Remember the hopes and dreams that filled your thoughts at the new year?
But why NOW may be the best year to sell your business.
Dreams of selling your business for the highest possible profit and moving into retirement or the next ‘big thing’ with a hefty nest egg? But with half the year in the rearview, you likely feel the urgency to make the right decision before it’s too late.
There are 3 main reasons this year may be the best time to sell.
And the good news is, you still have time if you act fast.
1. High Demand
As more and more people flood the job market, Millennials and Gen Zers are turning to less traditional means of making money by starting or buying a business.
In fact, they’re 188% more likely to start or to buy one than their older counterparts.
This means there’s MORE demand now than ever before.
On the flip side, because of the years of pandemic-related issues, there are fewer than normal sellers ready to offer their business on the market.
Again, this is great news for you! It means demand is high, but competition is low.
2. Commercial Loans Are More Available
Commercial loans are more available now than ever.
Financial institutions have loosened the purse strings and are allowing more first-time borrowers to get financed.
This is great news for those sitting on the entrepreneurial fence.
For those dreaming of what it would be like to take the plunge and purchase a profitable, turn-key company.
3. People Ready
Until now, one of the biggest struggles was finding the right buyer – one with desire and funding.
Those days are gone.
With more people than ever interested in becoming entrepreneurs, a wave of businesses ready to sell, and more opportunities to get funded – there’s nothing holding potential buyers back.
All that’s left is finding the right people.
To do that, I recommend you dive into four categories. These include –
Family members – you may consider a business succession where you finance a large portion of the deal to a child or other family member interested and capable of taking over and growing the business.
Key employees – a management buy-out is one of the more popular forms of strategic selling.
You may have already trained the ideal buyer, with the skills and desire to grow your business within the management team.
Competitors – mergers have become more popular than ever because the best way to acquire something you don’t already have is to purchase it instead of building it.
Your competitors may jump at an opportunity to purchase your business.
Strategic buyers in your industry – a strategic buyer is a company that seeks to grow by purchasing another company, as opposed to someone acquiring a company simply to run it.
In many cases, strategic buyers are a great fit for entrepreneurs looking to sell their businesses.
Now that you see why high demand, interest rates at an all time low, and people ready to purchase makes this year the BEST year to sell…
You’re likely thinking, “What now?”
Recently we turned our focus to helping even more businesses do the same WITHOUT the cost of hiring a broker to do it for them.