As a business owner, you may have one or more choices when it comes to exiting your business. You’ll either pass it on to a family member, sell it to a third party or shut it down. Generally, your business will have a different value in each of these situations. Isn’t it a good idea to know how much your business is worth now so you can decide which choice is best for you when the time comes?
Recently, I spoke with a business owner with a 20-plus year track record who is considering a sale of his business. In his opinion, he has two options. One option involves selling to a family member. The other possibility is to sell to a larger company. I explained that one choice might bring a higher value. And the important thing to know, is which one.
There are several types of buyers :
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