Successful entrepreneurs see their current business as a valuable asset that can be sold when they decide it's time to move on to their next adventure. Right?
Every year over 1,000-times more businesses are founded in the United States than the number sold. Does that mean that 99.9% of businesses are failures? I guess the answer depends upon your definition of success.
Leaving tens or hundreds of thousands of dollars on the table at a point in your life when you could really use them doesn't sound like entrepreneurial behavior to me.
One of my primary missions in helping business owners succeed is to get more of them to seriously consider the idea of selling-out in the future and to begin preparing today to maximize the sales price when that day finally comes.
That's why I asked a seasoned business broker, Dustin Zeher of Horizon Brokers in Woodbridge, Virginia, to join me on this week's Radio Free Enterprise. Dustin has been involved in sales transactions involving businesses from a wide range of industries and annual revenue figures.
I'm going to ask Dustin to dig into the psychology of owners selling their businesses and share his thoughts on why so few take this course of action.
We're also going to talk about what a typical sale transaction looks like, what owners can do today to help increase the value of their business in future, and common mistake he sees made and how to avoid them.
