It’s terrifying. Or at least unnerving, to think about having a complete stranger dig into the financial corners of your business to get it ready for sale.
After all, you’ve spent years, maybe even decades, building a business you’re proud of. But now, as you start thinking about retirement or perhaps a new business adventure, the idea of selling your business comes into play. It’s a big step and talking about it with a business broker or M&A firm like Albion Mergers and Acquisitions can frankly be a little scary.
But armed with the knowledge that you’re not alone – and that the trust you put into a professional business seller can pay off BIG – should make it easier to take that first step.
Let’s look at five reasons why you might be feeling a bit hesitant:
Fear of the Unknown:
Selling your business is a big change, and change is often NOT comfortable. For instance, you might be worried about what retirement will look like or if you’ll enjoy your new venture as much as your current business.
These uncertainties can make the idea of selling your business feel overwhelming.
All we can tell you on this front is that we’ve seen lives change so much for the better!
- One business owner was just tired of all the paperwork and financial responsibility of running his business and HAPPILY sold and stayed on in a management role.
- Another used the proceeds from his sale to fund a pretty amazing retirement travel plan.
- And still others just got reinvigorated when they started a NEW business – capturing that startup enthusiasm all over again.
Worries About Confidentiality:
You might be worried about the word getting out that you’re planning to sell.
For example, if your employees find out about the sale prematurely, it could lead to unnecessary stress and even resignations. Similarly, if your competitors hear about it, they might use the information to their advantage.
That’s why we INSIST on operating under NDAs at every step of the way. Not only are WE bound by those agreements and our own code of ethics, not abiding by one would ruin our reputation.
And we would never negotiate with a potential buyer without getting one signed at the very beginning.
Find out more about Confidentiality here.
Concerns About Valuation:
Are you going to get a fair price for all the years of hard work you’ve put into your business?
This is a common concern. You might worry that a potential buyer won’t see the value in the long-standing customer relationships you’ve built or the reputation you’ve established in the industry.
This is at the CORE of what Albion Mergers and Acquisition does. Valuation and how to position your business on the market is key to getting a great price – and finding exactly the right buyer as well.
Read more about the importance, and our approach to Maximizing Your Business Value
Emotional Attachment:
Your business is more than just a business.
It’s something you’ve built from the ground up, and it’s a big part of who you are. For instance, you might have started your business in your garage, and seeing it grow over the years has been one of your proudest achievements.
The thought of handing over the reins to someone else can be a tough pill to swallow!
This is why we talk a lot about the “right buyer” or the “right fit”. We listen to YOU, not just about the numbers, or the market, or even your history in the business, but also about what you want for your company in the future.
Doubts About the Process:
Selling a business is a complex process, and if you’ve never done it before, it can seem overwhelming. You might be unsure about where to start, what steps you need to take, and how long it’s all going to take.
For example, you might be wondering how to prepare your business for sale, how to find potential buyers, or what legal issues you need to consider.
That’s exactly what we’re her for – it OUR business just like the one you’re considering selling is yours. And probably much like you:
- We have the experience to succeed
- We’ve developed a business process that works
- Personal attention to our clients often leads to long term relationship, from one business to another!
In Conclusion – Selling your Business
These are all valid concerns, but they shouldn’t stop you from exploring your options.
At Albion Mergers and Acquisitions, we’re here to guide you through the process, answer your questions, and address your concerns. Selling your business is a big decision, but with the right support, it can also be an exciting opportunity for a new beginning.