In an enlightening post from John Warillow, author of Built to Sell: Turn Your Business into One You Can Sell, the business expert highlights four unconventional truths for those considering selling their business.
Some people start their own business with the intention of creating a legacy they can pass down from one generation to the next. Others start or buy a business with the intention of selling it to finance retirement or whatever’s next on their list. In an enlightening post from John Warillow, author of Built to Sell: Turn Your Business into One You Can Sell, the business expert highlights four unconventional truths for those considering selling their business.
1. You need the right people:
“For every one person paid to think, you need 10 who do as they are told. If you want to sell your business, you need to become as predictable as a Swiss watch -- which means you don't want employees running around willy-nilly indulging themselves in every new idea they conceive of.”
2. You have to be prepared not to take things personally:
“Your business is a thing, not an extension of your personality. If you don't think you can separate your identity from your business, plan to be carried out boots first.”
3. Negotiation is the rule not the exception:
“If it feels more like a courtship than a street fight, you're giving up too much. Prospective buyers will play a game to buy your business for as little as they can. That's their job.”
4. You can’t please everybody:
“Employees will get jealous. No matter how you sugarcoat the sale of your business, how great the acquirer is or how much of the sale proceeds you share with your team, you will have some people who get jealous.”You can read the full article here: http://www.cbsnews.com/8301-505143_162-45440209/4-ugly-truths-about-selling-your-business-they-dont-teach-you-at-harvard/