If you are the owner-manager of a small business you probably have a thought somewhere in your mind that one day, at some point, you are going to sell. But, why?! Whatever the reason, this is the first and most important question we always ask our small business owner-manager clients: Why?! Why do you want to sell?
Everything else we do follows on from that question, because it is only when our clients identify their motivation for selling that they take the action necessary to make it happen.
Broadly speaking, we see five key reasons for our clients to consider selling their small business, none of which are mutually exclusive:
- Lifestyle change – wanting to spend more time with family, on holiday, wherever, just not work!
- Appetite to continue – recognising that the necessary drive, motivation, energy and approach to innovation to continue to run the business is disappearing
- Tired of being a manager – the role change from entrepreneur to manager that comes as the business grows is no longer enjoyable
- Managing risk – a full or partial sale in order to make the future financially secure
- The need for investment – recognising that the business requires investment in order to grow further, but not wanting to take on the debt
Whatever the reasons, until that thought becomes a true desire, driven by future aspirations and goals, no real action will be taken. And that is the real danger: the five year exit plan that is always five years away, because the action necessary to turn the plan into reality is never taken.
Each of our clients is completely unique. But what we do with each and everyone of our individual clients is empower them to make the changes required in their business and personal lives to turn their future aspirations into reality.