Many small business owners dream of the day they can sell their business and retire to a life of opulent leisure. Well, perhaps not opulent. Comfortable. That dream usually involves a cash sale of their business (perhaps at an unrealistic price), preferably as early as possible. Age 65, for many, is an abstraction. We may be hurtling quickly toward it, but most retirement dreamers don’t want to wait that long.
Business owners typically reach the point where they are looking to retire or have had sufficient amount of running their own business and are looking for new opportunities. Listed below are the seven common mistakes business owners may make when selling their business.
We’ve all bought something that didn’t live up to our expectations. When it’s something small, we may grumble about it for a moment or two, and move on with our lives. When you’re buying a business, your financial life may hang in the balance. Understanding your rights if you don’t get the business you were promised, or better yet, having an effective remedy, is critically important.