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Burnout is an often-used reason for an owner selling his or her business. Potential buyers may have trouble accepting this as a valid reason for sale. However, burnout is a valid reason for selling one’s business.
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Recent studies indicate that it now takes, on average, about eight to ten months to sell a small business. This figure seems to increase yearly. Why does it take so long to sell a business?
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There is the old saying that the time to develop an exit strategy is the day you open for business. Sounds good, but it’s not very realistic. Further, it also isn’t very optimistic. On the day you open for business, thoughts about how you get out of it aren’t pleasant, or helpful, thoughts.
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1. Established.
An existing business is a known entity. It has an established and historical track record. It has a customer or client base, established vendors, and suppliers.
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Buyers are generally categorized as belonging to one of the following groups although, in reality, most buyers fit into more than one.
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Sellers