The Power of Purpose: Why Goal Setting is Essential in the Business Selling Journey

Selling a small business of financial advisor practice can seem like an overwhelming experience. With so many decisions to make and so much at stake, it’s easy to feel lost or uncertain about what to do.

However, having specific goals in mind can help make sure you don’t lose focus or get lost in the process. I tell clients all the time: Start with the end in mind.

Without SMART (Specific Measurable Achievable Realistic Time-Oriented) goals, it’s easy to get sidetracked by other tasks or opportunities. Like the Cheshire Cat told Alice, “If you don’t know where you’re going, then any road will get you there!”

Specific goals also help you prioritize tasks and make sure you’re taking the necessary steps to achieve your goals. Finally, having specific goals helps you determine the best ways and times to advertise and market your business/practice to potential buyers.

The first step in determining your SMART goals is to decide what type of outcomes you want. How do you want customers and clients to be treated before and after the transition? Do you have a specific number or percentage of customers and clients you want the new owner to retain? Do you want to sell the business quickly? Are you looking for a certain dollar amount? What role do you want to play after the transition?

Once you’ve determined the type of outcomes you want, you can begin taking action steps to get you to your goal. You may want to set a timeline for the sale, a target price, or create a set of criteria for potential buyers.

Before we leave the topic of goal setting in transitioning your business, there is one last step – be clear about your why. That is, why is each goal important to you? Be honest with yourself here. Write down the reasons for the transition. My mentor once told me, “When the why is clear, the how will emerge.”

Having specific goals in mind before beginning the process of selling your practice/financial advisor practice can help ensure you get the outcome you’re looking for.

Start by determining what type of outcome you want and then set goals that will help you achieve it.

Then focus on the question: why is this goal important to me? Clarity around goals will guide you through the turbulent process of transitioning your business.

If a non-judgemental, non-sales, and complimentary discussion with a dis-interested third party about your goals and motivations would help you, please reach out to me. I’d love to have a complimentary Get Acquainted conversation with you.