Should you consider selling your business this year? Maybe. Maybe Not.
There are some perfectly legitimate reasons to not sell your business. For example, some owners believe they still have enough gas in the tank to keep growing it. Others are grooming family members to take over.
But all too often, problems arise when owners hesitate to sell for the wrong reasons. Holding on to your business for these three wrong reasons can be detrimental to both your company and your personal life.
Bad Reason No. 1: Procrastination. Business owners generally procrastinate because they assume they can always sell later. They underestimate how difficult it can be to sell a business.
Or, reality strikes. They reach retirement age and realize how much energy and time it takes to actually sell a business.
Moreover, there are no guarantees that your business will continue to be profitable. If your business – or the economy – crashes, you might find yourself stuck.
Some owners procrastinate because they don’t know how to create an exit strategy.
True, some business owners get lucky and receive a great offer with minimal effort. But you shouldn’t count on it. Choose the safe route, and prepare ahead of time rather than leaving your future up to chance.
Bad Reason No. 2: Fear of the future of their business. Many business owners struggle to picture themselves without their business, and vice versa. This leads them to worry about every little thing that could go wrong if they announce they are trying to sell. If the thought of selling your business makes you anxious, you aren’t alone. Here are some common fears:
- You will no longer be relevant.
- Your business will not be worth enough to satisfy your retirement needs.
- You will lose control, and assume nobody can run the business better than you.
Do any of these resonate with you? Relax. You aren’t be the first person to sell your business, and you sure won’t be the last.
Hire a team of experts to help you with the sale, while you remain focused on running your business until a deal is cut. The biggest reason businesses fall apart is because the owner completely loses control over it during the selling process.
Bad Reason No. 3: Fear of the unknown. Look in the mirror. What do you see? Many business owners see just that – a business owner. Then, when they picture retirement, they freak out. How could anything possibly give meaning to your life the way your business does?
Plus, many business owners feel lost when contemplating what they will do after selling and leaving their business. Somehow, it feels like days of relaxation and golf just aren’t going to cut it.
Removing these fears involves conquering your emotions. Yes, selling your business is a colossal change. And yes, change is scary. But that doesn’t mean you can’t move forward with your life!
If you won’t feel fulfilled from golf, there are a million other ways to bring meaning to your life and retirement. Try writing a book, traveling, or picking up a new hobby. It doesn’t matter what you plan to do. Retirement is your freedom to explore.
I also urge you to spend more time with family and friends. At the end of the day, our loved ones should make us feel more whole than our businesses ever could.
Does any of this sound like you? If so, you may need help resolving your issues – and yes, it can be resolved! The experts in the LaManna Consulting Group can help you with exit planning and preparing yourself emotionally so you successfully leave your business when the time is right.
Which of the three bad reasons is holding you back? Call me and let’s talk. (561) 543-2323