At some point, the odds are exceptionally high that you’ll need to sell your business. Today, fewer businesses are being passed on to the next generation, increasing the likelihood that you will be selling your business eventually. Regardless of your business’s stage of life, the time to prepare for its eventual sale is as early as possible.Many believe that the most effective approach to selling a business is to avoid adopting a purely “selling” mindset and instead aim to position the business to be purchased. Let’s take a look at a historical example. In Cary Reich’s 1996 book “The Life of Nelson Rockefeller”, an insightful anecdote illustrates this point. In negotiations over Rockefeller’s Mesabi iron ore properties with J.P. Morgan, John D. Rockefeller, Jr. astutely replied to Morgan’s team asking for a price with, “I think there must be some mistake. I did not come here to sell. I understand you wish to buy.” Despite Morgan eventually purchasing the properties, the price was set … [Read more...]
How do i sell my business
Navigating the Decision to Sell Your Business
For many business owners, deciding to sell their company is one of the most significant financial decisions they will ever face. This choice may not only alter their financial situation but also impact their lives as a whole. Life after selling a business can be vastly different, so it’s essential for owners to consider what their future might look like post-sale. Sellers must carefully contemplate both the financial and personal implications of selling long before they put their business on the market. Too often, owners dive deep into the sales process only to realize, painfully, that they are not truly ready to sell. For many, their business is completely intertwined with their identity and sense of self. There are circumstances where selling becomes a necessity—such as retirement, health issues, partnership conflicts, or marital problems. In these situations, selling may be the most viable option, despite the emotional toll it may take. That’s one reason why so many experts advise … [Read more...]
