Selling your business can be a difficult thought to grapple with, and knowing when to sell your business can be extremely hard for business owners to determine. Doubts and worries around making the right choice are more typical than you might think, and many business owners simply require external reassurance that they are making the correct decision for them. While no one can make this choice for you, fds has heard many reasons a business owner could possibly have for taking this plunge and has an abundance of experience in managing this business move with sensitivity and care.
So, what possible reason could there be to sell your business? After all, many business owners have built this up from scratch and poured every effort and resource into making this a success. Well, there isn’t just one definitive reason that makes selling your business the path you choose to take. The future can be unpredictable, and planning ahead as much as possible is essential for this exact reason.
Selling Your Business: Thinking to the Future
Preparing your business for sale means first understanding that there are a plethora of reasons that could make selling your business the most sustainable decision for you. Reasons why you need to plan for this include, but are not limited to, the following:
- Life beyond the boardroom: As a business owner, a lot of time is spent making and considering key company decisions, which will likely limit the amount of free time you can allot to your busy schedule. Business owners can tire from this lifestyle and therefore crave what they can’t have.
- Losing interest: Many businesses spring from passion projects, and this passion isn’t always long-term. Losing interest in your business is a common reason for wanting to sell and seeking a new challenge.
- Looking to retirement: The retirement stage is a phase of life that most business owners look forward to in order to enjoy the fruits of their labour.
- Possible shareholder issues: A shareholder fallout or dispute is unfortunately more common than you might think, so selling your business, or shareholding, is sometimes the most practical choice to make to avoid further conflict.
- Change in business direction: Advancements in technology, cultural shifts and the fluid nature of business strategy mean that businesses can simply outgrow the resources or skillset of the business owner. It’s extremely wise if a business owner can recognise their company may flourish with the involvement of another organisation, which is when ‘big brother’ type targets (larger organisations they can buddy up with) could be sought to take the business into the next stage.
- Management team involvement: When the management team are keen to take the business forward, a business owner may come to their own realisation that this is the most effective way to nurture company growth.
Selling Your Business: Insights
As mentioned, fds has plenty of experience with the many reasons a business owner might decide to sell their business. Because of this, we have a wealth of insights into how to make the process as smooth as can be, and are therefore fully equipped to offer our expertise to business owners considering a sale.
A key reminder is that resilience is everything in this process and a must-have for all business owners. Selling your business is an often bumpy road that can take many different and unexpected twists and turns. There is often no way of predicting what will happen, and therefore, the process can be considered a rollercoaster in emotions, events and experiences. The process can also take longer than expected, with trade deals currently taking approximately 12 months to complete. Business owners looking to sell are in for a long period of effort, but the result is worth it if this is the path that they consider the best for their future.
As experienced project managers, we ensure that we do all the heavy lifting during the process, but we will require your input during stages, as nobody knows the business better than you. It’s also important that you don’t take your eye off the ball, and continue to run the business as you would do. We want to showcase your business with a positive trajectory, not a decline in performance.
Selling Your Business: What Next?
If you relate to any of the common reasons for selling your business that we have discussed, or have your own reasons for why you are considering a sale, then we can help you.
If you are interested in discussing further, please do not hesitate to contact us for a confidential, non-obligation call.