Are You Mentally Prepared To Sell Your Business?
Business owners are often surveyed regarding their mental readiness to exit their businesses, with as high as 80% in some assessments not being prepared for this moment.
That’s because exiting is a process, NOT an event. The reality is to prepare for this journey to selling a business, you not only need to prepare your company – you also have to prepare yourself for a life-changing event.
There could be any number of reasons why you would choose to sell your business:
- You are burned out from running it
- You plan to retire or enjoy more free time
- You want to explore a new business opportunity
- You don’t have the ability or resources to grow your business further
- Your company’s value has grown significantly
- Your lifestyle is changing
- You’ve received an offer too good to refuse
- Your business is struggling financially
- You’ve achieved your business goals
- You want a fresh start
These are just a sample of the reasons many business owners have cited for deciding to sell. Your situation could echo these or be completely unique, but it’s vital that this reason is clear in your mind throughout the journey of selling your business.
Your exit plan is usually the single biggest financial plan you will contemplate. Most likely you started your business on a shoestring and throughout the years with quite a bit of hard work, you have grown it into a much larger entity that is now worth a goodly sum.
What we have learned over the years is that, as the exit process progresses, the logical side of the brain that has been in charge gradually gives way to the emotional side. Keeping the key motivation for selling your business in focus will help prevent the emotions of selling a business overwhelming your journey.