What am I going to be doing the month after the deal closes? A year later?.Is money the most important factor of my deal?.Will the new owner respect my company’s place in our community?.Is this the right thing to do for my customers?.What about my family’s legacy in the business?.Consider these key questions before entering the market: Emotions are obviously going to get involved – this is a transition from the company you’ve nurtured, developed and built to where it is today.īased on our decades of collective experience in working with entrepreneurs contemplating the sale of their companies, we’ve learned that there are several important areas that need to be examined to mentally prepare a business owner for selling. The emotions of selling a businessĪs previously mentioned, one of the biggest hurdles to overcome when selling a business is staying mentally resolute throughout the process. Keeping the key motivation for selling your business in focus will help prevent the emotions of selling a business overwhelming your journey. What we have learned over the years is that, as the exit process progresses, the logical side of the brain that has been in charge gradually gives way to the emotional side. Most likely you started your business on a shoestring and throughout the years with quite a bit of hard work, you have grown it into a much larger entity that is now worth a goodly sum. Your exit plan is usually the single biggest financial plan you will contemplate. Your situation could echo these or be completely unique, but it’s vital that this reason is clear in your mind throughout the journey of selling your business. These are just a sample of the reasons many business owners have cited for deciding to sell. Your business is struggling financially.You’ve received an offer too good to refuse.Your company’s value has grown significantly.You don’t have the ability or resources to grow your business further.You want to explore a new business opportunity.
#SELL MY BUSINESS FREE#
That’s because exiting is a process, NOT an event. Are you mentally prepared to sell your business?īusiness owners are often surveyed regarding their mental readiness to exit their businesses, with as high as 80% in some assessments not being prepared for this moment.
#SELL MY BUSINESS HOW TO#
So, before you get into the nuts and bolts of how to sell a company, you need to make sure you are mentally prepared to exit. Not only is this tough on all parties involved, it is also very dangerous as it typically opens your business up to a range of problems, including: Countless times our deal teams have gotten to the 11th hour in the process of selling their company only to see the deal collapse because the seller got cold feet and rescinded the deal. This might seem like a simple task – just say “I want to sell my business” and move things forward, right?īut, it is not that straightforward. Understanding the reasons why you may want to sell your business, the emotions underlying this process, and how to mentally prepare yourself.īefore diving into the process of how to sell a business, you need to cement the reasons why you want to exit your company.
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