The main effect of selling your business will be the additional load on your time. It is unavoidable, even with help from professional services firms and business sale advisors. You will be needed for conference calls, meetings, discussions and external appointments, much of which will need to be done confidentially in addition to your ‘day job’.
When a process like a business sale can take twelve to eighteen months to conclude, bear in mind that your eventual sale will almost certainly be after the current trading period is closed.
For most entrepreneurs, like you, the biggest danger is that you end up taking your eye off the ball. This can result in a slowdown in business performance and can ultimately affect the overall business sale price. It is going to be hard work, but with a strong level of commitment required, the sale process is something you cannot delegate.
The danger is, therefore, if you don’t pay enough attention to the sale process, you may end up adversely affecting your chances of a sale.
Rather than fighting against this situation, it is best to be prepared for it. It is one moment in time where you will be multi-tasking, but then if you run a business you are probably already familiar with that too.
There will be peaks and troughs too: weeks can go by with little activity, but there will be moments too where it all will get on top of you.
Here are some of the ways in which you can ensure that your business sale has less impact:
Use a diary or calendar and make sure you are aware of your specific stage in the business selling journey. It is a marathon, not a sprint, but as with a long-distance race, you need to pace yourself. Check your distance and time, keep an eye on your progress. It is only by working out how far you’ve come and what distance is left to travel that you will remain confident in a successful crossing of the finishing line.
Explore the options available to you, improve your chances of successful sale.
If you’re seeking a business to buy, then we can increase your deal flow.
In the early stages of such an important undertaking, it can be a bit of a moral maze: who do you trust?
Firm Gains gave me confidence with detailed advice and support. I would recommend their services to other entrepreneurs seeking to buy a business.Mr T Washington , Founder
I found it much easier to get my head around a business sale this way than talking to my accountant. You speak a language I understand!
Even though the whole process of selling seems daunting, I’ve got more confidence that I’m heading in the right direction.Mrs T Boothe , Founder
Thank you for your email and the excellent advice provided earlier this week. It was immensely helpful and has helped me to plan my future direction for the practice.
I would have no problem whatsoever in recommending your services in the future.Mr & Mrs Halldron , Co-Owners
Firm Gains were recommended to me and I was not disappointed. They were efficient, helpful and effective responding quickly to my request with all the facts that were needed to ensure a stress-free dialogue with our buyer.
What really helped was the advice over and above the valuation, which was immensely valuable and gave me the confidence to proceed. I would not hesitate in recommending them.Mr C Waite , Founder
We found the advice invaluable, which was clear and concise and felt your firm had a good handle on market trends and business sectors.
With also the backup of the secondary services, there was a feeling you had all bases covered if we wanted to proceed with our exit via Management Buy Out (‘MBO’).Mr D Wills , Director
Thank you for your advice. I was just about to sign up to the wrong kind of business agent for a company of our size, but read your post just in time.
I found a more serious partner, with experience in our industry and we’re already using the same language.Mr F Summerscale , Managing Director
We have been greatly impressed by the clear and impartial advice given to us by Firm Gains. After just an initial phone call we felt much better informed, with a new awareness of the many options available to us.
Firm gains understood our situation quickly and clearly and were anything but ‘pushy’. Refreshing compared to what we’d experienced before.Mr C Hutcheson , Managing Director