3 Lessons I Learned Selling My First Business.

I spent over a decade growing the business I bought and taking it to new heights. I put in long hours, many miles on the road and took it from a tiny operation to a dozen employees and a handful of large customers. Life was good. Stressful, but good. I felt the need for a change of pace, a different industry, a different offering. Something. Anything. I knew that it was time for the next chapter in my life.

1. Confidentiality -

2. I knew this wasn't just a temporary one off feeling. I was serious about moving forward and didn't know where to start, who to talk to and most importantly, who to trust. Working with a broker who wanted to make sure the right buyer got it for the right price.

   
   

   When it comes to selling a business with employees, it's important to know that you're selling the business as is. The last thing you want to do is rock the boat and change how things operate. Remember, potential buyers are attracted for what the business is already doing well. Spreading uncertainty through the ranks isn't good for anyone involved.

2. Tax Liability -

For me, the second biggest concern was my tax liability. Who wants to give the government nearly half of what you built? It takes a full scope, deal team to really consider the options based on the type of sale you're conducting.

3. The Next Opportunity -

Depending on where you are at in your business journey, you'll want to strongly consider what's next. I fully understood that I was about to enter my prime, so how could I leverage these sales proceeds to catapult me into my golden years?

There are really good options available but most brokers aren't going out of their way to be an exit planner for their client. Many have never founded or owned a business and there's a thing out there that goes something to the tune of "nobody cares about your money as much as you" and it's true. Having sat on both ends of the table as the buyer and the seller is a huge benefit that outlasts a single transaction.

Final Thoughts -

With the right guidance and preparation, you can turn the sale of your business into a rewarding experience. Embrace the journey, and let expert brokering lead the way to your success.