Selling Your Business is an emotional topic.
The suggestion of planning your business exit and selling to a new owner can stir many emotions.
Your employees and customers are as close as family. Will they feel betrayed?
Your business is a part of you, reflecting your passion, values, and beliefs. Who will you be if you aren’t the owner?
It’s understandable that the thought of saying goodbye to your business may bring fear, sadness, and anxiety. But, despite the emotional discomfort, every business owner must spend time envisioning the successful transfer of their business.
Try imagining when you would like to stop working. Imagine how much you’d like to earn on a sale. Think about the type of transition you would prefer and the traits a new owner may need.
This information should be incorporated into your business plan. Knowing where you are going in the future and planning for it is the best way to give your business a fighting chance after you exit.
Whether your business is passed on to a family member, an employee, or an unknown buyer, all owners must accept they can’t run their business forever. The only option to keep your business legacy alive is by planning ahead for the business’s transfer or sale.
Unfortunately, the difficult emotions that come with these ideas can cause owners to ignore and procrastinate planning retirement. Many owners wait until it’s too late to consider their business’s next chapter, sometimes leaving it in no position to survive. These owners eventually have to close their doors forever, losing money they could have earned from a sale.
Don’t wait until it’s too late. Your business has value, do you know where you stand? Whether you are considering selling your business or planning for the future, Alliant Capital Advisors offers free confidential consultations. Contact me to understand the best time to sell.
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