Beyond the Sale: How Early Planning and the Right Team Lead to a Seamless Business Transition

Selling a business is a monumental event in any entrepreneur's journey, and I recently had the pleasure of speaking with Donna Alteen, ICD.D , a seasoned entrepreneur who successfully navigated this complex process after 35 years of running her business. Her insights are invaluable for anyone thinking about their eventual exit, whether it's on the near or distant horizon.

The Long Game: Start Planning Early

Donna began contemplating selling her business about 10 years before the actual sale. She wasn’t actively pursuing it from day one but started to shape her thoughts around what a successful transition would look like.

"I started thinking about it 10 years ago, but not actively pursuing it. I went through a period where I got a coach and began to understand what a successful transition would look like," she shared.

It’s not just about deciding to sell one day and putting up a ‘For Sale’ sign. Donna spent years getting her business ready by putting in the right processes and leadership team so that the company wasn't dependent solely on her. This preparation is crucial, as it’s not just about finding a buyer; it’s about ensuring the business can thrive without you.

Criteria for a Successful Sale

Donna was very intentional about what a successful sale looked like for her. She created a vision board and listed her criteria. For Donna, it wasn't just about the financials; it was about ensuring her team and the company’s culture were preserved.

Here are a couple of key things she did to prepare:

• Leadership and Processes: Donna made sure that her business had a strong leadership team in place and that it could operate smoothly without her day-to-day involvement.
• Cultural Fit: When evaluating potential buyers, Donna looked for a cultural fit. “It needed to be culturally a fit as well. So we wanted the organization or the people that bought us to be aligned from a values perspective,” she emphasized.

The Importance of the Right Team

One of the most crucial points Donna made was about surrounding yourself with the right team during the sale process. From accountants to lawyers, having experienced professionals is essential.

"The outcome is vastly influenced by who you have in your camp around you," she noted. This not only saves time and money but ensures you’re not caught off guard by the complexities of the process.

The Emotional Side of Selling

Selling a business is not just a financial transaction; it’s an emotional one as well. Donna was prepared for this, having spent years readying herself mentally.

“People say to me, was it hard to let go? Actually, no, because I was ready,” she said. This readiness helped her avoid the common regret many entrepreneurs feel post-sale.

Key Takeaways

For those considering selling their business, here are some of Donna's key pieces of advice:

• Start planning early: Even if you think you’re years away from selling, start preparing now.
• Surround yourself with the right team: From financial advisors to legal experts, having the right people in your corner can make a world of difference.
• Prepare yourself emotionally: The sale of your business is as much an emotional journey as it is a financial one.

Donna’s story is a testament to the power of preparation—both in business and personally. By taking the time to prepare thoroughly, she ensured not just a successful sale, but a smooth transition for herself, her team, and her business.