Part 1, Deciding to Sell

When you open a business, the first thing you should decide is when you intend to sell it and for how much. For most electrical contractors, this directly conflicts with the purpose for which the business exists—to provide future security for family and employees. Yet Michael Gerber adamantly offers this advice in his book “The E-Myth Contractor.

While most business owners seek security and stability, your company must change or grow, or it will stagnate and eventually fail. Unless you live forever or can guarantee the success of your heirs, a sale in the future is not only possible but likely. In recent years, privately held electrical contracting businesses have become attractive targets for independent purchasers. Preparing to field an offer from a buyer may be a strategy worth considering. READ MORE