Perhaps Kenny Rodgers said it best, in his epic song “The Gambler.”
“You got to know when to hold ’em, know when to fold ’em, know when to walk away, know when to run.”
Obviously the answer to this question varies from person to person, and from business to business.
But it is an important question for every business owner to consider and reflect on, and revisit periodically.
So, we strongly recommend to all of our business clients that they prepare a detailed written business plan, or have one prepared for them. We also recommend that the business plan addresses all relevant subjects, including succession planning for the business.
The succession plan should include planning for the eventual transition (sale) of the business, particularly if there is no logical successor to the current business owner.
I read earlier this past week that eighty percent of business owners are “looking to sell their businesses.” Oh really? I thought.
If that is the case, why have so few business owners done any formal succession planning whatsoever? Why are so few actually planning for the sale of their businesses?
Sometimes the most important subjects are the subjects that are the most tempting to postpone or avoid altogether, with people in general and business owners. If you have questions about selling your business, please contact The Calkins Law Firm, Ltd.