When a buyer is interested in your small business, they will want to engage in a thorough examination often referred to as the due diligence process. Whether you plan to find a buyer for your small business or plan to sell to a business partner, employee or a family member, the due diligence process is a crucial step. If you need a refresher on just what due diligence means, just click here.
We are currently in the midst of the silver tsunami. That is, entrepreneurs aged 55–73 years old who are part of the Baby Boomer generation, are now retiring from their businesses or are currently in the stage of transitioning their businesses.
No one expects it but unforeseen circumstances do happen and cause major disruptions to your ability to run a business. So if these situations happen, do you have a plan?
Most small business owners aim to sell their business someday. According to a PNC Bank survey, 78% of owners plan to sell their business to fund between 60% to 100% of their retirement.
One of the best things about having a small business is how much of your identity and passion you can pour into it. You’ve put your heart and soul into every step or decision and invested a significant amount of time, money, and effort.
Eventually, every owner exits their small business. This means you should have an exit strategy. Learn what is at risk by not having one in place and what to do.