Owning one’s own business is still very much “the great American dream,” but it’s not for everybody. Here are some questions that you should ask yourself before taking the next step.
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The business buy/sell transaction process is a well-defined process. This process has been studied, analyzed, investigated and explained for over 30 years. Every day, experts in this field offer words of wisdom, sage advice and detailed instructions about how to avoid the pitfalls that lead to a failure to close.
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For many small business owners, their exit plan is best described as a crap shoot. Managing day to day risk takes precedence over any consideration of uncertainties. So, a business owners exit plan defaults to rolling the dice and hoping for the best. Unfortunately, when snake eyes pop up, all exit options for the business owner are off the table.
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Too many Business Intermediaries view themselves as representing the buyer or the seller. They think in terms of what is best for the party they think they are representing. In terms of a buy/sell transaction, that is not a true M&A deal, this concept of “what is best for the seller or the buyer” is an in-efficient approach to selling a business. This can create a win-lose atmosphere, when a win-win approach will yield the best outcome.
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