With only 20% of small businesses successfully selling, the looming retirement of baby boomer owners exacerbates the challenge, often leading to business closures. This situation negatively impacts owners, employees, and communities alike. Notably, the article suggests exploring employee ownership as a viable alternative to traditional sales. By selling to key employees, owners not only secure their financial futures but also simplify the sales process and preserve workplace culture. This transition retains jobs, keeps resources within the community, and sustains vital local services, highlighting the importance of considering internal buyers.
When business owners consider passing on their business, they can gain access to most of their net worth and maintain control over the process.
Selling to employees allows for a simpler sales process, avoiding the intense due diligence typically required when dealing with outside buyers.
Communities benefit from retained businesses as the financial ecosystem helps support local services, ensuring that money stays within the community.
Employee ownership not only preserves jobs but also strengthens the social fabric of the workplace, allowing employees to feel connected to their 'second family'.
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