important distinction between being pushed out of your business
and being pulled toward your next phase.
• "I cannot find employees."
• "I am sick of dealing with customers."
• "Costs keep going up."
• "I had a terrible week."
Those are pushes. They are frustrations, and frustrations can
change. Pulls are different:
• "I am financially secure."
• "I have accomplished what I wanted to accomplish."
• "I have another opportunity I am excited about."
• "I want to spend the next ten years doing something different."
• "I have a strong buyer who can take the business forward."
Those are reasons that pull you toward something. The ice cream
shop owner I mentioned earlier was being pushed. She was
frustrated and exhausted by the circumstances that existed at the
moment. Once those circumstances were removed, she discovered
that she still loved much of what she had left behind. That realization
came after the sale, when there was no going back.
START PREPPING BEFORE YOU'RE READY
There is no perfect time to sell a business, and very few owners will
ever feel 100% ready. But you can prepare. Talk with your family.
Understand what your business may realistically be worth. Think about
what you need financially from a transaction. Decide what matters to you
beyond price. Consider how you'll feel when someone else owns the
company you built. Most important, picture your life after the closing.
What will you do? Where will you go? What will give
you purpose, challenge, and satisfaction? You should
prepare financial statements, employees, operations,
and the business for an eventual transition. Just
don't forget to prepare yourself.
Terry Kelm, President, Sunbelt Franchise Re-sales
RO
