Table of contents:
What Do I Need To Know About Selling My House – Comprehensive articles on every step of the process of buying or selling a business from the most comprehensive encyclopedia of M&A articles in the industry.
The decision to sell your company is a challenging one. You’ve worked hard for years or decades to build your business and made countless sacrifices along the way. This is an emotional decision that should not be taken lightly.
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We can provide guidance on external factors (#3) and your business value and exit options (#4). But when it comes to your goals (#1) and internal factors (#2), ultimately you are the one who determines things.
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You can’t decide whether to sell your business by following a simple checklist. Instead, the decision to sell (or not) should be made deliberately, taking all factors into consideration and balancing facts and emotions with logic and intuition.
The above four items are not all inclusive. Rather, they are intended as jumping-off ideas to explore further when thinking about selling your business. Everyone’s situation is different and most people need to consider additional factors that are not covered here. Start with these ideas and see where your journey takes you.
“Questions limit answers. When there are no more questions, the answers don’t stick to them. ” – Lao Tzu
— This allows you to put all other factors in the context of your long-term aspirations. There are many factors to consider when deciding to sell your business, and considering all factors at once is overwhelming.
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But be honest with yourself about your long-term goals. The danger of making a hasty decision is that your decision may not be in line with your long-term goals. You may back out of the sale or regret selling your business if you sell early and it doesn’t help you achieve your goals.
If your business is preventing you from achieving your goals, you should sell your business. If selling your business is critical to achieving your goals, spend extra time planning your exit to help the sale achieve your goals.
If so, assess your business and create a plan to increase the value of your business, then track your results to ensure you’re meeting your goals. Prepare a personal financial and tax plan to ensure your exit meets your financial goals.
What am I missing now for my next business or opportunity in another industry or a different goal or dream?
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Ideas are infinite, but time is limited. There is a limited number of ideas you can pursue in your lifetime.
There is a limit to how much you can achieve, and the decision to sell your business should always begin with a thorough and careful review of your long-term goals. If your goals are unclear, the decision to sell your business rests on a rocky foundation and you are unlikely to commit to the sale, thereby reducing the value you will collect from the sale.
If you must sell your business to achieve your financial goals, consult a financial planner to ensure you can meet your financial goals upon sale and a CPA to consider the tax implications of the sale.
For many business owners, selling their business achieves a personal long-term goal. They rely on selling to help them achieve their financial goals. It is important to separate your financial goals from your non-financial goals to create a clear outline of what you want.
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It is not wise to start planning with numbers – after all, money is always a means to an end and not an end in itself. What’s behind the numbers? First, clarify your long-term goals, then assign numbers to the goal if possible.
When making the decision to sell your business, consider the lost opportunity cost. Pursuing opportunities is a mutually exclusive decision if you believe in the vision. Pursuing more than one goal at a time dilutes your focus and reduces your chance for overall success. There is a significant cost to continuing a business that you have lost your passion for, especially if its value continues to decline.
If remaining in your business costs you $500,000 per year due to the value you place on lost opportunities, holding on to your business for an additional three years will cost you $1,500,000. If your business is worth $5,000,000, it may make more sense to sell your business now for $4,000,000 and suffer a short-term loss of $1,000,000 rather than $500,000 a year so you can pursue other opportunities.
While the decision to sell your business can’t always be boiled down to numbers, it can be helpful to look at selling your business from multiple perspectives.
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Additionally, not all industries are created equal and careful consideration should be given to when to jump from one ship to another.
“If you find yourself in a chronically leaking boat, energy devoted to replacing vessels is more productive than energy devoted to patching leaks.”
A common mistake many entrepreneurs make is to assume that the grass is greener on the other side and that other industries offer more potential than they currently have. Ask for the opinion of a professional who deals in multiple industries, or across multiple industries. An M&A advisor, for example, may have experience in different industries and may have perspectives that you do not.
If your other goals are non-financial, your decision will be more difficult and you will need to consider your options carefully. Life is short.
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Entrepreneurship is a struggle. No entrepreneur is 100% happy. Look at yourself objectively and decide whether a change would make you happy, but be careful not to trade issues for one.
Ask yourself if the root of the problems in your business is a lack of management skills or if the problems are caused by factors beyond your control, such as increased competition in your industry. If your problems are due to lack of management skills, switching from one business to another will not solve your problems.
On the other hand, some industries are not known for creating happy entrepreneurs, such as those with less-than-ideal customers (liquor stores, payday loan businesses, collection agencies), long hours (restaurants, home health care, retail), demanding clients (professional services), or less Margins (Personal Services). If the general atmosphere of your industry is unsatisfactory and you value your well-being, consider making a change.
Should I continue my business if it makes me happy? Could I sustain my business if I could restructure my schedule and spend 80% of my time on high-value activities that I enjoy and less time on small details?
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If so, restructure your business to focus on what you love to do and your strengths. If you’ve lost passion for your industry, and you need to make a change, make a solid plan to exit your business soon.
Burnout is common in all endeavors, and all entrepreneurs should take time for regular relaxation to reduce stress. Professional athletes periodize their training. CEOs take regular time off to recharge. You should do the same.
Burnout is common if you don’t take the time. Just because you’re burned out doesn’t mean you have to sell your business. First, identify the cause of your burnout and assess whether selling your business is the cure or whether other steps are more appropriate to rekindle your passion.
If your burnout is due to employee issues, it’s time to upgrade your management skills or upgrade your team. Trading your business for someone in another industry won’t help if people-management issues are the source of your burnout and you haven’t upgraded your skills.
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If you haven’t taken a vacation in a long time, there are other methods available to relieve burnout, such as using stress management techniques or restructuring your business to reduce activities that you don’t do well or that stress you out. First, try to relieve your burnout. If your efforts are unsuccessful and you are still not passionate about your industry, are bored and need a change, and if you have tried many times to solve your burnout and boredom, maybe it is time for a change.
The question of what to do with your life is a difficult one for entrepreneurs to face. Most business owners are so busy that they don’t have time to deal with the deeper questions in life. They are so busy playing whack-a-mole in their business that they have no time to face the existential questions of life.
How you spend your time should be based on your values. Your values are the foundation for making decisions. Having a clear and documented set of values makes the process of deciding how to spend your time easier.
Spending your sales revenue on material things will leave you unfulfilled. Yes, the trophy is a happy purchase. However, you will drown yourself
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