My continuing education about business, work, and the workplace recently shared an interesting piece of data with me. That data was only 20% of businesses that go on the market are sold. Further, of those business owners who sold their business, 72% did not know or did not think the sale of the business will impact their lifestyle.
Think about those two points. The average business owner has 80-90% of their personal wealth tied up in their business. About 20% of them can take physical possession of that wealth through a sale while 80% will have to find another way. What should each of these business owners do to improve those outcomes? What can they do to become part of the 20% and equally important, what can be done for the remaining 80%?