So how do we know when could be the right time to sell the business and move on?
Perhaps a combination of external forces could trigger a long-desired need for diversity, or adapt, personal circumstances sometimes enforce change, partnerships are disputed, there are a myriad of reasons why the business we’ve built, spent so much time nurturing seemingly becomes passe. It may simply seem like the right time to leave the business, start afresh …
Some of us were lucky enough to hear Gareth Shackleton offer a presentation at a recent Weekly Business network. Gareth brought VALUE to the meeting. The business ‘value’ may be considered in this way:
Value? What do the figures say, the intrinsic difference between incoming and outgoing? What say the bottom line?
Acquirers? Do you have interest from potential buyers for your business? Are they genuinely interested in continuing the legacy or simply looking at the aforementioned bottom line …? What’s in it for them?
Lipstick? If we’re going to present our business to potential buyers, we should portray the enterprise in a way that she looks attractive. Going to market? Dress up the positive, accentuate clarity so that any potential candidate might find it easy to step forward, at the right price.
Understanding? Your buyers will need to understand you somewhat in making up their mind whether your business is for them. There will be time spent working on how your business excels, how it contributes to the existing marketplace and perhaps additionally, why did you start in the first place?
Extras? What are the benefits to your potential buyer? Try to visualise where/why your business is especially attractive to a potential buyer and so find ways to accentuate the positive value now and in the future.
Sounds simple enough? Agreed, for some, the process may need no explanation, although there’s still plenty of ‘work’ to do in preparation of moving on from the business we’ve spent time bringing to market. The challenge is continuing to sustain the business if we’re considering stepping away.
I’ve always felt that the trusted network has so much more to offer than a cultivated route to orders on the day book, the above example is surely confirmation to that. Cheers, Gareth!
How do we know when the time is right? We talk. It’s always good to talk.