Are YOU Ready to Sell Your Business?
Someone once said that a business owner who is selling a business is selling two things: an asset (the business) and part of themselves.
In this post, I want to challenge you to consider this question: Are YOU ready to sell your business? Note the question is not whether the business is ready but are YOU ready? To give you insight into this question, consider:
Why do you want to sell your business? A mentor once told me that when the “why” is strong enough, the “how” will emerge. I encourage you to consider your reasons for selling your business. Is it to retire, start a new venture, free up time so you can pursue hobbies? Are you just tired of being the CEO/CMO/CFO/COO? Any reason to sell your business that’s valid and important to you is okay. Just be sure the “why” is strong.
Reflect on your personal and professional goals. Consider whether selling your business aligns with your long-term plans. Have you done what you set out to do professionally and personally? Some business owners want to transform others and some owners set out to achieve personal and financial goals. Are you there yet? If yes, then maybe you can let go; if “no” do you need to stay on, maybe in a different role?
Are you ready for the emotional roller coaster ride selling a business creates? You’re likely to feel excitement, anxiety, un-certainty, sadness, relief, fear because you’re letting go of something you’ve built and nurtured. You can increase your readiness by reading the book “Transitions” by William Bridges. The basic idea of the book is it’s not the change that’s hard, it’s the transitions. Bridges is a guru and mentor for anyone going through a change. I highly recommend his book.
Consider the legal and financial implications. Consult with legal and financial advisors to ensure you understand the legal and tax implications of selling your business. If you’ve never sold a business before, make sure you know what to expect. Surprises are not good when it comes to the legal, tax and financial implications. Put your mind at rest by consulting with experts.
The decision to sell your business is a highly personal one and should be based on a combination of financial, personal, and market factors. Take your time and assess if YOU’RE ready (and all other aspects) before making a final decision.
We’ve created a proprietary Exit Readiness Check-up system. In this process, we look at eight primary factors and a total of 100 key points to help you determine if your business AND YOU are ready to exit. The benefit of this system is you’ll know the strengths and weaknesses of your business. You can use this information to improve your business, prepare yourself and market the business to the right potential buyers.
Right now, we’re offering the Exit Readiness Check-up system at a preferred fee to a limited number of companies. If you’re interested in how this system can work for you, please reach out to us for a complimentary Get Acquainted phone call.