They say money can’t buy happiness… but it sure can buy you things that make you happy. But the acquisition of money is often a very time-consuming thing. I have lost count of the number of business owners who have come to me saying, “I have a successful business, but no time to enjoy the proceeds.” Long days in the office, lost weekends dealing with urgent issues, and holidays spent with one eye firmly on what is happening back at home, eventually take their toll.
Because you are so busy with running your business, you have probably engaged a wealth manager to help look after the money that you are generating. If you haven’t then I strongly suggest you do. But the real value of having a wealth manager is in helping you turn the tables and instead of working for money, make money work for you!
This is where an exit strategy for your business comes in. If you are reading this then the chances are you have a successful business, but it is also likely that it doesn’t quite hold the same thrill as it used to, when time was just a four-letter word. Selling a business can help you realise value and walk away, which may just be the opportunity to “buy” back the time you crave. Time with friends and family, time to perfect that golf swing, time to travel, time to do all of those things you have been putting off for years.
If that sounds like you then here are a few things you might want to consider:
- Start slowly – even if the will is there, unhooking yourself from a business is not an easy process, so give yourself time. Look to promote from within, bring in a good lieutenant who can start to take on some of the responsibility and attend some meetings on your behalf. You may also want to consider allocating yourself some personal days in the diary, where all staff know you are not to be disturbed – there is very little, after all, that cannot hold for one day!
- Seek wealth management advice – I have already suggested strongly that if you don’t have one, you should engage with a wealth manager. It makes a lot of sense, and they are well placed to help you understand how much cash you actually need, to lead the life you want to live.
- Explore the sales process – corporate finance experts, Entrepreneurs Hub run regular webinars on the subject of how to sell a business for maximum value. They are free and confidentiality is assured, they are a great way to find out more for yourself.
- Meet with us – if and when you are ready, we would love to meet with you to talk in confidence about your next steps.
There is a phrase you may be familiar with – money rich, time poor! If that resonates with you then I would encourage you to take some action. You may not be able to buy back time you have lost, but what you do with the time that is in front of you is in your hands.
If you are ready to sell, but you suspect your business is not then don’t give up. Entrepreneurs Hub are business brokers with a difference. We are not just interested in taking your business to market, we are interested in taking your business to market in the best shape possible and as a result maximising value. We work with business owners to prepare their business for sale, however long it takes.
Why don’t you get in touch and we would be happy to meet with you, in strict confidence, to discuss your situation.