Attempted business sales fail at an alarming rate, 90% of attempted sales do not materialize.
Lets take a look at why the business sale failure rate is so high. On the top of the list of reasons for business sale failures is incorrect pricing and a closely associated second to pricing issues is inflexible deal structures. Why do those situations happen? Mainly because business owners fail to effectively plan for their sale and too many decide to take the “For Sale by Owner” approach. The other major contributing factor to business sale failure is time. Executing a business exit strategy takes time. Liquidation can last up to a year from making the exit decision to completion and other more complicated sales transaction can take up to five years from making the exit decision to deal completion.
Whether you are selling your business, transferring ownership, seeking retirement, or facing a "forced-exit" such as bankruptcy or liquidation - planning your exit is a big undertaking that has implications for your estate, retirement accounts, employees, business structure, assets, and contractual obligations, not to mention tax and legal matters.
As a business owner, you need to be well prepared to make your business stand out from the other businesses that are for sale. Some have compared being prepared to staging your house for a sale or polishing a resume and interview skills to get a job. What happens if you aren’t prepared to exit your business? Well, you may recall that between as many as 90% of attempted business sales fail and like in most things, failure is very costly. Are you in a position to afford a failed sale of your business?
Contact Business Renewal Partners today to learn about our solution for getting your business sold. Our Solution - the right mixture of advisors, planning, execution, and packaging.
Get our Business Exit Strategies White Paper at http://businessrenewalpartners.com/portfolio/whitepa
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