Welcome back to my weekly article on business building. Understanding that the more prepared you are for a sale, the more likely and better the outcome will be. Selling business can be a difficult, time consuming and challenging process. There are many things that can go wrong from the time you consider selling to the time you close the deal. Understanding what these things are and how to avoid them can ensure a successful conclusion to a deal.
Most owners get one chance to get it right when they decide to sell, yet most owners cannot sell the business they built (only 1 in 10 are successful) because they did not build a sellable asset. If selling your business to fund your future lifestyle is necessary, ask yourself whether you are prepared or not, and then identify what you need to do to get to where you need to be.
With up to 76% of Canadian businesses reporting that they hope to exit in the next 10 years, being unprepared might cost you both your legacy and your retirement. With only 1 in 10 having a plan, the odds against are not in an owner’s favor.