Business owners tend to be optimistic. Why else would someone risk money, time and other opportunities to fulfill a vision or be their own boss? They have no doubt that their business will succeed.
However, many businesses fail. Bloomberg, Forbes and Inc. Magazine have all published dire statistics. One estimate has only 4% of businesses passing the 10-year-old mark. One has 50% of businesses failing in five years. So you survived this, that’s great! How can you go wrong?
When the time comes to sell your business, your thoughts likely shift to visions of you floating in a pile of cash with a palm tree in the background. Business owners tend to overestimate how much they will get from selling their business – by a lot. This is where the optimism works against you.
Shocked? I’m sorry about that. But there are things you can do: