Part One – Linda Broom: The One Thing You Can’t Forget When Selling a Business – If You Do It Can Cost You Big Time
A family-owned retail produced market that procured its fruits and produce from local growers. The family had operated the business for 10 years and as the kids got older and started to leave for college, they didn’t plan on continuing to work in the business. Which is a common theme for many family-managed businesses these days. One of the stipulations that the seller required was how long they would stay and be available for training. This stipulation triggered the domino effect.
An entrepreneur did all the right things to position their business for a successful exit. However, as is often the case, one critical thing was overlooked regarding key employees that nearly cratered the sale at the last minute.