Your Business Might be Saying it is Time to Sell YOU!

Is it time for your business to sell YOU?

An interesting thought to consider. 

First, below includes a few questions to help recognize if it is time for your business to sell YOU. 

• Do you own your business or does your business own you?
• Have you found yourself saying, “I’m stale” or “I’m tired”?
• Feeling burned out?
• Do you daydream about, “If I could only sell this business, I could finally (fill in the blank)”?

Well, as the saying goes, “As a man or woman thinketh, so shall it be.”

If you are starting to mentally check out, or even worse, you have already checked out, you could be heading down a troubled path.

Especially if you don’t have a succession plan in place or a buyer in mind.

Let’s discuss further. 

“This is How We Have Always Done It”

Many years ago, I owned a business that was doing extremely well. 

One day, the scariest words in business came out of my mouth, “this is how we have always done it”.

That day was a turning point.

I was on the cusp of overstaying my welcome (20 years in) and decided that it was time for me to move on. 

Looking back, I realized that the business was telling me it was time to go.

In other words, the business was basically saying “Dude, it’s time to SELL YOU”. 

In reality, I needed to hand over the reins. 

Fortunately, an amazing partner purchased the company. Phew!

Is it time to sell YOU?

If it is time for you to move on, here are a few questions to ask yourself:

• Are you in position to leave your business mentally as well as financially? 
• Do you have the financial resources to live on? Comfortably?
• How will you occupy your time? 
• Most importantly, are you psychologically prepared to transition into the next phase of your life? 

Your Greatest Asset is Ready to Sell You

So your greatest asset is ready to unload and sell YOU. 

Another way to look at selling your business is the fact that you are selling an asset.

For example, would you sell your home to live on that cash?

Would you cash in a stock portfolio or 401k to live on?

This is exactly what you are doing. You are cashing in on an asset.

To clarify, when you sell a business you are not receiving a paycheck, you are liquidating an asset.

Liquidating an Asset, Not a Paycheck

When I sold my business, someone said to me, “it’s great that you still get a paycheck”. 

I explained, it is not a paycheck, I liquidated my biggest asset at that time. 

The daily gamble is over. Turning in your chips at the casino.

Cash either creates risk or eliminates risk.

Actually, some could argue that cash ALWAYS creates risk either way.

The point here is that cashing in eliminates your risk with the business.

For example, it eliminates the risk of sales and profits declining.

It eliminates the risk of losing a key employee to a competitor or even worse, that they become your competitor.

Selling your business also eliminates the chance of losing a top customer that represents a large portion or even a majority of your sales. 

It eliminates the daily crisis that you have been dealing with for years or even decades.

Selling your business locks in your return that you honestly might not have achieved by staying in business.

For example, if you are able to sell a business for $1 million dollars, that’s $100,000 over the next ten years or $200,000 over the next five years. Just without working at the business.

Plus you have the present value to consider.

Can you put that million to work for you to generate other positive cash flow opportunities?

The sad reality, the buyer is basically paying you to go away

You put in years, possibly even decades as an entrepreneur. 

Poured out your heart and soul to build up your business. 

In reality, now someone is paying you to simply “not let the door hit you on the way out.” 

Tough pill to swallow, right? 

Not at all. 

Remove the emotion. Focus on the return on investment.  

Be grateful for this incredible opportunity. 

Many entrepreneurs put their blood, sweat, and tears to build their business. 

Unfortunately, in the end, many entrepreneurs have little value to show for it.

Remember, the value of your business is ONLY the amount of money the person across the table is willing to pay. 

Not a penny more (Unless you are blessed with multiple buyers competing for your business). 

It’s Not Your Baby 

A common mistake for entrepreneurs occurs when they view their business as their “baby”. 

Starting and growing a business can certainly be compared to raising a child. 

Yet, that is where the comparison needs to end. 

Don’t let ego or emotion get involved. 

If you sell a stock is there emotion attached? Hopefully, the answer is no. 

Treat your business strictly as an investment. 

Sell without emotion (challenging yet something to strive for). 

For example, Carey Smith, founder of Big Ass Fans said this about selling his company for $500 million: 

“At the end of the day, though I really cared for the business, it’s not my child. You always love the people, but fans are a product. We wanted to make sure the buyer didn’t simply open the doors and tell everybody to leave. But other than that, it’s like buying a stick of gum: It’s mine until you pay me for it–and then it’s yours.”

It’s critical when selling your business to keep reminding yourself that it is NOT your baby. 

Trusted Advisor

Another important factor when your business decides it’s time to sell YOU, discuss this with your trusted advisor on following the best path possible. 

Connect with your accountant, attorney, financial advisor or the Small Business Development Center.

Find a business broker with an impeccable reputation to guide you through the process. 

Partnering with a team of trusted advisors pays huge dividends.  

Most importantly, enjoy the thrilling experience that your business decided to sell YOU. 

The bottom line, embrace the opportunity that someone is willing to pay you for what was once purely a dream or a vision. 

Take the money and run. 

Start your new life and give that next chapter everything you’ve got just like you did when you started your business. 

Time for a new challenge? Pursue it full throttle.  

Time to relax and enjoy yourself? God bless you! You earned it.  

Above all, be proud that you built a sellable asset that actually was worth something to someone else. 

Pat yourself on the back that you created a viable entity as well as found a willing buyer to fund the next phase of your life. 

Well done my friend!! 

Wrapping It Up 

Thanks for reading this post! I deeply appreciate it!! 

For additional tips, check out these other helpful posts: 

• “I’M DIVERSIFIED!” No, Actually You’re Doing Five Things Horribly
• 12 Helpful Suggestions to “Give Value First”