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JT Kraai is president of Exit Strategies 360, specializing in business valuations, brokerage and transitions in the remediation and restoration industry. He can be reached confidentially at (503) 577-5649 or at [email protected].
Many owners experience burnout at some point in their career. In the remediation industry we don’t have to look far for causes: slow AR’s, elevated demands from TPA’s and insurance companies, unrealistic property owners, frivolous law-suits, etc. The industry has always been challenging, becoming more so the last decade.
At this very moment, you likely genuinely wish your choice years ago was “preparation.” Nonetheless, dozens of questions surface surrounding the following: business value, taxes, deal structure, timing of the sale, estate planning, confidentiality, who helps, the premise lease, key employee contracts, etc. The list goes on.
Whether you’re focused on maximizing profitability, getting your paperwork in order, cutting costs, or generally getting your business ‘cleaned up’, starting early allows your efforts to take effect, therefore being more noticeable to a buyer.
Selling your business may be the most important decision of your career. Whatever prompts the sale – retirement, illness, partner disputes, or some other reason – selling your business is a high-stakes transaction with far-reaching financial and emotional consequences.