Let’s face it, selling a family owned business can be both logistically and emotionally difficult. If you don’t have your team, books, or valuation prepared, your sale can grind to a halt. Likewise, if you’re not mentally prepared to let go of your business, no offer will seem fair. One of the first things you should ask yourself is what you hope to get out of selling your business. Do you want to ensure continuity for your employees? Is your goal to retire? Or are you hoping to fund a new venture?
On average, the lifespan of a family owned business is 24 years. Research indicates that only about 40% of family owned businesses transition into a second generation. And, of those, only about 13% are passed to a third generation. Because of this, it’s crucial to have a backup plan in case succession doesn’t work out.
If you’re planning to transition your business into a second – or third – generation, you should also have a secondary plan. If succession falls through, you don’t want to be stuck selling your business at the last minute. When you sell without a plan, your selling price is at the mercy of the market. You want time to find the right buyer, the right offer, and the right future for both you and your business.
When you work with an experienced business broker to sell your business, you’re positioning yourself for success. A broker can alleviate a lot of burdens by locating buyers, handling paperwork, and providing financing options. With their help, you won’t find yourself wasting time on unqualified – or financially questionable – offers.
Leveraging the expertise of a broker when selling a family owned business reduces stress and increases your chances of realizing a higher price. By assigning an accurate value to your business, a broker is better able to market it to potential buyers. Best of all, you can continue to operate your business while the logistics of the sale are managed in the background.
At Advanced Business Brokers, we know that selling a family business can be challenging. Many owners have worked their whole lives to build their businesses. And, while letting go can be difficult, it can also bring a flood of relief. So, if you’re interested in positioning yourself, your family, and your business for a bright future, reach out to us today to learn how we can help.
If you’re thinking about selling your business and don’t know where to start, consider speaking with our team here at Advanced Business Brokers. We specialize in brokering and advising exit plan strategies for various sizes/sectors of businesses.
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