Bill Gallagher explains why exit planning matters from day one. About 50% of businesses listed for sale never find a buyer, and most children don't want to take over family companies. Start planning your exit strategy when you launch, not when you're ready to leave.
50%.
The International Business Brokers Association.
Bill Gallagher.
2024-05-17.
Here's something that kind of blows people's minds. 50% of all businesses that go up for sale will never find a buyer. You know, we hear about, oh, Discover Card is going to be purchased by Capital One or whatever, and we think, oh, yeah, well, I'll just list mine, because it's like real estate. Somebody's going to buy it. No, no. Actually, according to the International Business Brokers association, half of all businesses that go up for sale will never find a buyer. And you add to that that now most children do not want to take over for their parents. And that whole, what do we do next when? Right out the stinking window. So when the time to plan for how to exit a business is the day before you legally start it. If you don't know how to get out of a business, don't get in it. Yeah, and I tell CEOs all the time, like, man, if you're spending more than four hours a week in your office, you're losing money.
