If you had to sell your business tomorrow, how would it fair? How can you know the way your business is positioned in the market? What follows are Dennis Zink's 10 questions you should ask when buying or selling a business.
Many businesses want to ensure their continuation when an owner becomes disabled or dies. This is accomplished when the surviving business owners or the business itself purchases the deceased or disabled owner’s business interest. The agreement to sell and then buy the business interest when a triggering event occurs; is accomplished with a contract known as a buy-sell agreement for business.
A quarter of business owners are over 60, a figure that will grow once all of the members of the baby boom generation reach retirement age. Lots of them intend to sell relatively soon ... as many as half aim to do so in the next five years, according to one recent survey of business owners. I agree that this may be the best time to Buy a Business.
I have outlined steps one through five in the selling process leading to a successful business exit. At the same time, this process leads to a successful beginning for the person Buying an Existing Business.