“What are my options to sell my business” is a question I get most weeks. The good news is that the economy continues to strengthen albeit at what appears to be a slow and uneven pace; especially for those of us in Northern California and not part of the San Francisco Bay area and the IT industry. One of the direct results of the economy strengthening is that business owners with a strong and viable business are now looking at their options with their small business and deciding what to do; especially if they are approaching retirement or have high motivation to do something different. For example, this week I received a call from a business owner whose goal was to be independently wealthy by age 35 so he could go into politics. The good news for him is that he’s just turned 35 years old and arrived at his goal and so now it’s time to sell his business and move to politics which is very important to him.
If you are thinking of selling your business, click this link to learn about where to start and what it involves.
If you have a medical practice, please click this link.
When business owners are approaching their business, personal and professional goals they have different options. Here is a look at six of the main options and their pros and cons.
This is not an option for the 35 year old I just mentioned, but for a lot of business owners especially if they have reached 55 years of age or more and have children, there is strong motivation to continue the history and achievements of the business by having the ownership transition to their immediate children. Often this comes from a strong desire of the current owner to perpetuate their legacy and have their business “stay in the family.”