Learning to let go of a business is one of the hardest things a business owner will need to face…
This is quite understandable given a business owner has probably spent the vast majority of their waking hours over a period of 10+ years working tirelessly to build up a successful business from scratch. For that very reason, many business owners may be tempted to hold off relinquishing control until they have decided to sell, however if you want to achieve the best price for your business it’s time to start learning how to let go…
Here are 3 strategies to help you prepare to let go before you sell your business:
1. Start Creating Repeatable Systems and Processes
Start building repeatable systems and processes in every level of your business to ensure that the company can survive and thrive once you have gone. Implementing teachable processes in place ensures your customers, vendors, and employees enjoy the same experience each time they interact with your company. It also means there is less risk for the buyer as it demonstrates that your business does not rely solely on one person to maintain its profitability and stability. In addition, companies that have strong systems and documented processes typically have more efficient operations, which translate to higher margins and stronger cash flows.
2. Build a High-Quality Workforce and Empower Your Staff
Start building a high-quality workforce by hiring smart and empowering your staff, you can do this by slowly relinquishing your control and encouraging your employees to make more decisions and take on more responsibilities while you take a supportive backseat. Enabling your team in this way removes roadblocks and instead provides the information and tools they need to be successful. This will allow your business to grow beyond anything you could have built alone. Furthermore, a highly skilled and successful team, will provide the new buyer with a great deal of stability and assurance.
3. Emotionally Prepare Yourself
Letting go of your business is more than just a financial decision, it is an emotional one. Your persona and daily life are wrapped around and intertwined in your business, which is why you must start emotionally preparing yourself for the journey ahead. A great first step is to speak to other people who have already gone through the process. This will allow you to come to terms with the reality that it is time to move away from the business and to get a sense of what it is really going to be like. Remember the entire sales process can sometimes take up to a year or more but being emotionally ready and prepared is key to making sure the process goes smoothly.
Remember that letting go is an important lesson and one that every founder must learn in order to let their business grow.
If you’re considering selling your business, speak to our team of business sale experts today for a confidential and no-obligation chat. Call us on 0330 133 2020 or email us here.
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