Should I Sell My Business Now?
Fallacies Regarding “Selling When the Time is Right”
Many business owners have worked in and on their companies for so long that their lives have become unbalanced. They spend all their waking hours working, so: (1) they have no outside activities or hobbies, and (2) they can’t imagine themselves no longer working. And, when it’s time to sell (i.e. I’m burned out, my doctor says I’m too stressed from my work, my wife wants us to move closer to the grandkids, etc.), they make excuses for not moving forward with their lives.
And some business owners would like to sell their companies, but they just don’t know where to begin. So they put off making any decision by conjuring up objections based upon some common assumptions they’ve head at the country club.
This recent article, “Should I Sell My Business Now?” by Robert Norris, explains the fallacies behind some common objections to selling when the time is right.
One of the biggest obstacles to exiting your business is overcoming your objections, many of which tend to be based on misunderstanding the “facts.” The objections that tend to hold back owners from selling their businesses are usually based upon some combination of the following perspectives:
- The business isn’t worth enough to meet my financial needs.
- The employees (or customers) will leave when they discover I’m trying to sell.
- I will be required to work years for a new owner.
- The sale process will take too long and cost too much.
- Given the tax bite on sale proceeds, it makes more sense to stay, enjoy the cash flow and get paid over time.
- What will I do after I sell and leave the business? This business is my life!
The Summit Acquisitions Group — Business Brokers and M&A Advisors — specializes in the sale, appraisal, and financing of privately owned companies ranging in valuation from $750,000 to $25,000,000. Contact their offices in Atlanta, GA or Charlotte, NC for a free consultation.