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 in the UK?
Selling a business in the UK typically involves preparing financial information, obtaining a valuation, identifying suitable buyers and negotiating the terms of a sale. Most owners work with an M&A adviser to manage the process confidentially, approach qualified buyers and maximise the value achieved.
At Entrepreneurs Hub, we talk about five key areas that make the difference between success and failure when selling your business. Read more…
What is my business worth?
A business is typically valued by applying a multiple to its sustainable profit, often EBITDA or adjusted net profit. The appropriate multiple depends on factors including growth, recurring revenue, customer concentration, management strength, owner dependency, market conditions and buyer demand.
Determining what your business is worth involves more than applying a simple formula. Use our Business Valuation Calculator to obtain an initial valuation range, or read our simple business valuation guide to understand the factors buyers consider.
How long does it take to sell a business?
Selling a business in the UK typically takes around 12 to 18 months from initial preparation to completion, although some transactions may be quicker or take longer. The timeline depends on business readiness, buyer demand, deal complexity, due diligence and how quickly the legal terms can be agreed.
Preparing accurate financial information and organising key documents in advance can help reduce avoidable delays. Read our complete business sale timeline to understand what happens at each stage.
When is the best time to sell a business?
The best time to sell a business is usually when it is performing strongly, its future growth is clear and you are not under pressure to complete a sale. Buyers are generally more attracted to businesses with rising or stable profits, reliable financial information and credible opportunities for further growth.
Business owners are often in a stronger position when:
- Revenue and profits are growing or consistently strong
- Financial records are accurate and up to date
- Future growth opportunities can be clearly demonstrated
- The business is not overly dependent on the owner
- There is a capable management team in place
- The owner has started preparing well in advance
Market conditions can also affect buyer appetite and valuation. Factors such as sector growth, access to finance and competition between buyers may support stronger deal activity, but preparation and business performance are usually more important than trying to identify a perfect month to sell.
Ultimately, the best time to sell is when both you and the business are ready, and the company can demonstrate sustainable performance and future value to potential buyers.
Use our Exit Readiness Tool to assess how prepared your business is, or read our guide on when to sell your business for further guidance.
Do I need an adviser to sell my business?
You are not legally required to use an adviser to sell your business, but many owners appoint an experienced M&A adviser to help manage the process. An adviser can prepare the business for sale, identify and approach suitable buyers confidentially, coordinate negotiations and support the transaction through due diligence.
The right adviser can also help create competitive tension, protect your time and reduce the risk of avoidable mistakes. Read our guide to choosing the right business sale adviser to understand the different types of support available.
How do I prepare my business for sale?
Preparing a business for sale involves strengthening its financial performance, reducing risk and making sure it can operate successfully without heavy reliance on the owner. Buyers will also expect accurate financial records, clear contracts, organised documentation and evidence of future growth.
Preparation should ideally begin well before approaching the market, giving you time to address weaknesses that could affect value or delay the transaction. Use our Exit Readiness Tool to assess how prepared your business currently is.
How is confidentiality protected during a sale?
Confidentiality is protected through controlled information sharing, anonymised buyer approaches and non-disclosure agreements. Potential buyers usually receive limited information at the start of the process and must sign an NDA before commercially sensitive details are released.
Prospective buyers should be assessed before receiving further information, with documents shared gradually according to their level of interest and credibility. A well-managed process also allows the business owner to retain oversight of who is approached and what information is disclosed.
What documents do I need to sell my business?
The documents needed to sell a business commonly include financial accounts, management information, forecasts, customer and supplier contracts, employment records, tax information and evidence of intellectual property ownership.
Buyers may also request details of property, insurance, legal disputes, regulatory matters and company ownership. Organising this information before due diligence begins can reduce delays and help maintain buyer confidence. Our Business Sale Due Diligence Checklist explains the main information buyers are likely to request.
What’s the quickest way to sell a company?
Selling a business quickly is possible, but speed shouldn’t come at the expense of value or deal security Read more…
What’s the best way to sell a business online?
Yes, you absolutely can sell a business online. Many platforms specialise in connecting business sellers with buyers. Read more…
How can I increase the value of my business before selling?
You may be able to increase the value of your business by improving sustainable profits, developing recurring revenue and reducing reliance on individual customers or the owner. Buyers also value capable management teams, reliable financial reporting, scalable operations and clear opportunities for future growth.
The earlier you identify the factors affecting value, the more time you have to make meaningful improvements. Use our Business Valuation Calculator for an initial indication of value and our Exit Readiness Tool to identify areas that may need attention.