Tuesday, February 4, 2020

Getting the Owner Ready

There are three things that require your attention to sell your small business:

  1. Getting the owner ready
  2. Getting the business ready
  3. Getting the buyer ready

You might think that all of these are already as ready as can be or it is not your responsibility. There are almost always things you can do to make it better. Remember, selling your small business to your employees is dramatically different from selling the traditional way to a third party.

Almost all the conversation surrounding getting the owner ready centers on the financial aspect. That is of course important, but not typically what sellers struggle with the most. When you retire, you really retire three times:
  1. Financial retirement
  2. Physical retirement
  3. Emotional retirement


That last one, the emotional retirement, is the one that gives the most trouble and the one getting the least attention.

How to Retire Happy, Wild, and Free: Retirement Wisdom That You Won't Get from Your Financial Advisor

Most of the retirement conversation centers on the financial retirement, but the one that causes the most trouble especially for small business owners is the emotional retirement. Many are simply unprepared for the dramatic change this is and often find themselves trying to find their way back into business. Make a plan. Spend some time training a successor and try it out before you take the plunge.

Getting the Owner Ready

There are three things that require your attention to sell your small business: Getting the owner ready Getting the business ready Ge...