Hallmark Business Brokers knows that the biggest adjustment of retirement is exiting from the workforce. For those who worked for employers, the change is easier in comparison to those who are retiring from running a business of their own. Not only are there endless financial and business logistics to keep in mind, but there is an added sentimental connection between business owners and their businesses. This sentimental connection often leads soon-to-be retirees to pass on their business to their children, but this is not always the best idea.
If you are a business owner who is planning retirement and are not sure if you should pass on your company to your children or sell it, then read on.
Why Should You Sell Your Business?
A lot of people pass on their business to their children for reasons like “tradition” or “keeping the business in the family”, but they do not take into consideration if their children even want to run the company. Of course, if there is a lack of interest, then there is trouble for the business. In fact, roughly 70% of family businesses do not succeed in the next generation. This makes selling a more attractive option for many, especially since money made on the sale can assist in retirement. If you decide to sell your business, Hallmark Business Brokers can take the stress out of the selling process and help you every single step of the way.
What to Do if You Decide to Keep the Family Business
If your offspring are enthusiastic about inheriting the family business, then it is crucial you not only thoroughly train them, but also help equip them for future success. Hallmark Business Brokers is proud to offer our clients The Value Builder System ™, a methodology that is proven to increase the value of companies by up to 71%. This is a great tool for business owners in all stages, but it can be especially beneficial for family businesses looking to succeed in the next generation.
If you need assistance with selling or adding value to your business, then we are here to help. We can also assist buyers in purchasing businesses. Hallmark Business Brokers is located at 230 Tamiami Trail, Suite 2, in Venice. If you have any questions, do not hesitate to call us at 941-445-4726.