We all do it. We all think our kids are the smartest or the cutest. We all think we’re the best drivers on the road. An arrogantly positive view of yourself and your life are just part of human nature.
This arrogance becomes a big problem, however, when the time comes to sell your business. Why? Whether you realize it or not – you don’t have the best business ever. If you really want to sell your business, you will have to consider this reality.
Your business is a huge part of your life. It’s what you do everyday. It’s where you put all of your blood, sweat and tears. You’ve built it and grown it to where it is today, and you likely remember every step and the purchase of every stick of furniture.
Selling your business means you have to take that deep emotional attachment to your business and put it aside so you can make some very rational decisions. Decisions like how much to list the business for. Like whether or not to accept a decent, but not ideal, offer from a buyer. These decisions can be really tough when your heart is still firmly attached to your business baby.
Step one of dealing with this part of selling your business is to realize that it’s coming and that your business is only perfect because it’s yours. Mentally preparing yourself will be crucial to maintaining your rationality during the entire selling process. Here are a few things you should consider:
If merely reading those last few sentences was excruciating for you as a future business seller, it is really important to keep a few things in mind:
The point here is it is very important to take a step back from your emotional attachment and rose colored glasses if you want to be a successful business seller. Your business isn’t perfect and isn’t worth 10 times what you should be asking. Negotiations are going to happen. Mentally preparing yourself ahead of time will help immensely for the road ahead.
Are you someone who has considered selling your business, but think you might have problems with letting go? Would you like to know what businesses like yours are currently selling for? Ask us! Please feel free to leave questions or comments here and we would be happy to help.
Michael Monnot
941.518.7138
Mike@infinitybusinessbrokers.com
12995 South Cleveland Avenue, Suite 249
Fort Myers, FL 33907
https://infinitybusinessbrokers.com