At Transworld Business Advisors of Atlanta, we know selling a business is a significant financial transaction that requires careful consideration and planning. If you are serious about the outcome, you must commit to selling your business and not just testing the market. Here are some tips to help you make the right decision at the right time:
1. Commit with Conviction
- Make a plan, discuss it with your close confidants.
- Keep it confidential, avoid telling anyone who is neither an owner of your business nor your immediate family/spouse of your plan to sell.
- Remember and revisit your initial decision to sell, have plans for your future, and have others hold you accountable for that decision.
2. Know Your Why
- Your reason for selling is a critical component of the sale.
- It needs to be concise, real, believable, consistent over time, and ingrained into your head.
3. Keep it Confidential
- Only those closest to you need to know about the impending sale.
- Avoid telling employees, vendors, suppliers, customers, advisors, and everyone else.
- If people do find out, divert their attention to plausible alternatives like seeking new insurance or obtaining a line of credit.
We get it. Selling your business is a tough road, and there will be many junctures when you’ll consider quitting the process altogether. However, if you are committed and willing to walk confidently through risk, frustrations, and uncertainty along the way, you can come out unscathed.
Keep it confidential, know your why, and commit with conviction to making the right decision at the right time.
