The great escape
Q. I am now in my mid 60s and a younger employee wishes to buy my business, but I have also had a cash offer from a local firm. I would like to give my employee the opportunity but am not convinced that he has the funds
The altruistic view may be to try to help the younger colleague - perpetuating the owner-managed broker businesses. However, you only sell your business once and you need to ensure the proceeds are sufficient to keep you for the rest of your days.
If you want to sell to the next generation, you need to establish initially if he has the funds. He may have a wealthy relative or a legacy with which to fund the purchase. He may alternatively be hoping that you will offer some sort of shared equity
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