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32 FEDA News & Views When to Sell continued WWW.SERVICEIDEAS.COM IMPROVED BASE HOT UP TO 6 HOURS FLAME FREE™ THERMO-URN™ NO HEAT NEEDED However, it is important to consider who they are and how they, and their decisions, will influence your decision to sell. Also, your organization may be a key person short. You may need to add to the organization to enhance its value for opera- tion and/or sale. "What will I do if I sell?" A common response given by business owners when the subject of selling is broached: "What will I do if I sell? I can't see myself in retirement." Good point. One author with several books that address this is Bob Buford. His books include Game Plan and Halftime. I recommend these as one starting point. Another is to look at your family and community situations. Where are you needed? Where else can you make an impact, if you have more time and money? What are some things you can do now while you have your health—that you may not be able to do later? What do you simply like to do but don't get a chance to? Certainly, discussion with family members and personal advisors can help here. Preparing The sale of a material handling distributorship is a very per- sonal decision. In some ways, owners should always be think- ing and planning how to best approach this. It's called exit strategy planning. One step is to read "the literature" on the sale of privately-held and family-owned businesses. Another is to attend seminars or workshops to learn the issues. Still, another is to develop a group of professional and personal advisors who can talk you through the issues. Some advisors should be from within the industry because of their knowledge of industry-specific issues; others should be from outside the industry—so they can give fresh per- spectives. These should include a business and transaction attorney (often these are not the same person); a personal financial advisor; your firm's CPA; other business owners you respect, perhaps some who have sold and some who are still very active. Of course, appropriate family members should be involved. As they say in all the seminars, one thing is for sure, one way or the other, we'll all leave our business someday! By starting the thinking process today, you'll be in a better position to leave on your own terms. About the Author Gary Moore had a 40-year career in the material han- dling equipment business, 30 of those years were with a leading distributor in Denver, Colorado. After 20 years, he purchased the business from the founders, operated it for 10 more years, and sold it to a larger neighboring distributor in 2006. He served as president of the Material Handling Equipment Distributors Association in 1997. Since selling his company, he has been a frequent author, speaker and consultant in the wholesale distribution industry. His web- site is www.objectivebasedselling.net.