| You are thinking about selling your business. You may | | | | - My CPA (accountant) that was a very close advisor |
| have uncertainty, angst, worries, trepidation, fear, | | | | to me would always say regarding the sale of the |
| unknowns, and sleeplessness nights. I believe you are | | | | business- "You will know when you are ready". I |
| not alone. My approach as a business broker in Florida | | | | believe in this statement and it did apply to me. |
| is from a perspective of a former long term business | | | | - While going thru the process of selling the business, I |
| owner. I truly feel some of the feelings I experienced | | | | always ran the business as if the deal would not |
| as a business owner are very similar or the same of | | | | consummate. I dont believe you ever really know a |
| the business owners I work with as a business broker. | | | | sale will occur until signatures are had at the closing |
| While at this stage of my professional life I am "sitting | | | | table. Even at the closing table on late Friday |
| on the other side of the desk" I feel I do understand | | | | afternoon, I was still thinking of things I would need to |
| the concerns, fears, thoughts of the person on the | | | | be doing Monday as if I were to remain the business |
| other side of the desk. There are many qualified | | | | owner. Habits are hard to break and it seemed |
| experienced business brokers that are not former | | | | prudent. |
| business owners and these quality brokers bring | | | | - Maybe the proceeds from the sale of your business |
| various valuable perspectives and experiences that | | | | will allow you to comfortably retire and do nothing. |
| benefit their clients. My choice to pursue my "2nd | | | | Maybe the sale of your business will give you a little |
| career" as a business broker comes from my | | | | extra cash to save or spend on something you want. |
| recognition as a business owner of the value a | | | | Maybe you dont know if the proceeds from the sale |
| business broker can bring. | | | | of your business is enough "to retire on", but possibly |
| | | | its enough to allow you to choose an activity, 2nd |
| 1. If I sell my business Do I have enough to retire? | | | | career, or even work for someone else without the |
| 2. What will I do after I sell my business.? | | | | need to solely rely on this decision as your sole source |
| 3. What will happen to my employees? | | | | of income. This can be a very comfortable position. |
| 4. What will I sell my business for? Is it enough? | | | | I have shared with a few others that after the sale of |
| 5. How do I handle all the "little situations" that are part | | | | my business of 20 years I experienced a feeling that |
| of most any business prior to selling my business? | | | | was very foreign to me that caught me by surprise, |
| Does the business owner considering the sale of their | | | | and is kind of difficult to describe. When my business |
| business that they were involved from the beginning | | | | was sold what I was really selling was my |
| day one of the business differ from business owners | | | | responsibility. As all business owners know- you are |
| that had bought an existing business?- Of this I am not | | | | responsible for everything. If an employee makes a |
| sure but somewhat curious if there is a difference. | | | | mistake at work, it is your responsibility. If sales goes |
| While it is awkward for me to share personal thoughts | | | | down, it is your responsibility. If expenses, taxes, fees, |
| in such a public forum, possibly some of my | | | | regulations increase it is your responsibility. After the |
| experiences may help others in this very important | | | | sale of the business while on the airplane flying home I |
| decision. Some of my thoughts and experiences: | | | | experienced a difference that almost seemed inside |
| - I had felt that the decision to sell my business was | | | | me at a "cellular level". The concerns I had for my 20 |
| equally as difficult as the process of trying to sell the | | | | plus employees and 5000+ customers that I carried |
| business. But selling a business is a difficult process. | | | | with me for 20 years were gone. I felt I had done my |
| - I had made the decision that if I wanted to sell the | | | | due diligence, worked closely with my CPA, attorney |
| business that I would do it under my timeframe, (and | | | | and advisors, found the right buyer to address my |
| when I was mentally ready to sell my business) and | | | | goals as a seller and I was leaving my former |
| not wait until a situation or market or business | | | | employees, customers, and responsibilities in good |
| conditions forced me to sell the business. This decision | | | | hands. I certainly did not absolve myself of all my |
| may have had me miss an opportunity to sell at a | | | | responsibilities, and recognized problems could still |
| higher multiple in the late 1990's when acquisition values | | | | surface, but I did experience a feeling I hadn't had in 20 |
| where higher inside my industry, but mentally I was not | | | | years. |
| ready to sell at that point. | | | | |