experienced M&A folks, Business Brokers, and assorted suppliers who provide many of the important skills required for a successful sale of a business.
The key takeaway was simply this. Most owners, no matter how successful, are woefully under prepared and not ready to sell.
There is so much to do and the facts are, you don't have the experience internally, you don't know what you don't know and you will not be able to run your company while getting ready or actually selling.
Here are a few examples of what can get in the way:
- Someone still has to run the business day to day.
- You're overwhelmed by the process and don't have a transition team.
- Partner doesn't want to sell.
- In order to take advantage of the capital gains exemption, you must be a shareholder for 2 years or more. Are your kids qualified now?
- You partnership agreement is out of date or nonexistent.
- You've been taking money out in various ways and that has to be normalized.
- Sales have been stagnant for many years. Usually because you chose to.
- No viable candidate to transition to.
If any of this sounds familiar and you'd like to start taking action today, give me a call 416-270-2466 or email me firstname.lastname@example.org I'd like to assist you.