Why shouldn’t I try offering my business for sale first to an employee or competitor in my industry?

In my opinion, if your goal is to get the absolute best price and terms for your business the best way to accomplish that is to confidentially put your business on the market and let the market do its work. For a number of reasons, it has been my experience that Sellers more often than not ultimately regret the decision to limit the offering of their business for sale just to employees and industry competitors. Its also a fact that most buyers who are already in your industry will generally not be willing to pay you as much vs. a buyer outside the industry. Please feel free to contact me and I will be happy to provide you with some more thoughts on this matter.