Eventually all business owners will need to exit their business.
Reasons may vary but they revolve around the following factors:
Retirement because of age
Health problems of the owner or their family
A change in circumstances impacting family finances
Unexpected family issues
Change of interests and no longer passionate about the business
An unexpected offer
Pursuit of new venture
Need to raise money
Desire to spend more time with family or take care of a loved ones
Death of owner/financial difficulties
Desire for liquidity and asset diversification on the part of the primary shareholder
Competitive pressures. Unable or unwilling to compete..
Having established that exiting is unavoidable, the wise business owner will create an exit strategy while still many years away from departure and will run their business with the view of securing the best possible price when that time comes.
Find out how to obtain the best possible sales price for your business