As a Business Intermediary, I have to agree with this article’s results:
- Generational businesses are fading – I spoke with a 5th generation business owner which is almost unheard of today. She was quite proud of being able to keep the business running profitably and keeping up with the numerous changes in her particular industry. Her biggest challenge – as it is for so many business owners – is the lack of talent to go around.
- Fair market value for business owners who have consumed themselves in the business and made a solid living at it for so many years is difficult for a Business Intermediary to articulate to the owner. Strictly looking at the numbers and/or facts and removing emotion is a must when it comes to reviewing and understanding the true business value. Ultimately the challenge for a Business Intermediary is listening and responding to the owner with how the market works and how the real numbers will bring in the most qualified and financially suited buyers.
Mike Van, Business Intermediary