If you are considering selling your business, you may have asked this question – who is going to buy my business?
This question may be important to you for a myriad of reasons. For most small business owners, their business is a very large part of their life, sometimes even an extension of their life. They have spent a great deal of money, countless hours and an enormous amount of energy making the business what it is today. To personally invest so much into something without creating an emotional attachment would be nearly impossible.
This emotional attachment to your business is a good thing, it keeps you personally invested in the success and future of something you’ve worked so hard to build. It gets you out of bed every morning and helps you endure the long hours that are sometimes necessary.
This strong emotional attachment can become a problem, however, when the time comes to put your business up for sale. Your business is your baby, and you don’t want anyone who isn’t up to your version of par to take over the keys.
So, you ask yourself “who is going to buy my business?”
The answer is a simple one. Whoever has enough money.
This simple answer can cause havoc for the heartstrings of a seller because it means that you may need to hand over your business to someone you don’t necessarily like if you truly want to sell.
How do you get past your emotions and allow this to happen?
Remember why you are selling in the first place. No one can be at the helm of their business forever. By selling instead of closing the doors you are getting a financial return on all the investment of time, energy and money – and that financial investment can give you freedom to start a new chapter of your life.
Remember that once the keys have changed hands, it isn’t your business anymore. Most entrepreneurs are control freaks by nature – you have to be to keep a small business running. That control can’t carry over, however, to the new ownership. Once they write you a check that business now belongs to them. Considering this emotional switch beforehand will help you when the time comes to sit down at a closing table.
Remember that everyone’s money has the same value. You may not be madly in love with the person who would like to buy your business, but willing buyers shouldn’t be turned away because your personalities don’t mesh. All that matters is they want to write you a very big check and are willing to take over ownership of your business.
If you want a great return on all of your investment in your business – put your emotions to the side and instead focus on your new future after the business sale.
Are you considering selling your business but are worried about who might take over? Do you have questions about what kind of return you could get on your business? Please feel free to leave us any questions or comments here, and we will be happy to help.
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