Part 2 of a 3 part series published in the Big Sky Business Journal.
The other day a business owner asked me, "How can I be confident that I will have a valuable and sellable business when the time comes for me to leave my business?"
All business owners have reason to ask Jim's question, because a transfer of ownership is inevitable. The timing and the ideal buyer for each business will vary, but the certainty of a sale at some point is unavoidable.
For most entrepreneurs, their business is their most valuable asset, the place they spend most waking hours, and a primary part of their identity. One of Jim's fears in a potential ownership transfer is failing to capture the full value from his two decades of building a business. Jim is part of the majority of business owners that do not have an exit or succession plan – 85% according to M&A Today magazine. With careful planning in advance of a sale, Jim can gain confidence in the success of his future ownership transfer.