Recently, I came across an article that was published in the New York Times titled, “Baby Boomers Ready to Sell Businesses to the Next Generation.” Naturally, I took notice as I am always looking to evaluate the state of small business acquisitions and mergers, and am always looking for exciting opportunities.
The article discusses how small business owners that were in their late 30s and early 40s in the 1990s, are now reaching retirement age and looking for an exit. I thought this article was relevant, as many of my clients and colleagues are always exploring ways to exit their business and evaluate their options.
Selling your business is a well-known, but often intimidating exit strategy.
Many small business owners dream of selling their business and retiring on a beach somewhere. However, they are intimidated at what selling their business entails. Other small business owners believe selling their small business is going to be an easy cakewalk – in and out with cash in their pocket after a few weeks.
The reality is that selling your business can be an excellent exit strategy, allowing you to reap the rewards of your hard work over many years. However, it is also a time-consuming, cautious process that promises lots of ups-and-downs.
Think it’s as easy as 1-2-3? Think again.
Selling your small business will require lots of effort, focus, and determination to see the sale close effectively. It may mean that you have to invest some money into the business – possibly cutting into your personal income or profit margin. It will definitely mean cleaning up your books and organizing all financial info. The good news is that all of this hard work will be worth it.
Today’s entrepreneurs have plenty of potential buyers in this market.
It truly is a seller’s market – and entrepreneurs and business owners have a lot to look forward to. There are plenty of prospective buyers waiting for the right business opportunity. If you are looking to exit your business – and potentially sell it, you could always visit a business brokerage website such as BizBuySell.com.
To read about the personal stories of some business owners who recently purchased a business, read the full article.