Do Successful Business Owners Realise when they’ve Won?
There’s no doubt that running a business can be all consuming. For some it’s simply a means to an end, for others it can be a life’s devotion that entails long hours, constant thought and not much time for anything else. Most businesses take at least ten to fifteen years to build up and forge into something substantial. That’s a large part of your life spent in meeting rooms, networking, developing products and services and getting everything just right.
I remember meeting a very successful business owner who had a company that was reasonably well prepared for sale. It wasn’t dependant on him, he could take lots of time off and delegate responsibility to his team. So I asked him why he wanted to sell it.
He said two things. First, he could never switch off and was always thinking about the business even though he didn’t have to. This is not unusual, in fact it’s more the norm particularly with successful business owners. It was his baby and he was responsible for it even though the company could happily continue without him.
Secondly, it came down to something his wife said to him and which finally made him decide to sell: “Darling,” she said, “you just need to know when you have won.” This second point was so profound that it has resonated with him and is something I’ve shared with other business owners over the years.
Successful business people are empire builders at heart. It’s often not about the success but the space they own, their achievement that sets them apart from all the rest. The work and energy needed to reach that point in a career is generally phenomenal and it’s not an easy thing to give up just like that.
You can’t simply close that office door behind you and walk away, it’s not in an entrepreneur’s nature.
The reason my client wanted to sell was that he realised there was nothing more left to achieve with the business. There was plenty of money in the bank, the business was thriving, he’d done the job and done it well. When it came down to it, though, selling up and moving on was a life-changing, monumental decision.
Not something to be taken lightly.
There are a number of reasons why you might think about selling your business. You may want a new challenge and feel that the equity you raise from selling will provide you with a good starting point. You might just want to retire and enjoy life rather than constantly having your nose to the corporate grindstone. You may actually realise that you have won this particular battle and there is nothing left to do.
When it comes to making that decision, there is still some more work to do, of course. You don’t just want to cast your business to the wind, you want it to continue to be a success once you have left. That means you have to balance the options of getting the right price and ensuring the best people take over. You will most probably have a number of staff whose future you want to protect. There’s audit and paperwork to get sorted.
Once all that is done and your business is finally sold, all you need to realise is that the world is still full of great opportunities.
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FAQs – Selling your company
How do I sell my business?
At Entrepreneurs Hub, we talk about five key areas that make the difference between success and failure when selling your business. Read more…
How much can I sell my business for?
Determining your business’s value is more than just calculating a number it’s complex with key factors, that said the basic equation is actually quite simple. Read more…
How long does it take to sell my business?
The timeline varies depending on the complexity of the deal and how ready the business is for sale. On average, the process takes around twelve months – sometimes less, sometimes more.
While preparing your business for sale, Entrepreneurs Hub conducts in-depth research to identify potential acquirers. You’ll have the opportunity to review and approve this list before we make any approaches. Once the business is fully prepared – often the most time-consuming step, we begin marketing it. Typically, you’ll start seeing initial interest within a few months, with follow-up meetings happening shortly after.
As these meetings progress – coordinated and facilitated by Entrepreneurs Hub, you’ll begin receiving initial offers. At this stage, we’ll help you assess the strategic fit between your business and potential buyers. When you decide to move forward with an offer, an exclusivity period begins, during which the acquirer conducts Due Diligence (DD).
The DD phase typically lasts two to three months, depending on the complexity of your business. Once complete, the sale is finalised, and you’ve successfully sold your company.
How do I sell my business quickly?
Selling a business quickly is possible, but speed shouldn’t come at the expense of value or deal security Read more…
When is the best time to sell?
Selling your business is a major milestone, and the start of an exciting new chapter, whether that means new ventures or a well-earned retirement.
In our experience, the best time to sell is when you don’t need to – when your business is performing well – not necessarily tied to the calendar. That said, timing can still play a role.
Timing the Market
Strong economic conditions, sector growth, and buyer confidence boost valuations. Don’t wait for a “perfect” market – a well-prepared, well-performing business sells in any climate.
Plan Ahead (12–18 Months)
The best outcomes come from early planning: clean financials, solid forecasting and growth potential.
Spring & Autumn Are Active Periods
The M&A market is typically busier in spring and autumn while summer and winter tend to be slower due to holidays and year-end distractions. However, the unpredictability of deals and negotiations makes this hard to target. We do deals all throughout the year – the key is to work with someone who can keep driving the deal forward whenever it happens.
Financial Year- End
Selling your business well is a long process and aiming for your financial year-end milestone is a virtually impossible task. But it is worth bearing your financial year in mind as buyers will want to review the most up-to-date accounts available.
The best time to sell is when your business is ready, and you are too. With the right preparation and positioning the right timing follows naturally.
Can I sell my business online?
Yes, you absolutely can sell a business online. Many platforms specialise in connecting business sellers with buyers. Read more…