FROM CEO TO 3RD IN LINE AT STARBUCKS
The single most important activity a business owner will undertake in their lifetime after growing their business is selling their business. For advice, many rely on paid professionals often selected through referrals from well meaning friends or colleagues. Virtualboard constituents have no financial interest in your business thus no agenda other than a focus on your success. Most business owners have not been involved in such a sale before and have little knowledge of the issues and challenges they are about to face. This means realizing the value from a lifetime of work becomes dependent on decisions you make alone.
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Twelve months after selling, 3 out of 4 business owners surveyed, “profoundly regretted” the decision to sell. (From a study completed by PriceWaterhouse Coopers)
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80% of businesses <$50M put on the market do not sell (From Tom West, President Business Brokerage Press)
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2/3 of business owners of privately held businesses are not familiar with all of their exit options (2013 State of Owners Readiness Survey sponsored by the Exit Planning Institute, PNC Bank, Grant Thornton and the Ohio Employee Ownership Center of Kent State University)
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83% of the owners of privately held businesses have no written transition plan (2013 State of Owners Readiness Survey sponsored by the Exit Planning Institute, PNC Bank, Grant Thornton and the Ohio Employee Ownership Center of Kent State University)