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Successful Succession
The topic of business succession is something you are likely to hear more and more about over the coming years. Did you know that the average age for business owners is now 56? This is one of the effects of the baby boomer generation getting older. But how is this likely to affect you?
The likelihood is that you are one of those who intend to leave their business in the near future. Surveys actually indicate that 40% of business owners intend to sell out within the next five years and over 50% within the next ten years. This means that there will be a glut of businesses on the market with a lower number of potential buyers available to take over.
What you think your business is worth because of its current results may not be what you get when you come to sell, simply because prospective buyers will have so much choice and owners will sell for what they can get rather than hang on to get the best price.
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