Is Fear of the Unknown Preventing you from Selling Your Business?
"Whether you leave it feet first or walk through the door, you will leave your company someday. Why not do it on your terms?"
Making life-changing decisions without being certain of the future can definitely lead to fear and hesitation. For business owners, the following fears may prevent you from exiting your business on your own terms:
- Fear of Losing Your Identity: The more closely you associate yourself with your company, the sadder you may feel when you sell you business.
- Fear of Change: What will you do with your time after selling your business?
- Fear of Losing Control: You've put your whole life into your company. No one could possibly run it better, and at worst it will fall apart without you; at least, you think.
- Fear of Conflict: Working through difficult or unpleasant conversations can often stall exit planning because of the fear of conflict that it might entail, whether it is with your employees, your business partner, or your family in the business.
- Fear of Losing Wealth: What if you were to run out of retirement funds and were forced to go back to work? Only you don't have your company to return to?
Most business owners who have sold their companies would say that these fears are completely normal. However, making a plan for your exit timeline and sticking to it can not only decrease these fears but also lead to you getting your desired selling price when the time comes.
CBI Team Fort Smith-River Valley can walk with you through the process of exiting your company from the very beginning. As one of our recent sellers said,
"Selling a business is a long and difficult process with lots of moving parts—Mark and Isaac helped me navigate the unknown, and I could not have done it without them." --Franklin Carter