Selling a business doesn’t just happen
Interesting and engaging piece on Entrepreneur.com this week – “6 ways to pull yourself out of an entrepreneurial slump”. It’s breezily written and designed to entertain (which it does!)
The central theme is that entrepreneurs are at heart risk-takers. Buried deep down among the advice (take more holidays, improve your posture, hire a “rockstar salesperson”) is the item that most interests me, and, I suspect, you.
“Blast yourself out of a slump” says the writer. “By getting bought out”.
In principle, I agree – selling a business is often a rejuvenating experience for the owner, the staff and the company itself, as it opens a new chapter for all involved.
But ‘getting bought out’? It’s a curiously throwaway expression for the biggest business decision of your working life. It also implies that the processes is entirely passive, and just happens, as if someone is waiting around to take your business off your hands.
Selling a business is not a spur-of-the-moment decision. Selling your business for its true value doesn’t just happen.
The reality is that selling a business is all about action – proactively profiling and researching the best acquirers, assessing the market, creating a sense of excitement around your business, a sense of momentum with interested parties, creating a truly competitive environment. And to do that, you really need a trusted partner make it happen for you.
And – in BCMS’ experience at least - business owners don’t decide to sell just because they’re a bit bored. Entrepreneurs thrive on risk, sure, but they don’t want to give away a business they’ve built and nurtured from nothing.
If you feel like doing something a bit exciting, hire that rockstar salesman by all means. Just don’t risk selling your business for anything less than the best outcome for you, and your staff.