10 Things You Must Know About Selling Your Business
Written on the 9 July 2014 by Kirsten Lowis
We can all understand why people get overwhelmed. Being in business can be like being in the school of hard knocks. There aren’t many business owners I know that are not confronted with a major calamity each month. This can be anything from an upset customer, an employee that doesn’t turn up for work or simply too much to do in not enough time.
A small business owner has to wear twenty hats and perform at the speed of five people, and compete in a ruthless marketplace. So why do business owners take on such a challenge? Is it because deep down they get a feeling of overwhelming satisfaction of being their own boss? Maybe it’s being the master of their own destiny?
There is no denying that there is a tremendous sense of exhilaration and achievement when you reach 1000 likes on Facebook, or your sales suddenly surge and you win a new customer. Perhaps it’s the sense of pride when your employees work as a team and implement and follow the systems that you have developed, not to mention achieving something that no one else has been able to.
For me, the pinnacle of this feeling of achievement was on the day I signed the contract to sell my first small business. It was what dreams are made of – but it was not smooth sailing by any stretch. I knew how to do everything else in business, except how to exit!
So, I went on a mission to find out why there isn’t any information on this extremely important subject.
For the best part of ten years, I’ve worked closely with the best advisors across the country and had the privilege of been involved in many variations of small and medium sized businesses and franchise sales – including my own - and capturing the key factors that affect the success or failure of a transaction. I can tell you that most failures come from lack of preparation. There has also been a lot said about the glut of retiring Baby Boomers, and whether you took an economics class or not, you would have heard of the law of supply and demand - when there is more of something to sell (supply), the price drops.
The Baby Boomer sellers had a pig in a python effect, and they are planning to sell their businesses at the same time. The challenge is that we have is that demand from Generation X buyers has dropped off acutely due to many interesting issues. So combine that with a tight lending market, you need to be prepared if you are planning to sell.I’m super excited to announce the release my 4-part series 10 Things You Must Know About Selling Your Small Business. I have consolidated my research, experience and knowledge into this program, and I offer this information and practical guidance to as many business-minded people as it can reach – in whatever town, state, country you live in – mainly because starting and running a small business is exciting and fun, but it’s also one of the toughest jobs in the world.
I believe that business owners have made a considerable investment of time and money in their businesses (and communities) and deserve the best guidance when it comes to selling.Most small business owners buy or start a business with such excitement and a deep hunger to achieve, but sadly most of those same people end up wanting to sell their business due to burnout, financial strain or a desperate need for change – and often, left it too late.
Want to learn more about selling your business?
The 10 Things You Must Know About Selling Your Business series is completely online, and can be accessed from any location without any travel or expense involved. Early Bird packages available starting at AU$197. Contact me for more information.
Author: Kirsten Lowis
About: As the Founding Director of Zoom in Business – a subscription-based coaching program and magazine, NQ Business Sales – a business sales firm based in North Queensland, and Bizrich – a business valuation firm, Kirsten has learnt from the trenches and brings a wealth of personal and professional experience and knowledge to our members. With over 10 years as a franchisee, retailer and start-up business owner, Kirsten has worked closely with fellow coaches, hundreds of clients and the best facilitators in Australia who have run their own business or have experience in running a business and teams. Kirsten’s extensive knowledge and experience as a Registered Business Valuer and Licenced Business Broker helps our members improve awareness, understanding and confidence in buying, growing, valuing and selling their business, while connecting them with local and international business experts to create a capable and dynamic business community.Connect via: Twitter LinkedIn