- A key investor with financial muscle says our new product’s got legs – so much so that he’s looking to buy. How do I know if it makes sense to sell?
- I’ve got someone interested in buying my company, but even though I’m ready to kick back a bit, I don’t want to get suckered into a namby-pamby deal.
I know heavyweights. I’ve built my business by being one and hiring even more. But just because I’ve made a practice of being a pro at the negotiating table, negotiating the sale of my company is out of my league. One misstep, and it will be a major game-changer.
- I could go a few more rounds on the court of competition, but my wife is about ready for me to throw in the towel. How can be sure I get what the company’s really worth?
It doesn’t really matter how much I “get” my business, there’s something that’s different and challenging about selling your own. Maybe it’s emotion or maybe inexperience, but an objective third-party would be a huge help. After all, no more write-offs, no more business dinners – and that’s why it’s hard to know how much I’ll need.
- My partner is definitely the “protein” of our business: He fuels the sales team to flex their talent and muscle. Heaven help us if something should ever happen to him… the rest of his family is nothing but dead weight.
I don’t want to think the unthinkable, but life happens. Bad stuff happens – and if our business hasn’t planned for it, the whole ship could sink. I’ve worked too hard to drown in this career, especially at the hand of well meaning, but inexperienced, family members. We’ve got to get a long-term succession plan in place.
- What’s an old dad to do when it’s time to sell his business, and only one kid out of three has gotten into the game?
I always had a dream of coaching my kids in the family business: Down, set, hut! Unfortunately, only one wanted to run with the ball. How, when I sell, can I not hurt my “lone wolves”? Is there a way I can reward the one for his hard work, while recognizing the others as also being worthy heirs?
- Life and business are really no different than a relay: Eventually you have to pass the baton. That being said, I’m not ready just yet.
I’ve long since given up running solo. I’ve brought some family into my business, and I’ve set them up to win. That being said, I’m not passing the baton just yet. I’ve got them set up, but I want to sprint a while longer. I want to know that when I get out of the race entirely, I’ll have enough money (and energy) to not worry about what’s down the road.