We recently got trademark approval for the phrase, “Exit With Style, Grace, and More Money®” and are working on a book by the same name. Here’s a sneak preview from the first chapter, which is get your personal life in order before you think of selling your business. We cover seven considerations (I’m sure there are more):
- Can you leave the business, or is your identity too tied to it?
- Family – how do you handle kids in the business, can they run it, what about if other kids aren’t in the business?
- Management – do they want to buy it, can they afford it, will they give collateral and a personal guarantee? If not, who do you bring into the process?
- Timeline – when do you want out? This is not like selling a house, it can take many months, or a year or more, to find the right buyer.
- Have you done any estate planning to ease the tax burden? Is a charitable trust of interest?
- How do you want to exit, slide out over time or ASAP after a short transition?
- Are you ready to emotionally handle giving up your baby?
A lot to consider and the above needs to be handled before flipping the switch to sell. Buyers will appreciate it.
“Life without playing music is inconceivable for me. I live my daydreams in music.” Albert Einstein
“How far fewer words we need to tell our stories than we imagine we do.” Joyce Carol Oates