I recently asked a friend in his late 50s about his plans for retirement. He told me he expected to die at his desk – and he was serious. He gave no thought to a time when he wouldn’t be in his business.
Part of being a proactive business owner requires that you look a few moves down the chessboard – whether that means keeping the business in the family, turning it over to a management team so you can golf more or selling the business.
At this time of unprecedented industry consolidation, many industry professionals are selling their businesses. For any shop owner contemplating a future sale, even years down the road, there are a few things you should think about to get your business ready.
You’ve heard the old-school shop owner talk about how he used to handle business finances, right? The story goes that one front trouser pocket was for incoming cash and the other was for outgoing expenses. Whatever was left over at the end of the month was “profit.”"
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For additional information regarding Florida business sales, acquisitions and valuations, please contact Eric J. Gall at info@buysellflbiz.com or 239.738.6227. Also, visit our Florida Business Exchange website at www.fbxbrokers.com and my personal website at www.buysellflbiz.com.
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