I already have a plan, this person told me they would buy the business when I’m ready, so I don’t need to do anything else.
If we had a dollar for every time we heard this… As a business owner thinking about selling, it’s easy to assume that a buyer is already lined up. Whether it’s a family member, a partner, or employee, it can feel like everything is in place. However, this assumption can lead to serious risks. Here’s why it’s important to always have a backup plan:
1. Buyers Can Back Out
Things change, and buyers often back out last minute. Whether due to financial issues or second thoughts, relying on one buyer without a backup can leave you scrambling, unprepared, and likely back to the beginning of the sale process.
2. You Might Miss the Right Buyer
Focusing on one potential buyer means you could miss out on others who might be willing to pay more or are a better fit. Having a backup plan gives you more options and allows you to find the best match for the next chapter of your business.
3. Personal Ties Can Cloud Your Judgement
When you assume a family member or employee will take over, it’s easy to overlook red flags indicating the sale might not go through or the business will be at risk when you’re gone. Having a backup plan helps you stay objective and make the best decision for the business.
Plan Ahead and Give Yourself Options
A buyer who is interested today might not be as interested tomorrow. Assuming you already have a buyer can be risky. A backup plan protects you from unexpected changes and gives you more control over the sale of your life’s work. Don’t leave your future to chance, start planning now for a smooth exit. Let’s work together to get a plan in place that works best for you.
