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.