I saw an article today from Bloomberg BusinessWeek on the increase in Baby Boomers in the US who are looking to sell their small businesses.
While this is no surprise, considering the ageing population in First World countries, it made me reflect on how unready many small business owners are when they get to this stage of their business life.
As I wrote in The Small Business Success Guide, more than 60 per cent of small business owners and up to 78 per cent of family business owners have no succession plan for their businesses.
However, to effect a sale of their business, owners should have the end in sight up to five years before they actually want to retire.
To get them started, here are some questions they should consider:
* Why would someone want to buy my business?
* What's it worth?
* What processes do I have in place so someone could walk in and start trading tomorrow?
In The Small Business Success Guide, I suggest that the best way to pinpoint a buyer is to use your networks.
Would a supplier be interested? What about a business associate? Start having some informal discussions well before you want to retire and, if you think someone may be interested in buying your business, put together a plan to make it happen.
Very few businesses are sold because someone knocks on your door. Be proactive: it's up to you to give every prospective buyer an overwhelming sense that it's a worthwhile investment.
Here's to your success!
Margie
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