Are you hoping to retire in the next ten years? Who is going to take over your business? Or is selling part of your plan? Or maybe you’re planning to transition to a son/daughter or employee. Either way, you need to deal with facts, not feelings. Where can you get the facts? Join our band of owners by filling in the form below and get free information on selling as well as internally transitioning a business.
Transitions can be tricky. Here are some thoughts for you:
Selling the business
It is estimated that for all of the businesses for sale in the US, only about 35% actually sell. Further, it often takes two to five years. That’s important for while you are dreaming about retirement, you must continue to run the business for growing businesses sell for more than those that aren’t.
We don’t get to value the business our way regardless of how logical it may seem. Those that loan money (banks for instance) to people who do buy businesses have their own way of valuing a business and it’s based on financial principles. So, we might want to know something about how businesses are really valued.
Internal Business Transition
Many smaller shops are transitioned internally to a son/daughter or employee. Learn how this is done.
Transitioning to a son/daughter can be tricky especially if there are other siblings. One issue is parents trying to be “fair” with the children and to many that means “equal.” Unfortunately that often leads to a breakdown in the family relationship if not done properly. We cover these issues and more. In the meantime, here’s a tip: don’t be “fair” with the business. If you want to be “fair,” then be fair with the proceeds which is different.
If you are in the ten-year “window” of retirement, I invite you to join our panel where you will get information on these topics and more. Just fill in the subscription form below and we’ll send you occasional thoughts about selling as well as internal transitions. You’ll also get to participate in surveys from time to time and more. It’s all part of the CPrint Silver Program. There is no cost or obligation.