Even though retirement is far and away the biggest reason sellers go to market, most business owners are doing little to no exit planning. The smaller the business, the less likely owners are to plan. Of those owners who did plan, most started less than a year before putting their business on the market.
We all know that market conditions can change on a dime. The pandemic drove that home for today’s business owners. But working with their advisors in advance and having various exit plans and succession plans on the table can help business owners respond faster when the market shifts, Sellers have more options and are generally positioned to get a higher value when they make exit planning an ongoing part of their business plans.