Hello there, fellow small business owners! If you’re reading this, chances are you’ve built something amazing from the ground up, and now you might be wondering about the next chapter. I’ve been in your shoes, and I’d like to share my personal journey to help you decide if there might be value in selling your small business with us, or if you should consider other options.
Let’s start with the key question: Why sell? You’ve got a successful business, a great team, and you’re probably not being forced to sell. So, what’s the motivation? In my experience, motivation plays a significant role in the selling process. A motivated seller might be more flexible on pricing or other terms compared to someone without a compelling reason to sell.
When I was first approached by potential buyers in 2019, I admit I was initially skeptical. It’s a bit like being asked out on a date when you’re not sure if it’s a good match. The first company didn’t feel right for us, and we parted ways amicably. But that experience made me ponder my business’s future. I started examining the industry, the technology landscape, our infrastructure, and our reliance on external components.
Eventually, another suitor, company number 2, came along, and this time, things clicked. We signed a Letter of Intent, outlining the deal’s parameters and financial plans. However, as the due diligence process unfolded, I began to see vulnerabilities within my company. Our infrastructure was aging, and our growth relied heavily on external technology.
Then, out of the blue, company number 3 called. While I couldn’t discuss details due to confidentiality, this turn of events reaffirmed my decision. The business landscape had changed significantly, and I realized it was time to sell.
My journey went from reluctance to recognizing the value in selling. It’s a process that’s worth exploring. I had three major companies express interest individually. The rapid evolution of technology, a strong foothold in the industry, and my age were significant factors.
If you’re at a crossroads with your business, it’s crucial to understand your motivations. Maybe you’re simply tired, want to enjoy the rewards of your hard work, or face significant upgrades. The reasons can vary, and I’m here to help you explore them.
If you’d like to dive deeper into this process, I’m just a call away. Let’s talk about why selling your business might be the right choice for you.
Stay tuned for the next blog post, where we’ll discuss establishing a price for your business!
To schedule a no-cost appointment to discuss your situation and see how Alternative Small Business Consultants can better serve you, please either call us at 630-456-5124 or send an email to [email protected].
