Businesses being sold for incredible prices make great headlines and can inspire people to go into business for themselves.
The reality though is that a lot needs to go right in order to sell a business.
First of all, the business needs to remain viable over the years that you own it, which is no easy feat in itself.
Then when it comes to a potential sale, the business needs to be in a state where it’s able to be transferred to another party. So if your business is solely run by you, it’s going to be harder for someone to take it off your hands (particularly for a premium price).
And then for a sale to happen, you need to find a buyer who can agree to mutually-beneficial terms and is willing to finish the sales process together.
So if you’re going into business with dreams of a major sale, a better question you should ask is – would you start or buy a business if you couldn’t sell it?
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