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How should I respond to inquiries about buying my business?

Q: I get 1-2 inquiries a month to buy my business, what’s the best way to respond? 

JT says: Your response depends on what you want. A recent poll indicated more than 80% of restoration companies have been approached, likely including you. Your response could range from not interested, to jumping right into negotiations, with many options in between.

It boils down to your motivation to engage in a discussion. Has selling been on your radar? Taken any steps toward the possibility? Or, not for sale, but interested if a buyer paid a premium?

Motivation aside, without answers (and a process to stay in control) engaging in discussions is worrisome. Don’t simply react, maintain control of the communication and process. Your peace of mind and retirement will thank you.

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