20 Reasons You Should Never Use A Business Broker When You Sell Your Business
by Heath Frantzen
Delta Business Services
Nearly 80% of all business owners, even highly successful ones, admit that they don't have a plan for exiting their businesses.
Owners often fail to make succession plans because they have assumptions about the future which may or may not be true.
For example, a business owner may believe that his business will naturally pass to his spouse or other family member. What happens, though, if that designated family member is unwilling or unable to take the reins?
Another common assumption owners make that causes them to avoid succession planning is the idea that they will be able to run the business until they die. They don't put a plan in place because they don't like to think about the possibility of having to leave the business sooner than planned, perhaps due to ill health or family problems.
What happens in the absence of proper exit planning is that am owner can find him or herself in the unanticipated position of having to sell quickly, perhaps for less money than they need in retirement.
Frustrated, tired, stressed, and sometimes ill, business owners who need to sell make what they feel is a logical decision and turn the process over to their local business broker.
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