Buying and selling a business
A lot of businessmen assume that, if they can run a business, they can
also make the right decisions when selling it. In reality, this is not
always the case. You see, when you dedicate 40 or more hours a week to
some project for several years, you tend to get pretty close to it.
Whether you are selling a family business or a large corporation, you
still might have difficulty really objectively understanding what it is
worth and knowing what your best option is.
This is why, if you are thinking about selling a business, you probably
would do best to go through a business broker. There are many qualified
business brokers out there, and you will be able to find someone who
specializes in just the type of business you are selling.
Everything I learned about buying and selling a business, I learned the
hard way. You see, my family has been in the restaurant business for
generations and generations. Unfortunately, times have really changed in
the region where we operate, and things we were going downhill enough to
make us think about selling a business.
At first I hesitated. Although on some level I knew that I had to get rid
of at least one of my restaurants, I wanted to stick with it for as long
as I could. I was just too personally attached to what I was doing, and
as a result I came up with reasons to keep the business going for much
longer than I should have. If I had had a professional to advise me, I
would have come to the decision to sell my business much earlier. As it
was, however, I could not even contemplate it until things got bad.
Fortunately, when I finally realized that selling a business was the best
option for me, I was smart enough to go out and find someone to help me
do it. I knew that I had not been making the most rational decisions, and
I figured that I really needed the help of an expert at that point. I
found someone to sell my business with quite a reasonable commission, and
within two weeks I had a buyer. If I had only done that earlier, I would
have been able to unload it before I had to lose so much money. Oh well.
As they say, hindsight is always 20-20.