SELL-EBRATE! Successfully Exit Your Business

Most business owners wait too long

Gary Morris

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So one of the biggest struggles when it comes to selling your business, I wouldn't say maybe for you, because the process is basically the same. But one of the difficulties, I guess, for the broker is that most owners unfortunately wait too long. A lot of owners, what they do is they think they'll know when it's time to sell. It's going to be emotionally right. They're going to be at the right spot in life. But the truth is, most wait until they're burnt out. They have health issues, they have declining sales, and they just don't feel like investing to make it any better. But the best exits usually happen when the owners still have energy, leverage, and options. So I want to encourage you today, if you are a business owner and you're thinking through what options do I have, I think I'm ready to sell, but I'm not sure I'm still feeling like I have a lot of energy. I still feel like I could do this another five years, 10 years, or whatever it might be. But if you're at a spot where you're not really thinking on a day-to-day basis, how do I 2x this, 3x this, or 10x this business, then you might be slowly leveraging yourself out of this chapter of life, and you're mentally beginning to invest into that next chapter. And for the business, stagnation is not really the direction that it should be placed in. And so for you, as you're contemplating those, look for those subtle cues that are highlighting to you the psychology of future thinking and growth of your business versus maintaining the current status quo. And if you find yourself being pulled in one of those directions, it's going to really help be the qualifier for what you should do in the next chapter and what you should be thinking of right now. Obviously, in the next chapters, you start with a business valuation. You go to a broker, you get a free qualified business valuation, somebody that's been doing this. And from there, you're going to be able to make all kinds of informed decisions. And so I encourage you, that's your next chapter, but look for those subtle psychological clues that will help you understand where you're leaning. I hope that helps. This is Gary Morris from The Vantage Brokers.