Selling a business to a third-party without any emotional attachments to clients, community or employees would make it easier and faster to sell, but who builds a successful business like that?
I find that when many business owners first start their business they imagine selling their business someday for a substantial dollar figure. But many years later after they have gone through many painstaking hardships and relied on relationships with employees, partners, clients and the community that have made it possible to survive it produces emotional attachments that also hold a value.
Now as you face exiting your business do you now disregard all of those emotional attachments for just a dollar figure regardless of the impact to the longevity of the business, employees and the community? Or do you spend the necessary time planning to support what you've built, sustain your legacy, and still enjoy a comfortable retirement?
Only you, the business owner, can really answer that question for yourself. I find many business owners struggle quite a bit with the emotional attachments surrounding their exit from the business. But you know that eventually it must be answered in one of two different ways.
The first way is to not plan and let your own mortality determine the results. Often this leads to complete destruction of company value, disruption to employees lifestyles, a negative economic impact to the community and destruction to the lifestyle your family has become accustomed to live.
The second way is to choose to plan ahead by putting things into place that will control the direction of your company into a legacy you will be proud about. You will also feel good knowing that you've secured the emotional attachments you've created with your employees, clients and community.
Do you want to leave your company on a path for success by planning ahead or do you hope for the best and let chance circumstances determine it for you? The choice is always yours.
If you are struggling with how to go about developing a plan or looking for more insight, please contact us at email@example.com. We are always ready to answer or research any questions you might have.
John Hamel is the Managing Member of Austec Business Transitions, LLC. helping businesses optimize value relative to exiting their company.