Excerpt from my book Moving Forward ' Get the Triple Effect - Sell your business for 3 x more and 3 x faster.'
If you don't prepare properly, the fallout will be far worse than you think:
1. Your spouse/family will be left to run or sell the business. Your spouse may be forced to work with your partner. That goes two ways. How would you like to be in the position of working with your partner's wife? Sobering thought isn't it.
2. Company value will drop dramatically because you are not there to run it. In many cases you are the business. Want to find out if that's true?
3. Your employees may end up out of work.
4. Customers are not quite as loyal as you think.
5. Competitors will be circling your customer list within minutes.
6. In case your big plan is to die with your boots on. Good luck. You will likely be leaving a legacy and a mess. They'll definitely be talking about you. Maybe just not in the way you hoped.
If you don't want this to happen you have 2 choices:
1. Sell now, knowing it will be significantly harder than you thought, and you will realize far less payment for the business. The terms of the sale may not be exactly what you were hoping for, or even close. You'll have little choice and be forced to be content with the deal however it turns out.
2. Start getting your business ready for a successful sale or transition and have the future you always thought you could have. Become a company desired by Buyers. Sell for the amount you wanted or possibly far more. Sell on your terms.
You can't properly do #1 or #2 without a plan and a team to implement it. It's really not much more complicated than that.