Common Questions Business Owners Face About Exit Planning

  • Business owners often struggle with uncertainty about who will buy their business, especially if family members or employees are not interested or involved, raising concerns about finding a suitable buyer. Third-party buyers do exist as an option.
  • Questions arise about potential buyers’ financing sources. Buyers may use cash, seller financing, or bank loans to acquire businesses, confirming that funds are generally available for business acquisitions.
  • Owners frequently worry about their identity and life purpose after exiting the business, highlighting the importance of planning for what comes next once a buyer is found. Emotional readiness is a key factor in exit planning.
  • Many owners doubt the value of their business beyond tangible assets and consider closing their doors. However, businesses often have significant hidden value, so owners should assess their business worth before deciding to close.

Determining Readiness to Sell

  • Readiness to sell is ideally controlled by the owner, such as retirement or pursuing new challenges, but unexpected life events (burnout, illness, divorce) can force unplanned sales. Owners must be prepared in advance, as selling cannot be done abruptly like giving a two-week notice.
  • Even if selling is years away, owners should start preparing their business now to increase future sale value and operational freedom. Preparation improves business independence from the owner and enhances profitability.

?? Key Insight: Preparing your business well in advance of selling leads to more money, greater freedom, and a smoother transition beyond the owner’s involvement. 

Why Should I Work with an Exit Planner or Broker?

Selling a business is complex. Jessica explains how having a professional by your side helps navigate negotiations, buyer screening, marketing, and closing—all while you stay focused on running your business.

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