Selling Your Construction Business to Employees or Family? Here Are 5 Tips for Success! – Kiplinger’s Personal Finance

by | Sep 3, 2022 | Business

The construction industry is booming, and there doesn’t appear to be an end in sight. That’s great news if selling your small business is anywhere on your radar. As someone who has built a successful business, maybe you have started to think about the next phase of your life. That could be pivoting into a new career or getting ready for retirement. Either way, selling a small business is an exciting step but it takes intention and preparation.If you’re considering selling your business to employees or a family member, then you have one of the key components of the sale in place. You’ve got a potential buyer! Having a buyer already in mind changes the process. You probably won’t have to hire (or pay) a business broker, and you won’t have to go through the process of marketing your business or vetting interested parties.It’s still important to ensure you’re mentally prepared for the transition and that you’ve gotten everything to navigate the sales process successfully.Selling a Small Business to Employees or Loved Ones For contractors and other small-business owners, selling what you’ve worked so hard to build can be bittersweet. It’s exciting to move to the next phase of your life, but you want to know that your business is going to end up in the right hands. Selling to a key employee or family member can be a very fulfilling experience. They already understand what you do, and in the case of key employees, they …

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