(with apologies to The Clash)
Darling, you got to let me know . . .
One of the hardest decisions a business owner will ever make is when to sell their baby. And to whom. And for how much.
I’ll be here till the end of time . . .
Most owners overestimate how long they can and should stay and severely underestimate how long it takes to get the company ready to sell and consummate a deal. Whatever timeline you are living with, consider doubling it. You may lose the luxury of selling at a time of your choosing if health or life intervene to disrupt your desire to stay until they carry you out.
One day it’s fine and next it black . . .
It is normal, although painful, to swing back and forth between, “get me out of here” and “life is grand, why would I sell?” The very nature of the thing you have built is its intensity and the reality that every day is different. You may be in denial if you believe buyers are not astute and patient in terms of getting a deal. It is rare to meet an uninformed buyer so what you find challenging, they may find as a reason to discount their offer.
This indecision’s bugging me . . .
It is also bugging those you love. It is not just about you. The decisions you make leading up to and through your sale affect your spouse, your children, your social circle and many more. Just as you built your business, you will move on to building a full life outside of it. The beauty of exit planning is it is your best chance of accelerating and realizing the full value of your hard work.
Exactly whom I’m supposed to be . . .
A cliché is how often a well-intentioned business owner forgets to consider what their life will be like in the day, weeks, and years after their business has been sold. How will you fill your time, your need for problem solving, your need to create? This is a chance to re-invent yourself with exciting resources because you took the path less traveled – you planned your exit.
Well, come on and let me know, should I stay or should I go?
How about we work on maximizing the value of your business with 90-day timeline check-ins and you decide each time whether you should stay or you should go? This is the chance of a lifetime to earn your just rewards for the work you have put in. Here we want to play the long game so you realize the true wealth in your company and go on to put that true wealth to work in your life. Contact us to get started.
Bonnie A. Sewell, CFP®, CDFA™, AIF®, CEPA® is NOT AN ATTORNEY AND DOES NOT PROVIDE LEGAL ADVICE. All information he provides is financial in nature and should not be construed or relied upon as legal or tax advice. Individuals seeking legal or tax advice should solicit the counsel of competent legal professionals knowledgeable about the divorce laws in their own geographical areas or CPAs qualified to provide tax advice.
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