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When It’s Time To Sell
I remind entrepreneurs to keep a few things in mind regarding exits:
- The first offer is rarely the one that works. Don’t get too excited and don’t spend the money until it is actually in the bank. Half of all business sales that actually make it to closing actually complete the sale, and a very large percentage fail long before that point.
- Staff will always get anxious during an exit no matter how well it is planned. The process is disruptive and can become quite chaotic. Keep it as quiet and low key as you can for as long as you can. Avoid making a highly visible long term transition.
- Twenty years can be short-term for exit planning. Don’t wait twenty years to start your planning like the entrepreneurs did in the StartupJournal profile.
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