My goal is to bring to you, the listener, all the information and resources I wish I would have had before and during the sale of our business. Most often the sale of your business is the biggest financial transaction that will happen in your lifetime and you only get one shot at it! For most owners, there are no practice rounds or trial runs and once the train is rolling it is hard, if not impossible, to stop.
Trying to figure out the balance of what you need and want as a business owner and what motivates the professional sitting across the table from you as your “advisor” is almost impossible. It’s funny how anyone you engage with will have a very solid opinion on how you should go about selling the business. But, if you look closely there is always a correlation to how they get paid.
Yes—there are plenty of wonderful professionals that are in this space, but the actual situation is undeniable—people need to feed their family. Attorneys bill, CPA’s bill, Brokers get a % of the sale, PE firms try to push down the value of your business, Financial Advisors want the money after the sale, and ESOP experts will tell you why you should roll with them. The story goes on and on until the suits begin to blur together and you start to sweat every time the phone rings.
The reality is everyone is a salesperson with different motivations. And the only person that can take all the variables into consideration before making a decision is YOU!
My personal experience showed me that the emotional journey of selling a business is very, if not just, as important as the financial journey. That is not to say maximizing your dollar is not THE goal but what I found is that the emotional journey of transcending one’s business into a life outside the business takes just as much perseverance, emotional strength, and soul searching as starting a business. There are few, if any, places to turn to that give you insight without having some sort of benefit from you and your financial success. This is why I’m here.
I found you have to answer some questions to truly transition into a life after business happy financially and emotionally:
- Why do I want to sell?
- When do I want to sell?
- Who do I want to sell too?
- What is your number?
- What do I want as my legacy and employees?
- Do I want to work for someone else? Is that even possible?
- What do I want with my life after business?
I define a “successful sale” of a business as one that closely follows Bo Burlingham’s 8 steps he describes in Finish Big. One where you, the owner, transition from your business truly happy and proud of all the outcomes and are looking forward to a new chapter in life—one that you’re ready for.
Just like any deal you need to have a solid plan, the right players, the right strategy, and a coach that is able to keep your emotions in check and guide you along each step of the way. I hope this podcast and the resources I bring to you will help you transition into a new life after your business that is happy, fulfilling, and purposeful.