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Acquiring or merging with another business can have several strategic benefits, such as reducing competition, expanding your company’s assets, creating synergies, serving more markets, and extending your customer base. When considering target businesses, there are many important factors to consider. The first step is to determine your company’s goals. For example, does it want to reduce risk through diversification, expand into new markets, reduce costs through enhanced efficiency, or secure its supply chain?

Concentration as it relates to selling an established business means that a large percentage of sales, purchases, or some other critical business metrics are concentrated in one or two big customers, industries, products, vendors, or employees.

Most entrepreneurs are genuinely dedicated to their organizations. Accordingly, it is challenging for them to step away in any event when they approach retirement age. It is not unusual for entrepreneurs to continue to work into their senior years. In any case, the reality of the situation is that eventually nearly everybody should embrace retirement whether it is for medical problems, moving to another area, or basically for more enjoyable lifestyle.