Your business that you invested most of your time, energy and money in for what may seem like an eternity is something you have created. You have nurtured it from the beginning. And you’ve seen it grow into something beautiful.
For many entrepreneurs, selling your business is like selling your child.
Now someone else has come along and wants to take that little baby away from you and not give it back to you.
Nobody said that selling your business to someone else would be easy. It may involve your most difficult movement. But, it can also be your best move. This is why…
Why you should sit back, sell your business, and let it go now
1. More financial independence— As entrepreneurs, many of us dream of one day trading all our hard work for a big paycheck from an acquiring company so that you and your family can be secure for life. It’s the stuff of headlines or a magazine cover showing me as a newly minted millionaire beaming with joy at my new found wealth when I sold my assisted living facility for an excess of thirty-five million dollars. Once you sell your business for maximum profit, the money is in the bank. Now, you can invest wisely, either in stocks or just safely in the bank, earning 5%.
2. More fun– Most people want to retire or at least partially retire. They want to move on and fulfill their lives in other ways. And they want to travel and see the world. As business owners who spend most of their time and energy developing and building their business, it’s not very often that you find yourself in a position where you can travel abroad for 6 months. Or go abroad for a year. Or, travel around the world. When you sell your business for maximum profit, you gain time, independence, and freedom. These are critical words to go and enjoy the fruits of your hard earned labor.
3. More emotional freedom – As a business owner, you will face disappointment in business. There are setbacks. Despite careful planning, things don’t always happen when and how you want. You will suffer feelings of frustration, fear and anxiety. I even know of business owners who have to drink Pepto Bismo, Mylanta, or Maalox every morning and night to get rid of their nervous cramps and feelings of nausea. They live in constant terror of an uncertain future. They keep thinking even though they have made a lot of money in the last year, 3 years, 5 years or even 10 years, but there is no guarantee about the next month and the next few years. Selling your business for maximum profit is one of the easiest ways to get rid of the fears and anxieties that come with starting your own business.
Now the question is do you want to gain more financial independence, emotional freedom and have more fun?
If your answer is yes, then the time to start thinking about selling your business is NOW! You shouldn’t wait until you reach the magic age of 55, 60, or 65. The process begins long, long, long, long, long before. If you start early, you can prepare. If you are organized, selling your business can be a smooth transition.