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A Second Chance at Selling Your Business WHY NOW COULD BE THE BEST TIME TO SELL
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CAMPING FAIR FRIENDSHIP FIREPIT
PERIDOT POPPY RAFTING SCHOOL
SUNDAE THUNDERSTORM VIRGO WATERMELON
Not too long ago, I talked about the number of retiring baby boomers who are selling their businesses, which can lead to a shortage of buyers in the younger generations. While this still concerns me, there is a way for those baby boomers to get a second chance at finding a buyer for their business. Say you’re in your late 40s or early 50s and have spent the last 20 years working up to a management position at an Applebee’s or Olive Garden, but you’re out of work because of the pandemic. Who will hire you? When you’re in your late 40s or early 50s, the job market is a lot smaller, so finding a job where you make a similar income in the middle of a pandemic is slim. This is where the baby boomers will get a second chance at selling their business. As long as the business is profitable, it will be sellable. The buyers are going to be the individuals who lost their jobs in the pandemic and are having a hard time finding a new one. They will end up buying themselves a job. Mind you, there is nothing wrong with buying yourself a job. We have all done it, and people do it every day. In fact, if someone went to school to learn how to be a lawyer, an accountant, a doctor, a plumber, or an electrician, then they basically bought themselves a job, too. Right now, there are plenty of people hunting for a job to buy so they can replace the one they lost. So, if anyone is considering selling their business, better to do it sooner rather than later. I hope I’m wrong, but from what I am reading, unfortunately, I think I’m right. As I say in my latest book “Hidden Wealth,” the best time to sell your business is when it is doing well and the market is right. Considering the current unemployment rates, I think the time is right for sure.
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