When the holiday conversation turns to the possibility of selling your business.
In my home, the holiday season provides a six-week window for great conversations with friends, families and co-workers. It is usually an upbeat and positive time. Conversations with lasting meaning take place – about the future, the upcoming year, what’s next.
And, if you are a business owner, especially one approaching retirement age, caring family members may bring up whether or not you are thinking about keeping your business in the year ahead or taking more time for other important things.
The holidays can be a good time for business owners to talk to family and think through selling a business and how that sale can maximize positive impact for themselves, their families, and their future.
It’s really important to get the facts about the business-for-sale market for the after-dinner conversations. And, there are several reasons why this is a really important time to think through this.
First, there is a SURPLUS of QUALIFIED BUSINESS BUYERS lined up that are interested in purchasing businesses right now. It is a seller’s market – sellers can expect multiple offers for the right opportunity!
Second, Solid Businesses are SELLING QUICKLY – there is an extraordinary amount of pent-up capital waiting for the right opportunity. Sellers will be the beneficiaries of this situation.
Third, Businesses are SELLING at a PREMIUM – COVID 19 has created the backlog of capital and buyers that is driving demand in most industries. Owners should understand the demand.
Every business owner should have all the facts so if and when the conversations start, they are the one with the real numbers and the options.
A business broker can do the homework – which facilitates better decisions. They know that sometimes the more successful an owner is now, the more difficult it is to imagine ever selling the business – even though better things lie ahead. It’s important to have the facts either way.
Remember: the best time to sell a good business is when it is still a good business, and right now the market is really much better than anyone could have predicted. A business valuation would be a good thing to have completed going into the holiday.
Thanksgiving is just around the corner. I hope you enjoy your family time and are ready for any family discussions you may have about the future of your business.