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Activity Forums Q & A Startups How have you prepared to sell your small business?

  • How have you prepared to sell your small business?

    updated 1 week, 6 days ago 0 Member · 1 Post
  • Charles

    Member
    October 31, 2019 at 6:17 pm

    Hey everyone! I’m looking to start a company that could help small businesses and was hoping you could provide me with some insight into the situation. With baby boomer business expected to sell or bequeath $10 trillion worth of assets over the next two decades, which are held in more than 12 million privately owned businesses, and 70% are expected to change hands, there may be huge problems for small business owners who are looking to sell. One major problem I’ve run into is that small businesses are almost never prepared to sell their business (my dad included), transfer ownership to a family member, or sell it to an employee. Preparation being, they have all the necessary documents, financial statements, tax returns, operator playbook etc. organized and up to date in the event they were forced to sell, wanted to sell, got an offer to sell, or were unable (death/illness) to run their business. I was hoping you could provide some insight as small business owners and operators what you’ve done to make sure your business is in a place to be sold? If you haven’t done anything, why haven’t you done anything? Basically, any insight you have about preparing or making sure your business is in a position to sell, would be greatly appreciated With baby boomers owning a majority of small businesses, there is concern that a lot of these assets will go to zero or sold at steep discounts because the businesses are not prepared to sell in the next two decades. ​ Thanks! – by hq overview startupsalesguy – –

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