Selling your business is never pleasant and it can be difficult but with just a few tips it can become a lot easier. Staying in charge is also possible.
Being an entrepreneur is a brave decision for anyone to make especially in this economy and although a startup needs a great idea behind it to succeed, it’s not the only requirement. It can be hard to keep a company up and running especially because a constant cash flow is needed and although investors can be a big help in this respect you may simply not be able to afford to keep your business afloat.
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It’s for this reason that many entrepreneurs choose to sell their companies when they get a good offer. If your company has acquired some visibility you might receive an excellent offer that could make it worth your while. You might be worried that by selling your company you’ll be betraying your dreams. But if it’s becoming more and more difficult to keep the company afloat then it’s definitely a move you need to consider.
You don’t have to abandon your business just because you’re selling it; you can negotiate with the buyer to remain the president and CEO; this will give you the power to make creative decisions, and you’ll also be able to see your vision is fulfilled.
Of course, selling your company and remaining in charge can be quite the challenge, but if you manage to put your ego aside you’ll realize that selling your company might be the best decision you can make. In order to help you out with this transition we’ve put together a guide that will help guide you through this process. Read on and let us know how you’d feel about selling your company in the comment section below.
1. Be Prepared for Changes
The whole idea of being an entrepreneur is that you can be your own boss. You don’t have to answer to anyone and you can make decisions without having to consult with anyone. But, the moment you sell your company, all this will change. Of course, you’ll be respected as the founder and you will have some say in making decisions but be prepared to be second-guessed in every step you take.
You will be questioned each time you want to increase budgets or simply spend money on something, and you’ll have to have valid reasons to back up each decision you want to make.
The biggest thing you need to be prepared for though is that ultimately the decisions will not lie with you, you can make the suggestions etc. but the approval will have to come from above you. Don’t complain, it’s the way business works, simply be prepared for it and you won’t feel as intimidated by the whole process.
2. Be Prepared to Fight
The other major change that you will have to prepare for is that you won’t be able to grow your business quite as you had hoped you could. Although you may have all the right ideas and you may know what plans need to be pushed through for the company to reach its full potential things will not be as simple as that.
When you owned the company making creative decisions based on your gut might have worked but things might not be so when you sell your business. You are going to have to fight for each idea to be pushed through and to be given the budget for it. You need to prepare for many battles because if you want to see your company go where you planned it to go, and you’re going to have to defend your decisions at each turn.
Don’t lose heart, simply be prepared to fight and support your ideas.
3. It Will Be Difficult
I’m sure that you’ve realised by now, that selling your company and remaining in charge will not be easy, but sometimes we have to make sacrifices and if you really believe in your business but don’t have the funds to support it then selling it is the right decision.
Be prepared as the transition period will not be easy. No one likes to be dethroned, but decide if the future of your company (aka your idea) is bigger than your ego and consider if it is better for you to simply jump ship. If you want to see your idea fulfilled, then you need to stay on board and deal with all the problems.
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We always need to prepare for significant changes in our lives and selling your company definitely rates as an important moment in your life, even more so if you’ve decided to stay on board. Keep in mind that although you may no longer be the boss you still have a vision, so fight for what you believe in and make sure that your company reaches its full potential.
Have you ever sold a business? What was the process like? Your thoughts and comments below please....