Are you looking to sell your business in Edmonton? Did you know there's a potential problem around the corner if you are looking to sell your business, or there could be a potential opportunity if you're looking to buy a business. According to TD Waterhouse, a percentage of small business owners who plan to exit businesses in the next 5 to 10 years is 65 percent. That means that people who are set to retire are going to want to get rid of their businesses.
The problem though, is that only 26 percent of these people don't know who they're going to sell their businesses to. Some other statistics to take a look at as it relates to succession or exit planning, is only 10 percent of business owners have a written succession plan and then 90 percent have no succession or some form of a half baked informal succession plan. In the number one reason for this, having no succession plan is they don't know how they're going to finance a successor.
Some plans that some small business owners do have are between close it and unsure, transfer to a family member or sell it. If you look at some of these stats, it means 50 percent of small business owners don't know what they're going to do with their business or they're going to shut it down. On top of it, only 30 percent of businesses ever get sold. If you look at the other number that's in there, means an additional 14 percent of businesses won't end up getting sold.
When you look at this, 65 percent of all small business owners are set to retire in the next 5 to 10 years. 90 percent of them have no formalized succession or exit plan. 70 percent of small businesses won't sell. This means over 1/3 of all small business in Canada could shut down over the next few years. What do you do as a business owner? This should get you started going down the path of thinking about an exit strategy or even a succession plan.
If you're a person who wants to take over a business, now is the opportunity to strike and take over some of these businesses from business owners. If you want to figure out how you can sell your business or buy a business, reach out to me and I'll show you how to access over 3,500 firms looking for companies in Alberta to buy, that will be for sale. You can contact me, Chris Hamilton, at email@example.com. 587-333-2875.
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