How to SELL your
Mother of a Business?
Or, in other words,
how to get the hell out!
Better still, How to Maximise the Value
you've Built so you can ask top $$
When energy and interest for your business wanes, Business Owners like yourself sometimes think it's easier to just close, stop trading, and literally allow it to fade away. Don’t be alarmed, it’s normal to feel that way. Instead, I invite you to think the “Circle of Life” (Lion King 1994). Hear it playing in your head…
The business life-cycle is no different. First, there’s the birth and the excitement that generates. Then there’s the growth, with all its growing pains. And then ultimately, the death!
Fortunately though, with your business, you as the owner can decide on the shape the “death” takes and the timing of the departure of this dearly beloved. Without fully investigating the value that has been built up over all the years, you are potentially throwing away all your blood, sweat and tears, and not-to-mention, your hard-earned money, for nothing.
Mind you, usually this is done because the owner can't think of what else to do that isn't going to be either way too difficult (because you don’t know where to start or who to talk to) and/or whatever you do try could lead to more drama!
Let that not be you!!
Then of course, you should have “started with the end in mind”, shouldn’t you?
Coming from experience, it’s really hard to do that without context around what the “end” could remotely look like. Yes, there are sound universal business practices that should be used at start-up and during growth, which would have you in the best shape when the urge to purge takes hold. However, even if you only start getting your ducks in a row now, it will all work out swimmingly come sale time.. Believe me!
I can say that because having been through selling my own 'Mother of a Business' (where I went from being an unemployed, homeless and pregnant singleton to morphing into the entrepreneurial mother® by building a 7-figure Mother of a Business, all in guilt-free school hours!), what I know for sure is that it is never too late to give your business the Respect it Deserves, and the Finish you always dreamed of!
The other thing I now know for sure is that it is very difficult to find someone who "gets it" when you are ready to make that move; both in terms of understanding what is being sold, why it is structured the way it is, and therefore how to find buyers to ultimately sell it to.
Interestingly enough for my own sale #3, when I ventured to explore details on the number of women-owned businesses sold, how they did it, who they used etc, there was nothing! Nada, nil, naught! Admittedly in some cases, confidentiality rules, no doubt. But unless you personally know someone who has sold successfully, it’s really hard to even get to first base.
One little titbit I did find most revealing was that 500,000+ businesses “exit” each year (ABS). Given that women own over 30% of all businesses (ABS), lets assume the “exit” number for women reflects similarly, ie 150,000 per year. What’s happening to them?
You certainly can’t find that many listed on any of the businesses-for-sale portals. So, where are they all?
Why give birth to a business that just withers away to die?
Why give birth to something that is not going to blossom into making yours, and the world at large, a better place?
Enter 'the entrepreneurial mother'…
For me, it is now all about EXIT Execution Excellence…
Whilst there are plenty of "coaches" and "brokers" touting their wares, based on my personal experience and anecdotal evidence from others, I'm committed to the mantle of being the "Exit Strategist of Choice" when it comes to Excellent EXIT Strategising and Execution!
To date, I have personally built and sold 3 of my own "Mother of a Business'", at various stages of their life cycle. What I now know for sure is that not many understand much about the 5 Areas of Value a Buyer looks for nor how to EXIT the more non-traditional concerns, especially if there is an online component or there is the potential to have one.Because of this, there is a "Business Sale Tsunami" about to grace our shores (see articles below).
With the average age of an Australian business owner sitting around 58 years old, I see it as my duty and honour to assist those who will be affected over the next 5-10 years.
Why is it important?
Because I relate to Business Owners just like you and/or your clients, to work out:
what you've got to sell,
How best to Sell it and
then GET it SOLD!
If building your Business into an Asset is the goal, because something to SELL is what's wanted when the time is right to EXIT, then now is the time to Start with the End in Mind…TODAY!
How to do that?
The solution can come in whatever form suits your timing and your budget; and the exciting thing is that all is in place, ready to go.
The handholding and expertise ranges from
- DIY to engaging me personally,
- pre-sale overhaul only through to full-on sale process & post-sale celebrations!
The options are as varied as the different ways to “sell”.
For your safety of mind, I am also proudly backed by one of the longest-standing Business Brokers in Australia (Hurst Partners), giving the required and perceived weight behind what I do. And the beauty is that you won't have to talk to those who shall not understand you; ever, just leave that to me.
Ready to renovate and move your 'Mother of a Business' to its new home? Think of it as a rebirth if you like…
Click here to send me an email
- introducing yourself and your business
- 3 options of a good day/time for me to call, and the best number to do so
- your initial thoughts on why you want to sell and how you might want to do that…
and then I'll call you to discuss. Couldn’t be easier!
I really look forward to working with you...
Cheers
Denise Hall
the entrepreneurial mother®
BT&D MIMC CAR(REIV) AMAIBB CPBB
w: www.buildamotherofabusiness.com
blog: www.theentrepreneurialmother.com.au
skype: the.entrepreneurial.mother
Articles of interest...
I love it when the press catches up with what I've been saying for some time This article pretty much sums up the reason why I do what I do. That coupled with my personal experienced-based insight into how most Business Coaches and Brokers are not able to have the appropriate prospective Buyer conversation with a Business Owner wanting to get out in this day and age...
Would you consider this an Opportunity or a Threat to your business and/or that of your clients?
Could early preparation be a Strength? Or a lack of action a Weakness?
http://www.smh.com.au/small-business/managing/blogs/the-venture/the-exit-generation-needs-help-20110919-1kgr1.html
But wait, there's more!
Forget accountants, marketers and lawyers, you can buy their services as you need. Forget industry doyens and professional directors, they are unlikely to be anything more than a distraction to a small growing business. What you want as a small business is additional directors that can help you with one or more of the following four tasks:
1. Grow revenues.
2. Raise capital.
3. Get the right people involved.
4. Exit the business.
http://www.smartcompany.com.au/the-digital-bottom-line/20111019-killer-boards-for-small-businesses.html