Do you remember how high your energy level was when you first started your business? You couldn’t wait to get in to work each morning, anxious to take on the challenges of each new day. You arrived early and stayed late, hardly noticing the relentless march of time. It was all about the pursuit of success.
Do you have the same feelings now? Do you view your business with the same boundless enthusiasm? Are you looking for new ways of doing things, for new products and new markets? Or have you lost the drive, the sense of adventure that once coursed through your veins, the can-do attitude that helped you meet adversity head-on?
Actually, businesses with revenues under 5 million dollars a year sell every 5 years. 88% of businesses in this country have revenues under 5 million dollars a year.
The fact is, every business has a natural life cycle – an inexorable journey that begins with promise and potential, is propelled by success, and is slowed by adversity, but that eventually comes to a conclusion for any number of reasons.
There are two outcomes for every business: to be acquired or to close the doors and liquidate. No entrepreneur wants to close the doors, but the fact is that only 20% of businesses on the market actually sell.
Over the next few months, we’ll discuss the reasons why business owners decide to sell their business.