Will embarrassing personal information get in the way of selling my business?
Rock, I’m sure you’ve seen it all, so I will get to the point. I have embarrassing personal issues that are not known to my wife and family. If I sell my specialty printing business, what is the likelihood that information will be revealed or shared? Would my wife need to be informed?
I will tell you what I tell anyone thinking about making a change under the shadow of secrets. Deal with the skeletons in your closet before you put your business on the market.
Selling a specialty printing business is complex.
If your personal relationships and money issues are complicated, get those ironed out first. Talk to your attorney, a trusted advisor, and possibly your clergy. To do otherwise would add stress and chaos to the process.
To get the best results when you sell your business, you must be able to trust your team, and that includes trusted family members. Most individuals selling a business involve their spouse in these major life decisions. As you say, financial details will be scrutinized. Depending on your situation, all types of sensitive information may be revealed in the due diligence process.
Selling your business requires transparency and emotional commitment as you work with your confidential advisors and a selling team looking out for your interests.
We’ve written a special report that might be helpful: check out Code Red: 12 Seller Mistakes.
As you sell your business, let’s say it all goes smoothly, the new owner is a good fit, and you have the rest of your life ahead of you.
Now…
Picture how you want your life to be after the sale of your business. What does the future version of you look like? Will secrets and shame weigh you down? Will there be a shadow over you for the rest of your life? Will you spend your remaining years trying to remember your falsehoods as your memory begins to fade?
Or do you want to go forward with a clean conscience and an open heart?
How much time do you have until you wish to sell? Is there time to resolve your issues and get straight with your family – or at least with yourself?
If there are issues with your marriage or legal heirs – especially those your wife is not aware of – you’ll need legal advice.
Here are some areas where we can help:
- Leadership and executive coaching for owners.
- Coaching for families and ownership teams in privately-held situations.
- Strategies to maximize asking price.
- Assistance in locating and hiring high-quality employees.
- Matches with international buyers who need a doorway into the U.S. and are willing to pay a premium.
- Introductions to family offices that build their portfolios in any economy.
- Marketing to our pool of confidential buyers who have shared their criteria with us.
- Coaching on how to negotiate with a strategic buyer.
- Advice on how to evaluate inquiries from platform buyers – and how a purchase would affect employees.
- Pre-sale decision-making and master strategy.
No matter how things turn out for you, it’s essential to choose an advisor with experience in the specialty printing sector – a person with knowledge, background, and, most of all, integrity.
The person working side by side with you and guiding you in selling your business must be able to give you advice. It should be someone you can listen to with humility.
The way you have phrased your question, I believe you will not be at peace until you get these very personal issues resolved. Doing so may help you get more clarity in your life in general.
When we address the looming issues in our lives, our other decisions often become easier.
LaManna Consulting Group is an advisory team led by Rock LaManna. We have almost 50 years of experience, backed by experts specializing in the graphic arts industry. Have we seen it all? No, but we’ve seen enough to help. Let us know if you’d like a private phone call with no strings attached.
Good luck to you.