Are you Ready to Exit from Your Business?
Knowing when and how to prepare for your exit can be a challenge. You may find yourself overwhelmed by the looming questions and unknowns. In the name of avoiding oversimplification and stating the obvious, we will do just that – the decision to sell your company comes down to the readiness and preparedness of YOU and of YOUR BUSINESS! It’s that simple.
Making sure YOU, are mentally and financially prepared, is arguably the most important part of the entire transaction process. A motivated seller is a successful seller. Therefore, it is crucial to take personal inventory before acting. Start by asking yourself these questions:
- Why Do You Want To Sell?
From our experience, business owners with a clear vision regarding why they are exiting, have the most success. For instance, when due diligence gets tough, if you lack motivation, you may find yourself losing focus and incentive to press on. Knowing WHY you want to sell helps you maintain perspective of the bigger picture during the sales process.
- How Will You Spend Your Time After The Sale?
Do you want to spend more time with your family and friends? Do you want to travel more? Perhaps you just want to enjoy a slower, less stressful, pace of life? Regardless of how you plan to spend your time after a sale, having a clear understanding of your personal goals and aspirations will ensure you sustain your post-transaction vision throughout the grueling sales process.
- Do You Have A Financial Plan For The Proceeds From The Transaction?
Are you planning to retire completely? Do you wish to provide for future generations of your family? Are there philanthropies you desire to support with the proceeds? Having an awareness of your financial needs and intentions post transaction will help you maintain focus and expectations throughout the process.
- What Does A Successful Sale Mean To You Beyond The Financials?
Are you concerned about the legacy of your business or the welfare of your employees once you sell the company? Identifying these priorities can shape your approach to negotiations and could affect the type of buyer you target.
- Are you Emotionally Ready To Sell?
Selling a business often comes with a mix of emotions. Reflect on how ready you feel to let go. Being aware of potential emotional hurdles can help you prepare mentally for the process and for the transition post transaction.
While contemplating the sale of your company, it is important to meet with your estate planner and your wealth manager. These meetings are key steps to creating a successful exit strategy. Additionally, finding the right M & A firm to help you navigate the sales transaction process is crucial to ensuring you get to the exit finish line.
Aberdeen Advisors is a boutique mergers and acquisitions firm. Our dedicated team is committed to helping business owners successfully navigate the intricacies of an ownership transition. Additionally, our team is made up of former business owners and C-suite executives who have run and sold companies. We pride ourselves on a successful track record of shepherding business owners through the process to ensure a successful outcome.