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 instill 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.