Why would any sane person give up a thriving business? If I had a nickel for every time I’d been asked this question, I’d have at least enough change to buy a few lattes… or one really good glass of celebratory wine. And trust me, I did a lot of celebrating when I sold a couple of my businesses this past year. Not because I didn’t love them, not because I felt burdened by them, and certainly not because they weren’t doing well–far from it.
There is so much reward in maintaining a business and striving to be the best leader I can, to contribute as much as possible and hopefully inspire my team to go on and do wonderful things in the world. But for me, there is also a huge thrill in creating something new, breathing life into it, and then letting go of it so it can live independently of me while I go on to create again. And how cool is it, that I can build a beautiful business, sell it, and see someone else do wonderful things with it?
Dear readers, my very last episode of The New Entrepreneur is about this very subject.
I’m excited to share this video with you, and yes, a little sad that it’s the last one. I had so much fun doing this series, and give my most heartfelt thank you to the whole team at Race to a Million for asking me to be part of this project and doing such a fabulous job of filming and editing these shows. If you missed the other episodes in the series, you can see them all here.
If you start a business, you may want to sell it someday. Maybe in a few months, maybe in a few decades. And there are all kinds of reasons you might want to do that–check out the video below to see what I mean. If you already have a business and are considering selling it, then you definitely want to see this video!
Action Steps for Success
- Start with the end in mind: think about what you want to do with your business down the road. Are you trying to make as much money as possible? Are you leaving a legacy for loved ones?
- Write down all the things you’ll need to do to make it happen: for example, if you want to sell on the open market, you’ll need to make your business as appealing to potential buyers as possible. What improvements do you need to make? Or, if you’re setting a family member up to take over the business, what skills do they need to learn, to make it thrive?
- Get professionals involved, to appraise your business and make you aware of the legal issues at hand. Make sure you’re armed with the best information when you’re dealing with the complexities of exiting your business.
- Keep focused on your intentions, and know that it may take some time to realize your ultimate vision. If you’re clear about it from the start, it makes it a lot easier.