The decision to sell your business is certainly not to be taken lightly or quickly. Once you decide that transferring your business to a new owner is the best route, you may not be sure where to begin. This is likely why, according to the U.S. Chamber of Commerce Study and SCORE, less than 30% of businesses successfully transfer hands.
There are many reasons why an exit plan is not executed, 3 of the most common are below:
• No game plan. A Business Exit Plan is fundamental to a successful sale. Absence of a plan leads to unreasonable expectations and unexpected obstacles.
• The owner is too involved in the business. The buyer may find it difficult to visualize success without current owner. Sometimes, owners are just too attached to their way of doing things or individual staff to allow for a successful transition.
• Economic factors. A downward trend in profitability due to economy or inability to raise adequate financing by the buyer are some common factors which are outside control.
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