the next year or two. Many of these owners and businesses are not ready, or won’t sell for what they could if some prior planning and appropriate action(s) had been undertaken.
As evidence of this lack of preparedness, in a survey that was released within the past few years, it was determined that at least 70% of an owner’s net worth is tied up in their business. It was also determined that about 95% of these same owners believed that having a plan to exit their business was important, but that only about 12% of them actually had a plan. If an owner were to have that much net worth tied up in their business, don’t you think that it would be wise for them to have a plan to maximize the value of their business in preparation for the eventual sale or transfer?
If you are thinking about selling your business, don’t wait too long to start preparing yourself and your business. If you would like to discuss the business sales process, or have any other related questions, feel free to give us a call to set up a complimentary no cost and no obligation consultation.
“One of the Most Active Business Brokerage Firms in Florida VR Business Sales has been the leader in the business brokerage industry for over thirty-five years and consists of approximately 50 independently owned and operated offices worldwide. VR Business Sales located in Tampa/Apollo Beach was founded in 2012 and offers VR’s exceptional brokerage services to the Central Florida market. We represent a wide variety of business owners operating within a wide range of industry segments. Our office consistently ranks within the Top 10 offices in the VR network, and most recently in 2016 we were the #3 office in commissions earned and had the #1 office owner and #3 sales associate; and in 2017 we had the #10 office owner. Call us at 813-260-3127 to arrange a meeting.”