Mark had not even considered selling his business until his accountant made the recommendation. Frankly, the recommendation shocked him. As I facilitated the latest discussion in The Succession Planning Roundtable series, Mark Stroud spoke candidly about what selling a business is really like for an owner. I felt compelled to climb on the roof with a bullhorn and shout out his insight for all business owners to hear:
- “The fact that I didn’t have to sell made all the difference. This wasn’t a fire sale.”
- “Have a succession plan in place first, then choose when to implement it.”
- “Be clear on what your specialty is. Usually it’s running your business, not selling it. I had to start getting my feet wet with the sales process and make a bunch of mistakes before I realized I better get some help.”
The advice I heard from Mark:
- Get counsel from trusted advisors who can help you start the process.
- Ensure support from your spouse and your family.
- Keep great records. Run a clean business. It gives a lot of legitimacy and a great core to build from.
- Don’t wait until it’s too late and you are forced into a fire sale.
If you are thinking of selling your business and don’t know where to start, simply start at the top: