Seller or Keeper
August 3, 2015
We understand how difficult it can be to come to a decision to sell your business. It is an emotional experience and can be life changing. That being said, there are some basic questions to consider that will help you decide for yourselves if it's time to keep or sell.
None of us are interested in going through the selling process spending hundreds of hours and money only to find that you have sellers' remorse and do not want to do the deal. Selling is all about timing and being ready emotionally to sell.
First you need to consider if the business is ready to sell and if it is are you ready to allow it to be sold.
If you find yourselves to be a KEEPER of the business you should agree with the bulk of these questions:
- I am having a lot of fun running the business.
- I am juiced and ready to continue to grow the business and make the time and capital commitments to do so.
- I have family members I would like to bring into the business and eventually transition the business to them.
- I believe I need to grow the business more in order to get the value I need to be happy.
- I am well positioned in my market and believe I can defend my niche.
- I am not feeling pressure from competition that is making it difficult for me to do business.
- I have a strong management team and I can cut back on my time commitment to run the business.
- I am willing to stay and build.
If you find yourself to be a SELLER you should agree with many of these questions:
- I am tired of the risk and ready to pass the baton
- I am no longer having fun!
- I am not prepared to take the company to the next level and make the time commitment necessary to continue growing.
- I have accomplished all I ever wanted to with this business.
- There are other things to do?
- The business is growing and has a bright future. (Buyers love growth)
- The timing is good for a sale, right now is a Seller's market and values are up.
- A sale will bring a value that will meet my needs?
- I could start to hold the business back from its true potential.
- It's time for a change.
I always like to ask a potential client; are you a Keeper or a Seller? If you are a Keeper, that's fine; continue to run the business and grow it. If you are a Seller; let's talk about how to maximize the value.