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The common exit scenarios for business owners are usually:
- Close the business
- Accident, illness, or death forces hasty and unprepared decisions
- Have a succession plan (family members or key employees)
- Sell the business
The sale of the business is in most cases the best situation for the current owner allowing him or her to meet his or her personal goals and objectives.
It is important that the seller operates on his own timetable, which is not the case when an accident, illness or death is involved.
Closing a business will result in the seller receiving only liquidation value for the assets and nothing for the goodwill (such as the customer base or the reputation and good name that has been established).
Should you consider selling your business? Not sure, download this free report to find out if this is the right time to take steps towards your future.