{"id":560682,"date":"2019-10-12T03:11:11","date_gmt":"2019-10-12T07:11:11","guid":{"rendered":"https:\/\/vrbbd.wpengine.com\/vrbbmadison\/business-owners-cant-always-sell-when-they-wish\/"},"modified":"2022-01-31T12:41:55","modified_gmt":"2022-01-31T17:41:55","slug":"business-owners-cant-always-sell-when-they-wish","status":"publish","type":"post","link":"https:\/\/www.vrbusinessbrokers.com\/vrbbmadison\/business-owners-cant-always-sell-when-they-wish\/","title":{"rendered":"Business Owners Can\u2019t Always Sell When They Wish"},"content":{"rendered":"
\"\"<\/p>\n

A recent and insightful Forbes article, \u201c<\/span>Study Shows Why Many Business Owners Can\u2019t Sell When They Want To<\/span><\/a>\u201d penned by Mary Ellen Biery, generates some thought-provoking ideas.\u00a0 The article discusses an Exit Planning Institute (EPI) study that outlined the reality that many business owners can\u2019t control when they are able to sell.\u00a0 Many business owners expect to be able to sell whenever they like.\u00a0 However, the reality, as outlined by the EPI study, revealed that the truth is that for business owners, selling is often easier said than done.<\/span><\/p>\n

In the article, Christopher Snider, President and CEO of EPI, noted that a large percentage of business owners have no exit planning in place.\u00a0 This fact is made all the more striking by the revelation that most owners have up to 90% of their assets tied up in their businesses.\u00a0 Snider\u2019s view is that most business owners will have to sell within the next 10 to 15 years, and yet, are unprepared to do so.\u00a0 According to the EPI only 20% to 30% of businesses that go on the market will actually sell.\u00a0 Snider believes that at the heart of the problem is there are not enough good businesses available for sell.\u00a0 In short, the problem is one of quality.<\/span><\/p>\n

As of 2016, Baby Boomer business owners, who were expected to begin selling in record numbers, are waiting to sell.\u00a0 As Snider stated in Biery\u2019s Fortune article, \u201cBaby Boomers don\u2019t really want to leave their businesses, and they\u2019re not going to move the business until they have to, which is probably when they are in their early 70s.\u201d<\/span><\/p>\n

The EPI survey of 200+ San Diego business owners found that 53% had given little or no attention to their transition plan, 88% had no written transition to transition to the next owner, and a whopping 80% had never even sought professional advice regarding their transition.\u00a0 Further, a mere 58% currently had handled any form of estate planning.\u00a0<\/span><\/p>\n

Adding to the concern was the fact that most surveyed business owners don\u2019t know the value of their business.\u00a0 Summed up another way, a large percentage of the business owners who will be selling their businesses are Baby Boomers who plan on holding onto their businesses until they are older.\u00a0 They have not charted out an exit strategy or transition plan and have no tangible idea as to the true worth of their respective businesses.\u00a0<\/span><\/p>\n

In Snider\u2019s view, the survey indicates that many business owners are not \u201cmaximizing the transferable value of their business,\u201d and additionally that they are not \u201cin a position to transfer successfully so that they can harvest the wealth locked in their business.\u201d<\/span><\/p>\n

All business owners should be thinking about the day when they will have to sell their business.\u00a0 Now is the time to begin working with a broker to formulate your strategy so as to maximize your business\u2019s value.<\/span><\/p>\n

Copyright: Business Brokerage Press, Inc.<\/a><\/p>\n

Goodluz\/BigStock.com<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

A recent and insightful Forbes article, \u201cStudy Shows Why Many Business Owners Can\u2019t Sell When They Want To\u201d penned by Mary Ellen Biery, generates some thought-provoking ideas.\u00a0 The article discusses an Exit Planning Institute (EPI) study that outlined the reality that many business owners can\u2019t control when they are able to sell.\u00a0 Many business owners […]<\/p>\n","protected":false},"author":2,"featured_media":560684,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3,2],"tags":[],"class_list":["post-560682","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-seller-articles","category-selling-a-business"],"blocksy_meta":[],"_links":{"self":[{"href":"https:\/\/www.vrbusinessbrokers.com\/vrbbmadison\/wp-json\/wp\/v2\/posts\/560682","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vrbusinessbrokers.com\/vrbbmadison\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vrbusinessbrokers.com\/vrbbmadison\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vrbusinessbrokers.com\/vrbbmadison\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vrbusinessbrokers.com\/vrbbmadison\/wp-json\/wp\/v2\/comments?post=560682"}],"version-history":[{"count":0,"href":"https:\/\/www.vrbusinessbrokers.com\/vrbbmadison\/wp-json\/wp\/v2\/posts\/560682\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.vrbusinessbrokers.com\/vrbbmadison\/wp-json\/wp\/v2\/media\/560684"}],"wp:attachment":[{"href":"https:\/\/www.vrbusinessbrokers.com\/vrbbmadison\/wp-json\/wp\/v2\/media?parent=560682"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vrbusinessbrokers.com\/vrbbmadison\/wp-json\/wp\/v2\/categories?post=560682"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vrbusinessbrokers.com\/vrbbmadison\/wp-json\/wp\/v2\/tags?post=560682"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}