There is a small (minuscule, really) fraction of entrepreneurs that build their company with the end in mind. Then there is everyone else. The problem is no one tells you about the financial and emotional ramification the lack of planning has on your satisfaction and happiness in a life after business.
Think about all the things that could potentially impact your decision to maintain ownership of your business. A triggering event can come from anywhere at any time.
Are you ready for it?
Of course, there are the typical business environment factors that lead the triggering point, competition, decreasing margins, employee issues, growth problems, financial struggles, etc.
Even more common are the wide variety of personal tragedies that can trigger the want or need to sell a business: divorce, death, disability, family conflicts, child issues, being burnt out, or one of the worst—boredom.
One of the most unexpected, and most welcome, triggering events is an offer you just can’t refuse.
If you are like most entrepreneurs you are thinking to yourself, “I am good at chaos, I can handle the situation as it arises.” You are probably right. You are most likely very good at handling the unknown as it is thrown at you. That is how you have succeeded in the past, no?
So what’s the point?
There are many more factors to selling than to get the best price.
The challenge of transitioning out of a business is that it is not just a technical process but an emotional journey as well. Owners that do not focus on who they are and what makes them happy prior to selling their business have a significant chance of being unhappy after the exit of their business.
If you are too busy doing there is no time to reflect.
With no time to reflect on what you want from your company and why the chances of unintended consequences are huge. Once the sale is complete and you are fully transitioned out of your business there is no way to redo any of your actions.
You will have a long time to ponder what you wish you had done differently.
Wouldn’t it be great to leave with a huge smile on your face because you were in control of the process, dictated the outcome, and excited for what was next to come?
How and when do you decide to sell you business? Will it be a result of some external factor or will it be of your own choosing—guided by the plan you have put in place.