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According to the SBA, the #1 reason most business transitions fail is due to a lack of planning. A successful transition can take years to execute. On average only 25% of businesses sell. There’s a tidal wave of competition coming as the baby boom generation business owners begin to retire. The business owners who are successful are going to be those that planned ahead!
The #2 reason business transitions fail is business owners can’t let go. You’ve worked hard and built your business. One way or another, you will exit the business. Having a plan and executing it increases the chances the people you care about (family, employees, customers) will be taken care of. Having a vision of your satisfying life after you exit will help you avoid procrastinating on developing your plan. Before you talk to your lawyer or a business broker get your business financials and exit plan in order.