There are many reasons why a business owner decides that the time has come to move on from the business and begin to look for the right buyer. We will cover the most common causes are retirement, relocation, ready to do something else, health issues and the five D's.
Retirement
The most common reason for selling a business is because the owner is retiring.
- -63% of privately-owned businesses are owned by baby boomers, and more than 50% of those baby boomers are 64 years and older.
- -80-90% of their wealth is tied up in their business
The Exit Planning Institute (EPI) surveys confirm that 76% of business owners that are baby boomers plan to sell their business in the next 10 years, and 48% in the next 5 years. This is often referred to as the 10 trillion-dollar opportunity or the seller tsunami.
Relocation
Most business owners that move out of state will end up selling their business.
Burnt Out or Bored
This happens often; after running a business for 10 or 20 years, you can start to get tired or bored.
Health
Sometimes health concerns require you to sell a business.
The 5 D's:
- -Death
- -Disability
- -Divorce
- -Disagreement
- -Distress
Learn More About Selling Your Business
If you are considering selling your business we make the process easy. Simply call the Transworld Knoxville Office at 865/315-7327 or email {BizInfo@tworld.com}. Doug or Drew will conduct a confidential preliminary discussion with you to ask some of the following basic questions:
- -How long have you been in business?
- -What industry? What does your business do?
- -What size is your business? Estimated Annual Revenue?
- -What is the profitability? Estimated Annual Net Income?
- -What is the reason for selling?
- -What type of entity, and who are the owners?
After the brief exchange of information and if there is mutual interest, a free no-obligation consultation will be offered. We prefer to do this face to face at a confidential location, but during social distancing, we offer confidential online meetings as well.
