SELL YOUR BUSINESS
Too often a small business will close its doors after it has provided its owner with a livelihood. Occasionally a family member will take over and continue the business; once in a while the business is sold.
Every business, whether you are an independent contractor such as a real estate or insurance agent or if you own a small business, you should have a retirement income. That income should include the proceeds from the sale of your business.
The reason so few businesses are sold is due to a lack of planning. In the beginning a business owner is focused on generating enough income to pay expenses and perhaps even take some home. As the business grows, the focus shifts to making sure the business can continue the revenue generation process. There may be enough funds generated to include some form of a retirement savings, but in many cases that is barely enough to live on.
A business should be run, from its inception, in a “getting ready to sell” mode. That means that accurate accounting records are kept with monthly income and expenses reviews. All operating procedures are documented and complete records are kept on current and past customers. Successful marketing campaigns are documented as well as those that did not work.
It is never too late to start getting your business ready to sell. If you need help, talk to your mentor/coach or call a business broker and ask him what you need do to make your business ready for sale.
“You were born to win, but to be a winner, you must plan to win, prepare to win, and expect to win.” – Zig Ziglar
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