To Sell or Not To Sell

Insights from Clif Bar's Experience

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In 2000, Clif Bar faced a tempting offer to sell their company for $120 million, but they decided against it, choosing instead to honor their foundational values. This decision underscores the importance of timing in selling a business, particularly when aligned with broader aspirations that include sustaining the brand, community, employees, and the environment.

Considerations for Business Owners Over 50:

1. Assess Alignment with Core Values: Revisit your business's core values, as well as your personal values. If a potential sale conflicts with these, it may not be the right time to sell. Staying true to your values not only fosters long-term sustainability but also enhances your legacy.
2. Evaluate Long-Term Implications: Look beyond immediate financial gain. Consider the long-term effects on your stakeholders and whether holding on could lead to greater overall benefits for your brand and community.
3. Create a Lasting Impact: Focus on the legacy you want to leave behind. Decisions made today will shape how your business is perceived in the future. Ensure your choices resonate with the values you wish to uphold and pass on.
4. Consider 'Own, Don't Run': For those not ready to sell but seeking to lessen their day-to-day responsibilities, the 'Own, Don't Run' approach offers a viable alternative. Retaining ownership while entrusting operations to a trusted management team can preserve the integrity and direction of the company while also allowing you to step back and focus on other pursuits or retirement. This is what one of my clients decided when he just couldn't see himself separated from the work he loves so much, yet wanted to move to be closer to his grandkids.

The story of Clif Bar is a good example for seasoned business owners that sometimes the best decision is to stay the course, especially if the timing doesn’t align with your strategic goals and personal values. Opting to 'own, don't run' can be an excellent strategy to maintain influence and ensure the business thrives under aligned leadership.

PS: According to a study by the Exit Planning Institute called "State of the Owner," many business owners historically find themselves dissatisfied with the outcome of selling their businesses. The findings highlight that a significant number of sellers regret how their sales were handled, underscoring the importance of carefully planning and aligning the sale with one's long-term goals and values. This serves as a crucial reminder to consider all options, including the 'Own, Don't Run' approach, before deciding to sell. To get your copy of the study, click here.

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