Sell My Business To Find a Better Balance: Escaping the Trap of Being Money Rich and Time Poor
Escaping the trap of being money rich and time poor
“I didn’t think I’d ever sell my business, the business was my life,” the words of Martin Gadsby former owner of Optimal Industrial Automation. For him, like many business owners, the phrase “money rich, time poor” resonated in a very real way. It comes from Rob Parsons’ book “The Heart of Success: Making it in Business Without Losing in Life.” It highlights the challenge of achieving professional success while maintaining a fulfilling personal life.
Business owners often spend long hours working and reap significant rewards, but this can come at the expense of their personal lives. It’s important to find ways to enjoy the benefits of hard work while ensuring a healthy work-life balance. Success isn’t just about how much money you earn, but also about how you earn it and the time it takes.
In many families, both partners work, often with different schedules, which can limit their time together. Business owners often face heavy responsibilities, resulting in late nights and long meetings. The desire to control every aspect of the business can lead to unnecessary stress and a lack of personal time.
Downtime is essential, yet those who are financially successful, but time-poor often struggle to relax and unwind. Holidays may turn into workdays, with constant phone calls to the office, and personal events can be missed due to urgent business matters.
The Importance of Downtime
Life is more than just business. Family, personal achievements, and leisure activities are all important. When starting a business, many envision early retirement and more leisure time. However, the thrill of daily operations and the pursuit of success can become addictive, much like a drug.
Reflecting on Your Goals
Consider these questions:
- Do busy days at the office leave you more depleted than energized?
- Do you wish you had more time for your partner, family, and friends, and feel resentful that work prevents this?
- Would it be a relief to disconnect from work during evenings, weekends, and holidays?
If you answered “yes” to any of these, it’s a sign that your work-life balance needs adjustment. Long hours and constant control can become unhealthy norms. Remember, downtime is crucial for health and well-being.
Reflect on why you started your business. Likely, it included desires to enjoy life more once financially secure. If you’ve reached that point, now could be the year you reconnect with family and friends, learn new skills, or rediscover hobbies.
Stepping Back Gradually
Running a business can be exhilarating. but if you feel you’re missing out on important life aspects, consider these steps:
- Delegate More: Can you delegate to a trusted second-in-command and attend essential meetings only? Giving top performers more responsibilities can benefit the business and provide you with breathing room
- Consider Stepping Back: Perhaps it’s time to consider selling your business. Talk to corporate finance experts like Entrepreneurs Hub to prepare for a sale that maximizes value, allowing you to enjoy the profits from your years of hard work.
- Pursue New Challenges: Are there other things you want to do? Perhaps learning a new language, perfecting a hobby, or spending more time with loved ones.
As we progress towards our goals, remember George Lorimer’s wisdom:
“It’s good to have money and the things that money can buy, but it’s good, too, to check up once in a while and make sure that you haven’t lost the things that money can’t buy.”
By focusing on these adjustments, you can start making a life, not just a living.
Entrepreneurs Hub is a corporate finance company helping UK business owners sell their businesses smartly. Learn more from our free webinar on selling your business for maximum value or contact us to discuss how we can help you.
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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 using a multiple of its profit, usually EBITDA or adjusted net profit. The multiple depends on factors such as growth potential, recurring revenue, customer diversification and management strength. Professional valuation provides a realistic price range and helps position the business effectively for buyers.
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 a business?
Selling a business in the UK typically takes between six and nine months from preparation to completion. The timeline depends on business readiness, buyer demand and the complexity of due diligence. Early preparation and clear financial reporting can help shorten the process.
When is the best time to sell a business?
The best time to sell a business is when it is performing strongly, growth prospects are clear and you are not under pressure to sell.
Business owners often achieve the strongest outcomes when:
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Profits and revenue are growing
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Financial records are clear and well prepared
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There is visible future growth for buyers
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The owner has planned the sale 12–18 months in advance
Market conditions can also influence valuations. Strong buyer demand, sector growth and favourable economic conditions can increase acquisition activity, but a well-prepared business can attract interest in most markets.
Deal activity often increases during spring and autumn, although transactions complete throughout the year. In practice, preparation and business performance usually matter more than trying to perfectly time the market.
Ultimately, the best time to sell is when both the business and the owner are ready, with the company positioned to demonstrate strong value to potential buyers.
Do I need an adviser to sell my business?
Many business owners choose to work with an M&A adviser to manage the sale process. Advisers help value the business, approach qualified buyers confidentially and negotiate terms. This structured approach can increase the likelihood of achieving a higher value and a successful transaction.
How is confidentiality protected during a sale?
Confidentiality is protected through controlled information sharing, anonymous buyer approaches and strict non-disclosure agreements. Potential buyers receive limited information initially and must sign an NDA before any sensitive details are released. Business owners approve prospective buyers and maintain visibility over all documentation throughout the process.
How do I value my business before selling?
Valuing a business before selling usually involves analysing profitability, identifying valuation multiples and assessing key value drivers such as recurring revenue and customer concentration.
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…