Leap of Faith – The Fear of Losing what You Love
Do you remember watching the Indiana Jones films when they first came out? A bit of escapist nonsense to pass the time and loved by many to this day. In “The Last Crusade”, Indi is faced with a number of tests as he progresses in his quest for the Holy Grail and he comes to a deep chasm with no obvious way across. At this point he summons up his courage and takes a step of faith out into the unknown only to discover a cleverly disguised bridge under his feet.
Why does this come to mind? Well it seems to me that many business owners I speak to feel a little bit like Indiana Jones in this situation. They recognise they have come to the end of the path with their business and it is time for them to exit. But for many, acknowledging the situation and being entirely happy about it are two very different things.
In my experience, people who have built successful businesses are also deeply passionate about those businesses and the work they do. Everyone has good days and bad days, but deep down we love the work we do and so the thought of packing it all in stimulates some hard emotions.
But these hard decisions have to be made and so perhaps we need to frame the situation in another way. Here are two suggestions:
Not something lost, but something gained…
It is very easy, and natural, to think about what you are losing by selling the business – for many business owners the business has been somewhat all-consuming for many years. But what’s next? In one of our recent blogs, this was highlighted as one of the most important questions you need to answer before deciding to sell. As a business owner you understand the importance of setting goals and knowing what the next steps are – this is no different for your plans post-sale. Understanding this will put a different complexion on the sale from losing the thing you love, to gaining the opportunity to do something new.
Leaving behind a legacy that will grow…
Another way to look at this is from the perspective of the business itself. Many people equate building a business to raising children. You nurture it and grow it, trying to instil your values and personality until you have given it all you can give. Selling the business then is more like passing the business on to new owners who can continue to shape and develop it on the firm foundation you have created which is normally great news for your staff.
So if, like Indiana Jones, you find yourself at the end of the path, staring into what appears to be a deep chasm don’t despair. You are in safe hands with the Entrepreneurs Hub. We work with business owners at all stages; those who are ready to sell and those who are preparing, but also those who are just starting to consider their options.
So if this is a situation you are facing, or you just want to find out more. Why not attend one of our confidential webinars (click here for more details), or contact us for a free, no obligation chat and business review.
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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…