This might sound like a fairly straight forward question and to be honest the first answer you think of is simply to make money or recoup whatever money they may have invested into the business in the first place but generally the reasons why people sell their businesses are usually nothing directly to do with the business itself.
In a lot of cases, when we go out to see business owners in Essex, the most common reasons for selling are:
- Want to spend more time with family
- Loss of energy and enthusiasm to continue to move the business forward
All 3 of these answers are about the owner/s and not about the business itself. If the reason is about the business it can often be linked back to issues with staff but in essence the sale of a business is usually driven by the owners wanting to do something different with their lives.
It is very clear that there is a life cycle of ownership with businesses that people come in with lots of energy, new ideas, plans and targets and then through their period of ownership the plan either comes together or it doesn’t but the owners personal plans and goals change and the time they spend working on or in their businesses is something that they want to use to do something else.
A lot of the businesses we sell in Essex are owner operated businesses. Yes they may have a small number of staff that help to run the business on a day to day basis however the owner is still connected to the business and has ultimate responsibility in how it performs. This focus and attention can only last so long.
There are always extreme cases and we hope to be instructed on a freehold pub, restaurant & accommodation in a lovely village in Essex that has been owned by the same people for the last 32 years. We also hope to be instructed on another restaurant & motel business that has only been owned for 6 months by the current owners, however typically 6-8 years seems to be a reasonable average time of ownership before people want to make a change and look to sell their business. This applies to all the different sectors we are involved in like pubs, bars, restaurants, cafe’s, nurseries, care homes etc.
The sale of their business then becomes the most important thing to them as they realise that it will give them money to spend on other things but also as importantly, their time to do something different.
We help business owners realise these goals by specialising in what we do and seeking to finding suitable buyers for their business. The process can often be slow and demanding whilst you continue to operate the business and also manage the process of selling it however our role is to assist and make it as pain free as possible.
If you are a business owner in Essex thinking about selling your business, please get in touch and we can arrange a FREE of charge valuation and confidential discussion about your plans for the future and how the sale of the business fits into that.