It's a big decision deciding to sell your business - are you ready?

Deciding to sell your business is one of life's more important and impactful decisions, and you should consider if you, your friends, family, and acquaintances are ready for the journey ahead?

  What brought you to this decision? Common reasons are health, burn out, or no next generation to take it on etc. Maybe your purpose has changed...children have now gone to college, maybe a parent passing or thankful of a couple of good years under your belt since the recession.

For some, it could be relevance in the marketplace...Uber and other platforms are turning business models upside down and creating a lot of anxiety with business owners. Global outsourcing of talent and on demand staffing are leveling the playing field and economically providing services that cannot be competed against.

Many of the baby boomers are founders of the company they are contemplating selling and had thoughts of the next generation continuing to carry the torch and the family name into the years ahead. I know with my family, my Grandfather started the business after leaving the Police force. Eventually, my father joined and I had grown up with the expectation of continuing in their footsteps. While I am in a similar business to them, I did not continue with the family business as economies and the marketplace changed. Efficiencies in ways of doing business are introduced and processes change. What seemed relevant back then might not be so much now. Technology for one is doubling every two years and revolutionizing industries.

Personality traits and motivational giftings can be different in the generations and don't always lend themselves to the continuing of the family business in the way they have always been. Some children do not have the skills required to manage and run the business. It takes a special person.

“The ability to have Vision...Vision that not only presents an idea but knows how to navigate and bring that idea to fruition.”

“The ability to anticipate and see round corners...where's the marketplace heading and how to implement adjustments to keep the company profitable and on track. “

Sometimes sons and daughters want to just spread their own wings and make an impact in the world in their own special way. It is good to have those discussions with your children to establish closure on the possibility of them wanting to take on the business and hopefully have everyone in agreement.

Look at your friends and acquaintances. Wherever the journey started in business ownership, many owners have their identity wrapped up in the business and the services that it provides to the community. Maybe some of the relationships that you have are driven by the resources that both you and that acquaintance brings to the marketplace through your business. If you are no longer able to contribute in such a tangible way, will some of those friendships start to fade? How is the sale going to impact some of the associations you belong to, will it also draw an end to those engagements? 

As this journey begins, is your spouse or partner on board with the decision? For those that do not work in the business together, your spouse or partner will need to adjust to you being maybe a little bit more readily available. Which may be fine but they also will need to adjust to having your valuable input in areas that previously you have not been so much a part of. How are your days going to look as a couple?

Although it is said that as one door closes another opens, in selling your business you will want to know where you are going or at least the indication of what the next season will hold. The vacuum that may be created in not undertaking all those activities associated with your business can present a very dark black hole. With the typical adrenalin no longer going through your body as an entrepreneur and 'busyness' of the 17 plates you normally keep spinning at any one time, this can create a vacuum of vulnerability. It is wise to take control ahead of time as to what will fill the vacuum as opposed to leaving it to chance...one thing that is guaranteed...something good or not so good will fill it. Find what your next season’s purpose is, what will the next chapter in your life hold for you.   

         Whatever your reason is, give clarity to it and have it readily available to recall at will. This will be your foundation to embark on the journey. There will be times of great frustration, emotions running high, seller’s remorse and other dynamics and theatrics that will come at you without warning and from all directions. It is the clarity and being able to remind yourself at a moment's notice, why you decided to sell your business, that will keep you strong, confident, thinking rationally and passing the finish line with the greatest return and immeasurably more than you could ever have dreamed of!

 Guy Breading - www.dhirubhai.net/in/guybreading Business Broker Academy