When are you thinking about selling your business? 10 years before you die or 1 year after you die.
I don’t like thinking about death, I dont like talking about it, I dont like writing about it. My Mom just passed away a few short weeks ago. I am a business broker based in Florida helping people buy and sell businesses. I started and ran and owned a business of 20 years and successfully sold it. I know my Mom was proud of me. I know it. Is that an even exchange?. Mom you give all of yourself for me your whole life and in exchange, I will try to make your proud of me
I have so many discussions with people about significant life decision. Business owners want to sell “so they can enjoy life”. Prospective business buyers want to buy a business because the opportunity to do so wont be there forever. Life is short. I Currently have a client that the owners (husband and wife) wanted me to help sell their business. It took a long time. We have it under contract, But several months ago, the wife got sick, and then sicker and then a few months ago, she passed away, at a relatively young age. They wanted to sell their business so they were not so tied to their business and they could enjoy “those other things in life” together. As she got sick, they anticipated having x years to enjoy life together, without the business. Those years became months and then became days and now the surviving husband is trying to piece together plans of how he can enjoy his days without the woman he had made those prior plans with.
“I am going to wait to sell my business next year”. Sometimes there is no next year.
I sold my successful business of 20 years at a relatively young age because I wanted to do something else. I had some health issues that afforded me a different perspective on life. I am now a business broker and I truely enjoy and embrace the magnitude of what I am part of. Buying and selling a business is a life changing event. Yet being a business broker is also a very challenging and difficult business.
So many business article exist on the internet about how to “Buy the Best Business” or “How to Sell your Florida Business”, or “5 Best ways to find the best Business Broker” . I’ve even written some myself. This is not one of them. How much do you let life get in the way of your business? How much do you let business get in the way of your life?
I got back from doing my Moms eulogy to meet with a 71 year old business owner that wants to sell his business “so he can enjoy life fully with his wife”. Isn’t that a good reason to sell your business?. I not only think so- I know so.