Our business is selling your business.
  • Home
  • About Us
    • Buyers
    • WBDC Brochures
  • Sellers
    • You Need to Know >
      • Exit Strategy
      • You Are Not Alone
      • Bo Burlingham
  • Buy A Business
  • Our Blog
  • Contact Us
  • Eric's WarrenBDC Emails
  • Resources
    • DIY Proxy Valuation
    • 75 Things To Do When You Exit Your Business
  • Online Courses
  • Home
  • About Us
    • Buyers
    • WBDC Brochures
  • Sellers
    • You Need to Know >
      • Exit Strategy
      • You Are Not Alone
      • Bo Burlingham
  • Buy A Business
  • Our Blog
  • Contact Us
  • Eric's WarrenBDC Emails
  • Resources
    • DIY Proxy Valuation
    • 75 Things To Do When You Exit Your Business
  • Online Courses

Selling Your Business?

Get Tips & Insights Here

As Mike Tyson so eloquently stated ...

2/9/2017

0 Comments

 
Picture
As Mike Tyson so eloquently stated "everybody has a plan until they get punched in the face".

Extended Version: Many boomer age business owners have been putting off transitioning their company for so long, it's now the accepted status. Or they promised their spouse, the team, advisers and most importantly themselves, five more years and I'm out.
 
But suddenly circumstances change and you're faced with an unsettling feeling in the pit of your stomach. You want out, but you're trapped, for at least a period of time. And it's always longer than you want it to be. 
 
Could be changes in the business environment are making it too much work.  New competition is coming out of nowhere. They're well funded, younger or seasoned owners getting back in the game, more aggressive and kicking your butt.  Higher interest rates, cross border restrictions and you get the picture.
 
Personal reasons rank equally high as business or higher. Grandchildren are at that age where you can't afford to miss a minute of the fun. A dollar store purchase of a whoopee cushion can be the greatest gift and provide kids with hours of fun. Seriously, do you want to miss that?
 
It's a family business and the patriarch and matriarch pass on. After an appropriate grieving time, everyone in the family wants their share. Active in the business and non active family members all want what's theirs and to make their own decisions. And rightly so. Now you find out who holds a grudge. Who thinks they should have been active in the business but were overlooked.
 
The original thought, (not plan), was 5 years and you would be out. The new reality is 5 years now needs to be 1 or 2 years. Regardless of how unrealistic that is, it's the cards you've been dealt. You can get out in a short time frame but not likely for real money or the amount you need and on your terms. If you had prepared the business for sale or transition you could have absorbed the fallout of a condensed timetable.
 
This is when the 'now what do I do' kicks in. You haven't planned ahead and certainly not for a much shorter time frame. Reality steps in and punches you in the face. Making decisions when you're dazed, confused, and pressured typically never ends well. 
 
Regardless of the reason for a change of heart, when it's time to sell, the clock starts ticking. You can't stop it or change it back, time continues moving forward and eventually you will run out.
 
The point is, start getting ready today. Because even if you know the punch is coming, likely you won't see it until it's too late.
 
If it does happen this way, you need a first class team in your corner  to help you through the transition. More than likely your current legal and accounting advisers for the business don't have experience selling a company. It's like asking your running buddy to help you get ready for a boxing match. No good will come of it. They may have the best of intentions, but not the experience. There will be blood or at least bruising. Remember keep your left up.

As always I am available for a telephone call or coffee.

Cheers, Eric

MEDIA RELEASE
Selling Businesses and Buying Businesses
0 Comments



Leave a Reply.

    Picture
    Sign up for weekly tips and insights. Click Pic
    Picture

    SellYourBusiness
    4More.com

    Picture
    Picture
    Picture
    Sample & toc

    Picture
    Picture

    Archives

    February 2023
    January 2023
    December 2022
    September 2022
    June 2022
    March 2022
    February 2022
    January 2022
    November 2021
    June 2021
    April 2021
    February 2021
    May 2020
    April 2020
    January 2020
    December 2019
    November 2019
    October 2019
    July 2019
    May 2019
    April 2019
    March 2019
    November 2018
    July 2018
    March 2018
    February 2018
    January 2018
    July 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    June 2016
    May 2016
    April 2016
    March 2016
    December 2015
    October 2015
    September 2015
    August 2015
    July 2015
    June 2015
    May 2015
    April 2015
    February 2015
    January 2015
    December 2014
    November 2014
    October 2014
    September 2014
    August 2014
    July 2014
    June 2014
    May 2014
    April 2014
    March 2014
    February 2014
    September 2013
    August 2013
    June 2013
    May 2013
    April 2013
    March 2013
    January 2013
    December 2012
    November 2012
    October 2012
    September 2012
    August 2012
    July 2012
    June 2012

    Categories

    All
    Business Lessons
    Life Lessons
    Life Lessons
    Marketing
    Selling A Business

Picture
Our Business Is Selling Your Business
​Contact Us  or call  416-270-2466

Sign Up For Eric's Emails