Recognise Where you are and Set Realistic Goals
For any athlete the aim is to win and keep winning. It’s why they train, it’s why they control their diet and why they are prepared to make so many sacrifices. In a lot of sports, the ultimate pinnacle is the Olympics and for many athletes consequently the ultimate prize is Olympic Gold! But watching some of the events unfold at the delayed Tokyo games has been quite revealing. The attitude and reaction of the athletes after the drama has played out is particularly fascinating. It would seem there are four broad groups, and each has something to tell us about business.
GOLD
The first group is the winners, the gold medallists. They are the best in the world and there can be only one – but two things strike me about these athletes:
- They acknowledge the margins. At this very top level of sport victory can often come down to the smallest of margins – a misstep here, a fraction of a second there, and in some sports you can do everything right and a lucky shot or unlucky drop will be the only difference. For the most part these athletes will acknowledge the margins and the strength of the field.
- The how (for the moment) ceases to matter. Having said that these winners acknowledge the margins, another observation is that the mistakes and misfortunes completely melt away for that moment on the podium, and probably for a good while after. They will pick up on them again when they get back to training, but for now a win is a win.
Do we take time to enjoy our successes and to celebrate with our teams, or are we too quick to highlight and analyse the things that didn’t go so well?
SILVER/BRONZE
This second group are a most interesting mix. The disappointment of not winning is etched on their faces but is then overwhelmed by the realisation of the magnitude of what they have actually achieved. As businesses we should never be content to settle for less than we believe we are capable of achieving, but neither should we be too quick to condemn a good performance that got us close to our goals.
4th PLACE
In many ways this is the most difficult position to handle, so close to a medal but yet so far from achieving what you set out to win. You would be forgiven for thinking there is little here to celebrate and usually there is a fair amount of disappointment and regret churning inside these athletes. But one thing they have all done is acknowledged the journey. In sport as in business, the last couple of years has been turbulent to say the least. We should all be prepared to cut ourselves some slack when it comes to our performance. Disappointment is a natural reaction to not achieving your goals, but you can either let it overwhelm you or you can use it to spur you on to better things with hopefully a clearer road ahead.
EVERYONE ELSE
Rightly, the core coverage in the Olympics is reserved for those who win a medal or get close. But for hundreds and hundreds of the athletes participating in the Games, the so-called minor places are the best they can hope for. You might be forgiven for thinking there is little to learn from these athletes – after all, who wants to be an also-ran? But bear with me for a moment… if that was their attitude then they surely wouldn’t bother turning up, but they do! The thing is that for the vast majority of athletes at the Olympics, the realistic hope of winning a medal is slim to none, so they must go for different reasons.
- To be there… sometimes we can be so obsessed with winning we forget to take in our surroundings. For many of these athletes the opportunity to compete on the world stage and touch gloves with the best in the world is reason enough. To experience the special atmosphere of the Games is their reason to go, even if they end up coming last.
- To learn… oftentimes an athlete who is taking up these minor places is an up-and-coming talent. To gain the experience of competing and of rubbing shoulders with the world elite is the real prize they are after. In business we should always be humble enough to learn from those around us.
- Because you’re still special… for the many hundreds who go and don’t win there are many thousands who never got to go at all. Finishing 20th in the Olympics is still better than not even qualifying. It is important to remember in business to acknowledge where we have come from and what we have achieved, not just looking at where we are going and what we haven’t achieved.
One final thought I will leave you with is this. The one thing that all the athletes we have been talking about share is a love of the game. They couldn’t do what they need to do to win if they didn’t enjoy it! And that’s the same for you and me in business. If you would like to discuss your business exit goals then please do make contact with us or call us on 0845 0678 678.
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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.