What You Should Know If You're Thinking of Selling Your Business Within 5 Years
- Dec 23, 2020
As the saying goes, the best two days of a boat owner's life are the day he buys the boat and the day he sells it. Perhaps the same can be said for your business.
Thinking about selling your business isn't just a thought that pops into your head one morning. It's a small thought that grows stronger over time.
However, you might feel like you’re not quite ready to sell your business, or feel like your business itself isn’t ready for sale. These are questions that complicate the process of selling and make coming to a decision difficult.
If you aren't quite ready to have that second 'best day of your life', that's okay. There is another option. You can transition your business instead.
This unique process is designed to not only grow the value of your business (and how much you’ll have in your pocket when you exit) over a period of time, but ensure it continues to grow long after you've left.
So, why should you transition your business?
Someone else does all the hard work
The key to a stress free life is simply to take work out of the equation. COVID-19 changed the way we work and the way we communicate.
Zoom, Slack, Google Meet, and Instagram Shops are now powerful tools in the business world, and soon more tools and more opportunities will appear.
The pandemic has forced business owners to re-evaluate how they operate.
But if you transition your business, you won't have to.
Instead, you use someone like us to find you a business partner who has not only the right skills and experience to manage your business but also has the ability to take advantage of new opportunities.
Using an executive recruitment model, we find the person who will eventually come to own your business.
Unlike a business broker, our specific set of criteria ensures that your business flourishes and continues to thrive.
Over the next five years, the future owner of your business will get the chance to build the relationships you have spent working so hard to maintain.
And then, from day one, you can start taking a step back.
Get more for your business
After buying an initial share in your business, your business partner will start to get to work on growing your business by finding new profitable avenues to take to boost your business's value.
Using a business broker or selling your business yourself means you sell your business where it's at right now.
Alongside your business partner, we also appoint an independent advisor to oversee your financial objectives and make sure they are met.
The combination of your advisor and the new business ventures taken by your business partner lock in your financial security.
Since our process spans up to five years, or less if you prefer, your business partner has the opportunity to sink their teeth into the business, build relationships, and grow alongside it.
Transitioning your business not only ensures the value of your business but also ensures its survival.
You can relax
The main goal of transitioning your business is to provide you with security. Security in knowing that your future finances are better than they were at the start of the process and security in knowing that the future of your business is in safe hands.
With all of that comes what you have spent your life working towards relaxing.
The best part about transitioning your business is that you can start relaxing from day one. And every year you can keep taking steps back until you and your business are ready for the final handover.
What you do from there is up to you. Spend more time with family, go travelling, or maybe buy a boat.
Transitioning Your Business with The Legacy Partners
We have a track record of selling businesses for significantly more than a traditional outright sale.
Get in touch to start the process with your business or Compare your return from an outright sale vs an ownership transition.
