Seven ways to exit your business CanadiansInvest
James sat across from me and told me that, for the past year, he had been working with a business broker to sell his business with little success. He wanted to get out of the business he had built and run for the past 20 years. His business partner had died and left him with a business he no longer had the passion for running. “Dave,” he said, “what can I do to move on with my life?”
Merge with a competitor: While this had some value, there is the risk that the competitor will use this as an opportunity to gain insight into the strategies of the business without buying the company. Sell to a strategic buyer: Like selling to competitors, business owners often look to buy a business to expand their sales or have access to talent. If your business might be a good addition to other businesses, you could have better success in selling.
Preparation and marketing are key to selling any business. A good business realtor or broker will spend days, not hours, preparing the marketing materials and researching the valuation. Unfortunately, some agents believe they have done their job by simply getting the listing.Confidentiality level: In many cases, business owners do not want their customers or most of their staff to know that the business is for sale.
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