Businesses are bought and sold every day, for reasons both planned or unplanned. Business owners may not expect to sell their business at any given time, but it is a good idea to consider the possibility and review how it will impact the owner, employees, and families.
The best reason for selling a business is that the owner has planned for it, either as an expected retirement or perhaps an interest in using the current business as a stepping stone for a new venture. The problem is that many businesses must be sold because of unplanned events, or changes in the local economy. These events might include:
- Entry by a competitor into the local area
- Death of the owner
- Medical issues making it improbable the business can continue
- New management for corporate business who decides an owner’s branch is not needed
- New products entering the market that make your business obsolete
- Advertising campaigns that appear to make competitors more economical than your business
Regardless of the reason, there will come a time for a business to be sold. Doing this alone can be difficult and could result in a sale creating a disadvantage or loss for the business owner. You need the expertise of a professional business broker who can develop a proper exit strategy for you, and this is where Hallmark Business Brokers can be your advocate. We work on your behalf to bring you potential buyers who are interested in your business, not someone who wants to shut you down. We can handle most of the negotiations and paperwork for you, allowing you to run your business and make it more attractive to buyers while it is on the market.
Don’t try to sell your business alone — contact Hallmark Business Brokers to get the best value for your business when it is time to move on.