When reading a prospectus or offering memorandum about a business for sale, it is not unusual to find multiple untruths, or in some cases even ridiculous claims made by the business owner. Such false claims only serve to substantiate the dismal statistics regarding the unsuccessful sale of businesses in North America . According to Richard Parker, President of Diomo Corp., it is estimated that only 20% of the businesses for sale ever close a deal. Ever.
For the other eighty percent who’ve worked tirelessly to start and grow a business it ultimately may mean letting their employees go, selling off assets for pennies-on-the-dollar and closing their doors. Read more…
Holly also founded ExitPromise.com and to date has answered more than 2,000 questions asked by business owners about starting, growing and selling a business.
Latest posts by Holly Magister, CPA, CFP
- Understanding the Business Buyer Types When Selling Your Business - April 12, 2019
- How to Prepare and Include the Business Owner’s Family in the Exit Planning Process - March 14, 2019
- How to Prepare for Due Diligence When Selling a Business - February 12, 2019