PART SIX: Conclusion
by: Jeffrey Frankhouser
PROBLEM: For many very small, small business owners, the ultimate management challenge comes when it’s time to move on (retire) to other paths in their life. What is your succession plan? How will a buyer pay you for your business? Is there a market for your business? The answer is probably not. If there isn’t a willing buyer standing by to purchase your business, you may need to be creative in the succession plan for your years of hard work and sacrifice. 80% of the businesses today will not sell for what the owner expects.
SOLUTION: A great many owners find themselves is a difficult situation of having to carry back a note for the business buyer. In doing so, the owner really hasn’t “retired” from the business. You now must worry about the new owner’s ability to support the success of the business you’ve built AND continue to pay you for it. You are still dependent upon the business for your livelihood! You need a one way succession plan to take advantage of your years of hard work.
There are numerous strategies that work and work well. Many in harmony with one another, to form an excellent and financially successful exit.
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