Should I sell my label converting business so I can spend time with my teens?

Rock, My kids are in their early teens. I only have a few years with them before they leave for college. I hate being at work all day, missing this precious time. My husband and I have talked about me selling my business and brokering for another label converter. I don’t want to wait if you think this makes sense.

Your kids will be at college in a few years and probably moving out afterward. Where will you be in your life at that point? Will you regret selling a business that could give you purpose and income once your days are not filled with kids? What happens if being a broker takes more time than being an owner? Or if it is less satisfying?

You are not the first parent to want to spend more time raising your kids and less time at work. I am confident there’s a good option for you.

• Do you expect to live off the business proceeds, or will there be other sources of income?
• Are there other family members who could buy or run your business so you can keep your wealth in the family?
• Is your general manager someone who could run the day-to-day operations while you manage the big-picture items?
• Can you bring in a business partner who can run the business as an operator while you handle sales?
• Can we match you with an interim CEO and offer a contract that incentivizes that person to grow and be profitable?
• Can you empower your employees to run the business as a team and receive profit sharing?

There are many ways to step away from the business without selling it – especially if you need a temporary solution.

Unless you are psychologically ready to leave your business, I would not sell.

You are better off finding someone to run your business with the peace of mind that you can return when or if it works for you.

As a parent of three, I offer this advice.

Your pre-teens will not need you as much once they can drive. Your window is five years or so. Make a quick adjustment now, enjoy the time while your teenagers are still kids, and reassess once things are quieter. When it’s just you and your husband knocking around the house, you may be happy you have your business to return to.

We’ve prepared an ebook that may be helpful for your situation: Succession Planning Simplified.

If you are committed to selling your label converting business, we can help. We will start with a business valuation. From there, we analyze the buyers looking for a company like yours (for example, a competitor, private equity, a buying group, a minority partner who slowly buys you out, an entrepreneur, etc.).

If you engage us as your advisor, we can help you sell the business yourself. I lead an experienced and knowledgeable team of industry experts who can create a workable plan that fits all your needs.

We are rooting for you as you put your family at the forefront for the next few years.