Would you consider selling your business to an employee?
They’d probably fit the bill – good understanding of the business, passionate about your mission, and more likely to continue your legacy – but, they likely won’t have the cash to front such a large transaction either.
When Lori Moen decided to step back from her business, Viking Trophies, she sought out large, strategic acquirers — but nobody showed interest. That’s when she looked internally and found her General Manager was interested in taking over.
In this episode, you’ll learn:
- The pros (and cons) of selling to an internal employee
- What to look for when structuring the financing (hint: you may need to lend some of the money)
- 3 different selling options – including the benefits of each
- The sneaky terms and conditions to look out for when selling your business to an employee
If you’re interested in improving the value of your business, take our questionnaire or contact Colonial Business Brokerage today at 443-982-7332.