We have had many conversations with business owners in the lower mid-market who are unsure about the future and wonder whether they should sell or hold.
I found a page in my journal from earlier this year listing three things we should make sure owners think about.
What matters most to you?
Is it the highest price for you, the best outcome for the business or a plan that offers freedom? Ultimately your thinking will impact the transfer and strategy. Getting the highest price may not mean the best outcome for the business, and your legacy.
Who do you listen to most closely?
Most of us have advisors, official and unofficial, who influence our decisions. Now’s a time to consult them. They know you well, and may offer helpful advice. These could be an accountant, an attorney, a relative. We often are in the conversation from a transaction perspective. An honest talk increases the prospect of a good outcome.
Have you saved funds outside the business?
This issue will impact your flexibility. It is common for owners to reinvest everything into their business as it develops. But putting funds away outside the company for retirement can give you more options when it is time for a sale.
Get a close look at your options by contacting us for a no-obligation meeting. We will review the options and outline the process we use. We work exclusively with companies like yours. We use a tried and true process to achieve a successful outcome. Most of our clients meet with us at least once or twice before making a decision.