We exist in a competitive market-based economic system.
As an owner-entrepreneur, you are abundantly aware of this in your day-to-day business. You’ve got customers demanding price concessions and increasing their delivery requirements, employees asking for raises, suppliers tightening terms and causing you headaches, and competitors aggressively trying to cut into your core lines of business.
The same is true when it comes to the sale or transition of your business. It’s a competitive process; ruthlessly competitive.
That said, in your day-to-day business, you know the market and you’ve played the game for decades. But in the market for the buying and selling of businesses, it’s an unfair fight. It’s like fighting blindfolded against an experienced boxer.
If you own a business, this is a reality that you will one day face. You can ignore it. Or you can do something about it. For the same reason you seek legal advise from an attorney or investment advice from a financial planner, you can seek out advice on how to avoid getting nabbed by a shark.
Many times the planning process may lead you to sell your business to a shark. But with the right planning and implementation, you can make the shark work for his meal. You can end up with much more at the end of the day financially and non-financially if you do this right. Reach out to Doescher Group to learn more.