We are all guilty of getting into vacation mode long before a vacation starts, and although slacking off at work three days before you leave for a trip might not cause much harm to your professional life – this same kind of mentality applied to the sale of a business can be catastrophic.
Many, many sellers list their business on the market and then completely take their foot off the gas pedal, expecting to coast their way to a closing table. This can be a very big mistake.
Well, for starters it typically takes somewhere between 9 to 12 months to sell a business. A mentally absent owner who tries to coast along for such a large amount of time will more than likely damage the bottom line.
When your business is for sale, you need to push harder than ever, because the health of your bottom line is going to determine how much you get when you sell your business (or if you sell your business at all). Sellers who take their foot off the gas can inadvertently send their business into free-fall, something no buyer is going to want.
Mentally checking out can also come back to haunt you if your business doesn’t sell or if your circumstances change and you decide to pull it off of the market. You alone will be left to pick up the pieces of the mess you caused by losing focus. If you stay on track for anyone, do it for yourself.
What should you do instead?
Take the time from listing to closing to continue as if the business weren’t for sale. Any improvement in your business will be seen as growth by buyers, and may mean more for you at the negotiating table. Trying to grow your numbers while your business is for sale can help you achieve a far better return on your investment.
Are you considering selling your business but are already so burned out you don’t know that you could make it another 9 to 12 months? Do you want to know what your business may be worth to buyers? Ask us! Please feel free to leave questions or comments here and we would be happy to help.
12995 South Cleveland Avenue, Suite 249
Fort Myers, FL 33907