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.




The Business Owner's Guide to Financial Freedom: What Wall Street Isn't Telling You

(I may earn a commission when you purchase this book).

There are thousands of books for financial literacy, but precious little specifically for small business owners. They may actually be the ones needing it the most. Financial planning for a small business owner is very different from planning for someone who is an employee.

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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...