What a season for Andy! World number one, the reigning Olympic champion and the Sports Personality of the Year for a third time.
I have loved watching Andy Murray in action this year. I had the privilege of being at the Queens and Wimbledon finals, and watching the final game against Djokovic in the ATP Finals summed up for me how he was able to achieve his goal of finishing the 2016 season as the world number one.
What can we, as business owners, learn from this when it comes to selling our businesses?
Quality team supporting him, being prepared, having a plan, and determined to succeed were all cited by both Andy and the experts as keys to his success.
Here are 3 keys we recommend from his success this year that owners looking to sell should take on board.
Experienced team behind him
He could not have achieved this success on his own – behind every great athlete, there is a team of talented and experienced individuals who support, direct and encourage them, ensuring they are always at their best.
Coaches, physio, nutritionists, the management team, friends and family all play a part in their success, which he rightly acknowledged in his winners speech at the ATP Finals and the BBC Sports Personality Award.
When selling a business it’s no different at all. You need a team of determined and experienced advisors behind you, who can coach and support you throughout the journey. People who take time to understand you, and your business, and will guide you throughout the process.
Having a plan and being well prepared for the process is key to success.
Andy had a clear plan which I am sure he had discussed with his team. He knew exactly what he needed to do to ensure he achieved the prize, the accolades and the financial rewards that come with it.
If you are considering selling your company, make sure you have a plan that highlights where you are now and where you want to get to. Most importantly, consider what you need to do to achieve these goals and aspirations.
Don’t focus on the prize, focus on winning the game.
Over the years, I have met so many business owners that are too focussed on the potential sale value and rush into the process, failing to recognise the importance of what is actually involved in achieving a successful sale.
It is absolutely vital to select the right team of advisers and lawyers, to prepare, position, and market your business and to negotiate well with your buyers. That is how you win the game when selling your business.
As we have learned from Andy, it is only through appointing an experienced team, having a plan and focussing on the process, that you will be able to fully enjoy the final prize of selling your business and maximising its value.