How many businesses are really for sale?

I read an interesting report during the week that stated that there are thousands of privately owned business that will need to change hands in the next five to ten years.

Now, in my experience, this presents a real problem for many as I have come across very few who are ready for sale.

If you are the owner of a family business and also a baby boomer, seek expert advice as soon as possible and start managing your business as if someone will knock on your door tomorrow and want to carry our their due diligence. Involve your accountant and legal advisor.

Get them in the same room together and work through all the issues that would effect you from a tax and legal perspective. You might be surpised to find that this might be a long term exercise in order for you to maximise your net return after tax etc.

If you don't do it now you might as well just donate any spare dollars to the Government and close up shop and walk away.

Start planning now to exit your family business if there is no one to take over.

Bill Winter