When you start a business, perhaps the very last thing on your mind is when it will be time to sell your business. To Jack Mencini and Adam Sonnhalter, hosts and business coaches who are small business owners themselves with Maximum Value Partners www.maximumvp.com and the hosts of Dirty Secrets of Small Business, there seems to come the “a ha moment” in every business owners’ life after many years of running the business when for a variety of reasons it just feels right to move on. Sometimes this epiphany comes with clarity and to others, it is filled with doubt even though their gut is telling them now is the time.
Jack and Adam know a thing or two about small business and when it is time for someone to consider taking the necessary steps to sell. They have run about two-dozen small businesses themselves. Over the last 15 years, they have coached hundreds of owners using their formula: The 7 Keys to Success http://maximumvp.com/7-keys-to-success/
Each week on Wednesdays at 7:30 pm (EST) on WINT Radio 1330 and the new 101.5 FM, the coaches invite listeners to be a part of the show and feel free to call in (440-946-9468). Listeners can ask questions about their businesses or even debate the examples Jack and Adam share on the trials and tribulations of their clients and the dirty secrets of small business.
On this week’s episode of Dirty Secrets of Small Business, the business coaches give an overview of How Do I Know It’s Time To Sell My Business? The podcast is available on iTunes or http://maximumvp.com/dirty-secrets-small-business-radio-show-podcast/
Jack and Adam share thoughts on the reasons why business owners make the decision to sell their businesses. It could be:
- Health reasons… I don’t have the energy anymore or it could be a more serious health issue
- The realization that my kids don’t want to take over the business or that they do and they want me out
- The Fed UP Syndrome… It has been a grind for 24/7 for too many years, which I was enjoying and it’s not fun anymore
Along with the topic of how to go about exiting from the business and either selling it to an outsider, selling it to the competition (Yes, this is a viable solution) or transitioning it to your son, daughter or another family member, there is the conundrum of really having the owner exit and break away. Too many times, Jack and Adam have coached and consulted with the owner on selling the business only to find out that on the very first day when Junior took over, they find dad is stilling in his old office.
The business coaches give advice that when you have a plan to get out of the business, the plan also has to include that you physically get out of the business too! This doesn’t mean that if you are a male business owner you become a one of the ROMEOs (retired old men eating out) that we see early in the morning at every breakfast place with donuts or bagels causing loud conversation with a half-dozen older gents arguing over insane and insignificant topics. Have a plan to keep your body and your mind in gear and productive by volunteering in your community or even consulting at workshops for small businesses or getting into a new business.
If you are thinking of selling your business or transitioning it to a family member, give Jack and Adam a call (877-849-0670) and they will talk you through it because they know how to do it and neither one of them is remotely near to being a ROMEO!
For more info on small business challenges tune into past podcasts of Dirty Secrets of Small Business on iTunes or http://maximumvp.com/dirty-secrets-small-business-radio-show-podcast/
Do you have any How Questions of your own to email to Jack and Adam or any war stories on listening to a suit rather than working with an effective small business coach? Do it by sending your questions to firstname.lastname@example.org or submit a question on their web site at http://maximumvp.com/how/
If you have a success story or a question you would like to share, email or contact Jack and Adam directly at email@example.com or 877-849-0670.
Remember…You can also call in during the show each week when you are listening on Wednesdays at prime time 7:30pm (EST) on WINT 1330 AM and 101.5 FM. Dial 440-946-9468 to ask your question to the Maximum Value Partners’ coaches or tweet your question to @MaximumVP.