Have you ever thought about selling your business or have a current offer on the table to buy your business?

I’d like to share one of my own personal experiences. . .

I was a successful business owner who was in the process of going through an in-depth review of our people with a highly compensated HR consultant. We were working on evaluating the strengths of our existing management team, building our bench strength, developing a succession plan and recruiting new talent to the company.

We had also recently rebranded the entire company based on feedback from our customers. We did a “180” and rolled out a new brand identity with a fresh new logo, updated collateral materials, advertising and such that better connected with our customers and gave us a stronger presence in the market.

And then it happened. . .out of the blue, I received a very aggressive offer from a strategic buyer to buy my company.

Immediately, a million thoughts and questions went through my head:

• I’m not ready — I’m too young to retire.
• Can my ego handle this?
• What if this is my only shot to get this much money for my business?
• What if they buy it and change everything I have put my blood, sweat, tears into building?
• How will they treat my employees I consider my “family?”
• Will I have a role with the new leadership or do they want me out completely?
• Can I go back to being an employee and being accountable to someone else?
• If I walk away, what do I do next?

So here’s what I did. . .

After careful consideration, I accepted the offer.

Now that it has been a few years, I can look back and provide you with the pros and cons of that decision.

Pros

• It was a good financial decision as I was able to sell my company for top dollar and make a considerable profit.
• I negotiated a position within the new company with a reasonable salary.
• The new company was able to provide my employees with a significantly more substantial benefits plan.
• Because the organization was much larger, the employees had more opportunities for professional growth and career advancement.

Cons

• Part of the requirements of my new position was that I would work from home after the first nine months. This was not good for me as I thrive off the interaction with people so I eventually rented an office space.
• It was very challenging for me to sit back and take direction from others on things related to MY business that I had built from the ground up.
• I signed a 5-year non-compete and that was too long. I have had to pass on several great opportunities that have come across my desk in the past few years as they may have indirectly violated my non-compete.

In summary, I don’t regret selling my company as it was the right financial decision. However, there are several things I could have done differently that would have made things easier and expedited the transition into my next professional endeavor.

If selling your company is something you’re thinking about now or in the near future, let us do the heavy lifting for you. By partnering with the ONE8ty Team, you have the benefit of working with professionals who have first-hand experience and knowledge of exactly what you’re going through and can help you navigate through the selling process.

Call or email us today to learn more about what ONE8ty can do for you!