Chapter 4 - Who is The Business Seller?
The first thing to know is that most of these heroes have worked all hours and weathered the ups and downs of the business cycle to get to a point in their life where they can see the light at the end of the tunnel, a time when they can take a well-deserved break and think about retirement. And so begins the business exit process. We have found that working with the individuals that start, run and navigate the growth of successful companies are generally simply amazing people! For most people selling a business is a HUGE life event. It can be as significant as getting married or having children and is often more emotionally complex. The process of selling a business most often arises due to a desire to retire, which is one of life's major transitions. Often a business is the most valuable asset a person owns and the sale will fund this retirement. So, in addition to the emotional side, selling their business may be the most important financial transaction of their lives. Something like only 20% of companies make it to 5 years and 10% to 10 years and still are trading. For the ones that do make it, the vast majority never exceed £1M turnover. So our clients are normally in a very small, elite percentage of people that can buck the statistics and navigate companies through the ups and downs and over a long period of time to create successful companies that someone else would want to buy (the topic of this book).
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