Based on the total 103 responses we received, the #1 reason people sell their business appears to be tied between Burned Out and Retirement. Each of these reasons corresponds to 41% of results, while lack of capital represents 12% and illness round out the last 6%.
The results are somewhat surprising as so many people feel that burned out is the primary reason for selling their business. In hind sight, we would have loved to collect the age group of the respondents along with the number of years they have owned their business in addition to their reason to sell as it would allow us an even deeper insight into which group feels the most vulnerable to sell their business because of burned out.
We thank everyone who participated in the survey and hope you’ll participate in our next survey.
Submitted by Siew Cheng