Note: I've thrifted the wording of this article to capture only the key points. If you would like to read the entire article, click on the link at the bottom of my summary. Eric Gall.
When it is nearing time to retire and sell your business, will you be prepared?
Force yourself to define your objectives:
- Will you have enough money to retire?
- What will be your legacy in the business?
- How will the transition impact your employees?
Value your company:
- Who are my prospective buyers?
- What are typical multiples in my industry?
- Is there an accomplished business broker I can speak with?
Prepare for succession:
- Can the business run without you?
- Have you developed an internal successor, or second-in-command?
- Which prospective buyers are the best fit?
Knowing the company you've created will continue to be successful will help you let go and retire well.
For additional information regarding Florida business sales, acquisitions and valuations, please contact Eric J. Gall at
Eric@EdisonAvenue.com or 239.738.6227. Also, visit our Edison Avenue website at
www.EdisonAvenue.com or my personal website at
www.BuySellFLbiz.com.
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