If you are fortunate enough to have a family member with an appetite and competency to buy and run your company, then congratulations. Many small business owners we meet rarely have the trust in their family members to take on the stress they carry and furthermore, don’t want to strap them with debt. Most do not have a good option here and must consider someone else.

Key employees are great candidates to run the business but rarely have the resources to buy it. The similar concern about loading up with debt is also a factor. One solution to that is to share the payment risk with them, but then, why sell in the first place? This path can work but we suggest getting your accountant and attorney involved early. You might also find another business advisor you trust to talk with your staff without you present.

Selling to an outsider is scary. The deal may or may not go through. What if you give up too much information? What if you could have got a higher price? If you are considering selling to an outside buyer the two big categories are competitors or new entrants. You are more likely to sell at a higher price to a competitor but they may come in and change your company in ways you don’t like. If you don’t care about that but want to maximize the price, hire a broker, and filter for your criteria. If you don’t want to parade your company to the marketplace but are open to selling to an competitor, you probably should look for someone in a different geography that wants to enter your geography. Local buyers are too risky and frankly, probably have already sifted the market for best fit customers. Otherwise, you need a rich fool that wants to give it a try. We have been that for people before. So call us!