You may be completely burned out and ready to sell your business today, but the one part of the selling process many business owners aren’t ready for is how they feel the moment they walk away from the closing table.

Sure, you will likely feel relief that the business transaction is over and excited about what the money you’ll get from selling your business might mean in terms of future endeavors – but you are also going to miss it.

I’m selling because I don’t want to be the owner of this business anymore, I’m over it. What could I possibly miss?

When you are the owner of a small business, that business becomes a huge part of your life and a part of your identity. When you suddenly aren’t tied to that business it will feel like you’ve lost a part of yourself. Your day-to-day routines will change, your role as owner and your status as self-employed will end.

Why are we telling you this?

“I’m going to be unemployed tomorrow” and “what do I do now?” are often stronger emotional notions than many owners expect, and can cause a very serious case of cold-feet on closing day.

Don’t derail your deal by freaking out at the last minute.

Instead, be mentally prepared to feel a sense of loss and focus instead on what your future might hold.

Perhaps a long vacation is in your immediate plans, a well-deserved and much-needed bit of time off.

Perhaps you think you might like to buy a different business, maybe in a different industry so you can give yourself a fresh start. Have you done a cursory search to see what’s out there? You can start by searching here, then contact your business broker to discuss what investment options might be available to you after you sell.

By preparing yourself and by having a future plan to focus on you will have a better experience after the closing table.

Are you thinking about selling but are concerned about how you will feel after the sale? Do you have questions about other businesses that might be available as a next venture? Leave any 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

By Guest Contributor Mark Welker – www.bpinsights.com

I have a different perspective about business success. First, it is driven by what the individual business owner or founder wants to accomplish. There is a global perspective that “it is all about making money.”

The research seems to focus on this perspective. I am not sure based on my perspective that this is the only reason. I would speculate that independence as a reason is as valid. Why, because I have seen business owners that make decisions away from money and towards pursuing other values.

This is important because it impacts the actions that an owner is willing to initiate. The actions are closely linked to their motivations for taking the risk to be in business the first place. My experience indicates that the business practices, while important, are available to everyone. I mean that what to do when a problem or change presents itself is available to everyone; whether it be on the internet, the SBA or in numerous business books available to every owner.

It is important to understand the owner’s vision of success, whatever the color. I think they become confused due to the basically materialistic view caused by societal pressures, which causes lack of clarity of purpose. It is quite possible to have a good business that satisfies the owner’s values and the needs of customers while making a good living.

What most owners are looking for is fulfillment, whatever the definition. We should understand the goal and not assume it is the almighty dollar. This is important to understand because the potential solutions are very different.

The circular argument is this, somebody once said, “the most important thing is to decide what is most important.” Can you clarify your goals, independence or money? Independence does not mean lack of money, it means there is another definition and this business might look very different. It could be a good feeling about how you treat customers or a passionate interest in the subject. The point is that whatever it is that fulfills you, since you have taken the risk, should accomplish your dream.

The reasons I have come to this perspective are twofold. First, I have suggested many strategies that, if implemented, would prove fruitful for founders. The interesting part is that some owners would implement the suggestions and others would not. The implementation was not a question of money or about execution. I came to understand that it was about what the owner actually wanted the business to add to their life.

Second, business owners are very complex people and the businesses they create are also complex no matter how simple the business. It is important for the owner to clarify exactly what they want the business to provide in their life so the business is designed to do that. The best example of that is when a client said to me, “I want to make $60,000 a year and be home for cookies and milk.”

Please request a complimentary DISC and Motivators Assessment at
http://www.businessperformanceinsights.com/contact-1.html

Business Performance Insights
4575 Via Royale
Suite 218
Ft. Myers, FL 33919
www.bpinsights.com
jessica@bpinsights.com
201.563.2243
mark@bpinsights.com
239.872.4555

Michael Monnot

941.518.7138
Mike@infinitybusinessbrokers.com
12995 South Cleveland Avenue, Suite 249
Fort Myers, FL 33907

https://infinitybusinessbrokers.com

http://www.sbnation.com/nfl/2016/3/2/11150116/kam-chancellor-gym-police-boot-camp

Seattle Seahawk Kam Chancellor was in the market for a gym, so he popped by a local gym to have a look. His visit spooked the gym’s employees so much they called the police, leading to a media hoopla.

If you are considering selling your business, then you should know that confidentiality is one of the major keys to a successful sale. Why? There is a horrible perception held by most that a business for sale is a business on the brink of failure – so disclosure of your for-sale status can cause your employees to panic and quit, can cause your customers to find a more “stable” business with which to spend their money and can even cause some of your vendors to jump ship.

While this notion of failure and the knee-jerk reactions it can cause might seem ridiculous to a business seller (it is completely reasonable for a great business to be put up for sale, right?), it is a reality of the business sales process that confidentiality is key.

So we return to the Seattle Seahawks. You wouldn’t go into a professional football game without a coach. You wouldn’t face a lawsuit without a lawyer. Why then, would you as a small business owner try to sell your business on your own? Sellers who go it alone are almost assured of a confidentiality breach because they do not have the tools or the experience to keep the status of their business under wraps.

Who does? A business broker. A good business broker has the tools to confidentially market your business to a pool of buyers who have been vetted to be assured they are not someone who would breach confidentiality.

They do this by requiring all potential buyers sign the appropriate non-disclosure agreements, by ensuring those who are looking at the business are not on your do-not-disclose list (think employees, competitors, etc.) and by limiting publicly viewed listings to information that makes it impossible for a buyer to determine what and where the business is (so no pictures of the signage, no posting of the address, no specific details that would allow someone to figure out the identity of the business).

By keeping your for-sale status under wraps, your business broker works to keep your business in one piece (will all of it’s employees, customers and vendors) all the way to the closing table.

The message here? Don’t end up with spooked employees and an NFL player on your doorstep – hire an experienced and qualified business broker to give your business sale the best chance of success.

Are you considering selling your business and have questions about the process? Would you like to know more about how we keep confidentiality in place? Please feel free to leave any questions or comments 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

It is an unpleasant reality that some of the business sellers we meet are coming to the business market because they have been forced to sell, and sell now. When circumstances force a sale – like a sudden illness, a family emergency or a personal issue like a divorce – the consequences of being unprepared for that sale can be serious. Many desperate sellers are forced to take low offers or forced to list their business for less than it would be worth had they had more time. In the worst of cases, the sudden need to discontinue as owner means the doors of the business must be closed for good.

Any good business plan comes equipped with an exit strategy, but many small business owners get so swept up in the seemingly endless responsibility of running a business that they leave this crucial part of planning until it is far too late.

How do you stay ahead of the game and prevent taking a loss or closing the doors if life suddenly forces you to sell?

Run your business like you are going to live forever and you need to sell tomorrow.

Why do I need to run my business like I’m going to live forever? Business owners who have one foot out the door invariably let important aspects of their businesses slide, and these neglected elements will always impact the bottom line. If you always act like you will live forever, then the future and longevity of your business will always remain your goals.

Why do I need to run it like I’m going to sell tomorrow? If life does get in the way of your best-laid plans and you have to sell suddenly – having your business ready to go (staying on top of general maintenance, keeping well organized financial records, etc.) will allow you to get the best possible return on your investment.

Are you a business owner who has never considered an exit strategy? Do you have questions about how the process of selling your business works? Contact us or leave any questions/comments here, and we will 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