4 Critical Considerations for Preparing to Sell Your Business

“It’s a heck of a lot easier to start a business than it is to sell one.”

— Mark Stroud, Founder of Lamination Services

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:

1. Get counsel from trusted advisors who can help you start the process.
2. Ensure support from your spouse and your family.
3. Keep great records. Run a clean business. It gives a lot of legitimacy and a great core to build from.
4. 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:

Have a confidential conversation with a trusted advisor whose advice you can depend on. It would be an honor to hear from you… 

abby@leadershiplegacygroup.com

Your Employees Want to be Accountable

Do your employees truly know what is expected from them? Desired results don’t just appear out of thin air. The first step to accountability is providing clear expectations.

When you give your team clear expectations, the people that truly belong on your team have a strong desire not only to meet expectations, but to exceed them. They want to do work that is purposeful, work that gets noticed.

No one looks forward to falling short of expectations so use this to your advantage.  You can start with the assumption that they have the skills and desire to succeed, and as an effective leader, it is your responsibility to map out the path to success.

In turn, it is your team’s responsibility to take the journey set before them.

If there is an employee on your team that is not meeting your expectations, it’s time to act. I know you don’t want to – nobody does. But as a manager, you need to.

Schedule a time this week to talk to them to see if their perceived expectations match yours.  If not, you need to re-set your expectations. This is a key point. Setting or re-setting expectations well requires you to be very specific. Include the outcomes you expect, the measurable goals, where appropriate, include timelines, milestones, boundaries, and the resources they can tap into to get the work done (people, money, etc…).

If you don’t do this step, sadly it’s unlikely that you will see the outcomes you want. It is the single most important thing you can do for lasting results.

Don’t send them on their journey alone. Be there along the way, providing expectations, encouragement and constructive adjustments. It’s worth the trip.

Who do you need to talk to this week?

Double Check your Checklist

Summer is around the corner.

I have two questions for you:

Are you going to take a vacation?
Are you going to truly engage in it?

I asked myself these very same questions last year.

I knew the answer to my first question was a definite yes, but I wasn’t so sure about my second answer.

I wrestled with why as I was getting ready for our flight, and I wrote out the framework for the post below.

So why did I wait to post it until now?

Well, because my Bronx-raised Mother has taught me well – you don’t broadcast that your house is going to be empty before a two-week vacation…

I hope you’ll find my musings from last year helpful … here it goes:

In less than 36 hours I will be on a plane with my husband Jim staring out the window to watch as my daily responsibilities shrink to the size of matchbox cars below. All of my things, meticulously packed:

Passport?

Check.

Reading materials?

Check.

 Toothbrush?

Check.

 So why can’t I shake the feeling that I’m leaving something behind?

Oh, right… because for weeks I’ve been observing the telltale signs that not only will I forget the most important thing I should pack… I will do it intentionally.

This scenario has been playing out in my mind like a chess match.

I know this game well, and I have learned how to read the board.

I can see the move my ‘Inner Saboteur’ is planning from a mile away:

To coax me into leaving my attention behind, locked in my office among the zillions of emails and voicemails. My Saboteur’s demands seem more important than my upcoming adventure.

My opponent is incessant, logical to a fault, and above all… cunning.

As my opposing beliefs advance on her, she yawns lazily and swats away thoughts like “I deserve a break” and “I will feel so refreshed after some time away” as if they were mere pawns.

I thought, “Hey! This has nothing to do with being emotional or weak! Even electrical circuits protect themselves from overload by indulging in ‘TRIPS’!  Ha ha.”

My Inner Saboteur has finally met her match.

And you have front row seats to a counter-move that would drop even Bobby Fisher’s jaw.

A move that has been so obvious…

A move that has been right under my nose… Aha!

When my clients are serious about achieving a particular goal, what do I advise them to do?

Voice their intentions to someone they respect!

That’s right. I have decided to send  this note  to my close colleagues and friends so I will be held publically accountable.

When you ask me if I was able to unplug during my vacation…

My answer will be a heck of a lot better than:  “Uhhhhh….well… kinda…”

Here it goes:

I, Abby Donnelly, will disengage from emails and voicemails and the incessant work chatter in my head and put my full attention on this vacation.

Check …

              …Mate.

 I’ve declared my intentions. What about you? What will you declare?