Solutions for Retiring Business Owners - Be Prepared

Selling your business was always the goal and then life happened. Enough already, pick a strategy and decide on enjoying your life in retirement. We have seen every side of this equation from the good to the bad. The longer you wait to sell your business the more dependent on a sale you become. An over supply of baby boomer businesses is already flooding the marketplace. The vast majority are poorly marketed and have no chance of selling in their current form. For one, the methodology to valuing is pulled out of thin air and their are no financials to back up the asking price. Secondly, the individuals selling are not properly vetting the buyers and confidentiality is being breached. An over supply of businesses for sale and a poor quality of supply product will cause a panic when selling. There aren't any dumb buyers at the $1 Million and up asking price range. Buyers want a packaged product that includes real financial documents, a valuation and market analysis on the business. They also want the business for sale product to be pre-qualified with lenders. They do not want to waste time on a business that does not have it's act together. Buyers use this phase to test the companies management, by seeing how quickly and accurately the business owner responds during the buyer/seller process. Bottom Line..Be Prepared

Mick Feite - www.feiteenterprises.com