Top Reasons To Sell Your Small Business. #3: You Can’t Keep Up With Technology

These days, technology becomes obsolete at a mind-blowing speed. To stay competitive you have to keep up with technological advances and continually train your team in its use.

But you already know this. You may even have a pile of obsolete technology and equipment stacked away somewhere. Worse, you’re still making payments on some of it. 

Staying current with the newest technology requires a significant upfront cost. If your profits can’t cover it, you’ll have to borrow the money.

Add to this many lenders require business owners to sign a personal guaranty that can place your non-business assets at risk. Over time, these expenses have a crippling effect on your cash flow.

If you can’t afford to buy the latest technology your competitors use, it’s a valid reason to sell your business to someone who can.

Topics: Insider, digital marketing, finance, Uncategorized, value

Gokul Padmanabhan

Written by Gokul Padmanabhan

Gokul Padmanabhan has devoted the past 15 years to buying and selling businesses, much of that in the restoration industry. His partnership with RESCON Business Brokers strengthens his hands-on expertise with a national presence and infrastructure that is second to none.