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April 22, 2021 Article 4 min read

The past year has been a rough financial and emotional rollercoaster for small business owners. In Kiplinger, Tim Weed offers suggestions on how adopting the right mindset can help struggling owners prepare for a sale and maximize returns.

Businessman using a laptop computer in his home office.Faced with the demand to invest in upgrades needed to sell electric cars, a group of Cadillac dealers recently decided the economic uncertainty outweighed the likely future benefits. About 150 of GM’s 880 U.S. Cadillac dealerships instead took the company’s offer of a buyout of their franchises for the luxury brand.

It’s a decision that many small-business owners can relate to right now.

After a decade of relatively good times, the past year has been a rough financial and emotional ride for owners of thousands of privately owned businesses across a whole range of industries. Roughly one in five small businesses had closed as of last October, and many more are limping along with revenues at a fraction of their pre-pandemic levels.