bbp

Making the initial decision to sell is tough, but once that decision is made, there are many diverse options.  Small businesses are more sophisticated than ever, and the individuals purchasing these businesses are complex and come from varied backgrounds.  Here is an overview of the most active categories of business buyers in today's market: Groupings of Family Members People within a business owner’s own family often opt to buy the family business. In fact, this stands as one of the more common types of small business buyers.  One reason is that business owners are more comfortable with a relative taking over the prized business, as they often built it up from nothing.  Quite often the family member looking to take over the family business has been carefully groomed and tested over the years to ensure that he or she is ready to be the true "heir apparent."  In this kind of situation, the family member truly is the best person to buy the business. However, there is a downside.  … [Read more...]

There are a number of different reasons why selling a business can be an emotional event. The business may have been in the owner’s family for generations. The owner may have built it from scratch or bought it and then poured the necessary energy into it to grow it into a successful, profitable business. For these and many other reasons, “seller's remorse" is actually one of the major causes of a deal falling through. However, despite the emotional ties to a business, there are times when selling is the best course to take. Here are just a few examples of those times. Burnout According to industry experts, burnout is a major reason owners consider selling their businesses. Over time, the long hours and 7-day work weeks can take their toll. On the opposite end, business owners who thrive on challenge may get to the point that the business has just become boring - the challenges of creating it or growing it has been replaced with the mundane daily activities of running it. Losing … [Read more...]