Undoubtedly, in our lives as business owners, we will reach a point where we find ourselves considering selling our businesses. Some owners may feel like they've already achieved a certain goal while others may want to sell their business to raise funds for a new venture. Whatever the reason is, we business owners need to be prepared, and we need to take a step back and evaluate whether it’s really time to exit our businesses.

In this episode, I outline the factors that determine whether a business owner is ready to sell their company. I explain why many business owners feel regretful within a year of selling their businesses and discuss how you can avoid experiencing an identity crisis after exiting your business. I also describe the "trigger" events that make owners want to transition their companies and underscore why an exit plan is essential to a successful business sale.

“With real estate, it’s ‘location, location, location.’ With business exits, it’s timing, timing, timing.” - Justin Goodbread

 

This week on the Financially Simple Experience:

• The factors that determine you’re ready to sell your business
• Thinking about the goals and life you want to have after business
• Evaluating your personal finances
• How to avoid regret and identity crisis after selling your business
• Putting together a transition team before selling your company
• Building a solid contingency plan
• Understanding your "trigger" events and defining the "win" for your business
• The contents of an exit plan

 

Resources Mentioned:

• Book: Walking to Destiny: 11 Actions An Owner MUST Take to Rapidly Grow Value & Unlock Wealth by Christopher Snider

 

Our Favorite Quotes:

• “Without an exit plan, you could put yourself in a position where you’d regret selling your company within a year.” - Justin Goodbread
• “We want to build the business—and you—in a way that whenever opportunities and wins cross paths, you are completely prepared.” - Justin Goodbread
• “It was because of exit planning that I was able to accomplish an unbelievable dream of mine: to reach a certain number, and to position employees and clients to where they can win.” - Justin Goodbread

 

About The Financially Simple Podcast If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey. 

If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/ Connect with Justin: Financially Simple newsletter Facebook LinkedIn Twitter Subscribe Here: Apple Podcast Spotify Google Podcast iHeart Radio Stitcher

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Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).

This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.