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When selling a business, the process is much more complicated than a simple transaction and a signature. It’s all about finding the correct time, partners, professional expertise and potential buyer.
A business has so much involved – time, money and personal care and even creates a significant emotional attachment so it is important that the owner is selling for the right reasons. Some of the wrong reasons to sell a business include:
Inability to cope with the pressure and stress (not feeling in control of the business)
Reaction to current social or political climate
Giving up at the first couple of barriers
The decision to sell a business should be meticulously considered and well-planned!
You may be completely dedicated to your business however, there comes a time to wave the white flag and let somebody else take the reins. Also, entrepreneurial spirit can lead a young aspiring business owner itching to start something new and exciting once they’ve succeeded on their first venture. This is someone in a position of looking to dedicate themselves to a new business project and sell their current business.
It is important as business owner to acknowledge your limits. When a business has outgrown your skill set and stepping down to make way for somebody else who is more than capable and has a stronger line of knowledge and experience in a particular area can sometimes be conceived as a sign of weakness by those at the top but this certainly isn’t the case!
If you are considering selling your business or are already in the process of doing so and want some advice regarding your tax obligations and finances get in touch, we will be more than happy to help!
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Bow Boutique Limited