One of the most common ways to exit a business is to sell it. However, this isn’t the right choice for everyone. Selling your business comes with some definite drawbacks. If you’re considering this option for your exit strategy, it is important to know what to expect.
Your Customers Still Matter
When you sell your business to another person, it’s not the same as simply walking away. You have to prepare your business, and your customers, for the change. On the administrative level you’ll need to go through all of the processes and systems and make the necessary changes. A very basic example is the password and login change for your payment systems. There are many behind-the-scenes tasks that will need to be taken care of.
Your customers also need to be notified or prepared. Some of that can be managed by the new owner, or it should be at least coordinated with them. You will probably want to reach out to your customers and reassure them that theyíre in good hands.
In many cases there’s a transition period that can last from a few months to up to a year. This is the time when the new owner takes over all of the business but keeps you on hand for questions and input. You’re still tied to the business.
The Letting Go
There is an almost 100% chance that the new owner will run things differently to how you run things. Even if you’re ready to leave the business behind, it may be difficult to completely let go. If you close your business, you don’t have to watch someone else run it. When you sell your business, it is still out there. You may find yourself visiting the website, reading the blog posts and staying involved. It can be difficult to cut ties.
Of course selling a business means you’re able to make some money, which is always good. It also means that your beloved customers are still taken care of. If you’re prepared for the transition period, it can be a great way to leave your business.
If you are interested in exploring a merger or sales opportunity, please contact me, I am always on the lookout. We can have a no obligation chat about your business to see if there’s a way for us to work together, or I can look into my contacts to see if I can connect you with anyone that would be better suited to help you.