Author: Phil Doublet
― Fulton J. Sheen
Your decision will be driven by factors unique to you, your company, the economy, and your personal goals. What stage is your company at? Has it reached its potential? If it’s still young and small, it may have substantial risk, and you may be better off growing it. If it’s mature and has a diverse base of customers and an infrastructure of staff, processes and operations it might attract a larger pool of potential buyers. Then there is the health of the economy. Selling a company in 2016 for example, during a recession, may not be the right time. Or, it might be an ideal time, depending on your industry. You always want to sell when credit is available to buyers, and your operating history shows your company in the most favorable light.
What about your personal goals? Is there more you want to or can achieve running your business? What about personal gratification? Most entrepreneurs such as us own our own companies because we have a passion. As long as that passion is in place, and we are in good health, we should continue to drive our businesses forward. Exceptions to this include situations where we really aren’t maximizing the value of the company, and it might be worth more to someone else or, circumstances where we need to cash out the inherent value for personal reasons. Of course, such situations do occur in our personal lives, but also sometimes arise because of changing technology, new competition, government or other disruptions to our industry.
The ever increasing rate of change in the world can surprise us, can require us to re-engineer the company, or may require skills or knowledge we don’t possess. We all know that hiring the right talent goes a long way to bringing in fresh ideas, as does working with a business coach. Startups go through many transitions, and if we’ve been fortunate enough to grow our company, there comes a time when we can’t do it all ourselves. To maximize the value of our companies, we have to make it self-sustaining, and able to live without us.
– Theodore Isaac Rubin