Businesses are sold for many reasons. However, when the owner(s) are not prepared to sell, the process can be a traumatic and emotional event. Here are some common reasons why businesses are sold. If you’re thinking you might soon sell a business in Philadelphia, Pennsylvania, New York, Connecticut, Rhode Island, Maine, Vermont or Massachusetts, you’ll want to consider the following common reasons to sell your business.
A Good Offer Out of the Blue
Sometime business owners get an offer for their business when it is not on the market. A competitor or another company might be interested in buying a profitable business in a certain location or industry and make an offer. If an offer is just too good to pass up, it is time to sell the business. Contact Inbar Group for assistance from a New Haven business broker, or one in the rest of Connecticut, New York, New Jersey, Pennsylvania, Connecticut, Rhode Island, Maine and/or Massachusetts.
It’s Time to Cash Out
Most business owners have the bulk of their net worth invested in their business. This lack of liquidity means either borrowing against the assets of the business or cashing out when they need money to retire. If taking out a big loan is not ideal, then it is time to sell the business.
You are Ready to Retire or Move On
You have built a successful business through hard work and dedication over the years, but now you may have a strong urge for a change of pace. Being ready to retire or start a new venture means it is time to sell the business. When you are looking to sell a business in Philadelphia, Pennsylvania, New York, Connecticut, Rhode Island, Maine, Vermont or Massachusetts, contact us today.
According to industry experts, burnout is a major factor in many businesses being put on the market. The long days and even longer workweeks with no time off eventually will take a toll. Even owners with a thriving and profitable business can become bored with the work or stop feeling inspired to do it anymore. When that happens, it’s time to sell the business.
Divorce, health issues or partner disputes often force the sale of a business. Unfortunately, without a solid exit plan, these unforeseen events cost the business owner a lot of money. If that is the case, it is time to sell the business.
No One To Take Over
It’s not uncommon in a family business for family that is expected to inherit the business and carry on its legacy to become disenchanted with the idea and refuse to take over. At some point in family-run businesses this happens. When it does, it’s time to sell the business.
If you have an equally successful competitor, it can be hard to keep up. Sometimes the best option is to not fight it and let the competition win. If you are feeling this way, it could very well be time to sell the business.
Many of these reasons to sell a business are due to unexpected circumstances. If you don’t have a good exit plan in place, you may not achieve the results that you are seeking. An Inbar Group New Haven business broker, or one of our business brokers in the rest of Connecticut, New York, New Jersey, Pennsylvania, Connecticut, Rhode Island, Maine and/or Massachusetts can help you prepare in advance. This will ensure you are prepared to sell your business for maximum profits and minimum hassle.