Selling one's business in New York or anywhere else can be a traumatic and emotional event. In fact, "seller's remorse" is one of the major reasons that deals don't close. The business may have been in the family for generations. You may have built it from scratch through hard work and determination or bought it and made it very successful. However, there are times when selling is the best plan of action. Here are a few good reasons to sell:

• Burnout - According to industry experts, this is one of the major reasons that owners consider selling their business. The long hours and seven-day workweeks can take their toll. In other cases, the business may just become repetitious and boring and the owner may miss the challenge. Losing interest in one's business usually indicates that it is time to sell.
• No one to take over - Sons and daughters can be disenchanted with the family business by the time it's their turn to take over. Family members often wish to move on to their own lives and careers.
• Personal problems - Events such as illness, divorce, and partnership issues often force the sale of a company. Unfortunately, one cannot predict such events.  All to often this forced sale does not bring maximum value. Proper planning and documentation can preclude an emergency sale.
• Cashing-out - Many company owners have most of their personal net worth invested in their business and this can cause liquidity issues. Other than borrowing against the assets of the business, an owner's only option is to sell it. Many have spent years building, and now it's time to cash-in.
• Outside pressure - Successful businesses always create competition. this competition may build to the point where it is easier to join it, than to fight it. A business may be standing still, while larger companies are moving in.
• An offer from "out of the blue" - The business may not even be on the market, but someone or some other company may see an opportunity. An owner answers the telephone and the voice on the other end says, "We would like to buy your company."

Of course, there are obviously many other reasons why businesses are sold. The paramount issue is that they should not be placed on the market if the owner or principals are not convinced it's time to sell.  Consider the industry proverb that says, "The time to prepare to sell is the day you start or take over the business."

If any of these reasons resonates with you, call us at 212-473-5000 and we will walk you through the process!