As a business owner most of my adult life, I have had to make many decisions that at the time I felt were difficult, however, nothing compared with the hardest decision I have ever had to make……
I remember it like it was yesterday, sitting at my desk thinking, ” I don’t enjoy this any more”. What used to wake me up at 4 in the morning, and keep me up until after midnight, was no longer fun, but now what?? Everyone who knew me tied me into my business, it was my whole life. My wife and I started with nothing and a small office and grew it to three locations, my kids spent many an afternoon doing homework on a conference table while we finished up working. My youngest sat in a car seat as his mother caught up on paperwork, and I was ready to walk away from it all, but I didn’t know what to do.
It has been many years since that fateful day, and since that time I have personally bought, grown, and sold 5 other businesses and countless more for my clients. I have been in your shoes, and unfortunately there is nothing I can say that will make it any easier.
I think I am lucky that I am the eternal optimist when it comes to making money in a business. I firmly believe if you deliver what your customer is looking for, at an affordable rate, and when you claim you are going to do it, you can grow any business. So for me after the emotion of “selling my baby” wore off, I was able to find other opportunities.
I have seen it countless times throughout many industries prior to specializing in selling heating and air companies, and especially in this industry. Take care of people, and your business will grow. However, after time spent growing a business, the next step becomes what to do when it is time to move on? I would strongly suggest taking your time and looking at all of your options, and hopefully you have more than one. It is a big decision that will impact the rest of your life, both financially and emotionally. I would recommend speaking with someone who has been in your shoes. Here are a few things I would recommend you looking into prior to making your decision:
- How much will you make from the sale of your business, and is that enough for you?
- What expenses does your business pay for that now you will have to?
- Do you have someone in mind to take over, or will you need to hire someone to help you sell it?
- What will you do when you do not have to go to work? What are your hobbies? What will they cost?
- How will this move impact your family?
- Are you sure you are ready to walk away?
- Keep in mind that when you cash that check, it is no longer yours, the decision is final, so make sure when the time comes, that it really is the right time for you.
These are obviously just a few things to get you thinking, you will come across many more when you start to really consider selling, but hopefully it will at least get your mind started. If you have any specific questions that I may be able to help out with, please do not hesitate to contact me, I have been there, and it is a BIG Decision.