I can still remember as if it was yesterday. I still dream about it sometimes. Not because it was a dream, but rather, I was just so relieved after the tough process that it was finally over on this day 10 years ago.
It was the hey day of the heady 1990’s internet boom and everybody seemed to be making boat loads of money. There was alot of pressure to “get your fair share”. We had decided to sell our business after 6 years. We were doing some good things in the internet space. We found a great buyer, but the deal had been stalled once before. In my dealings today as a business broker, I find that this is not unusual at all- very few company sales come off without a hitch.
The day came for the closing for the sale of the business. I was so nervous I remember on the way to the closing, all the stock certificates to the company fell on the floor of the back seat of the car and we had to sort thru to find all of them again!
After the close, I remember (in addition to the relief) the sense of accomplishment that my partner and I had which no one could take away from us. We had built a company from scratch that had value to another company. It also felt like a near death experience with so many starts and stops and twists and turns. That weekend, my partner and I went on Chicago’s All Night Bike ride- what a great way to celebrate.
As a business broker, I still sit at the table with my clients and I am just as nervous on closing day.
What I learned after looking back on this after 10 years.
1. If you are selling your company, realize there will be ups and downs, starts and stops in the process. It’s not a fun thing, but use the resiliencey you developed while running your business to get the deal done. Then you can celebrate.
2. If you build something of value, people will buy it. Think cash flow and how your business can help leverage a larger company’s customer base.
3. Think about what you will do the day after you sell your business. Without that plan, you’ll never be able to let go.
3. Hold onto these achievements to get your Bounce! especially when things are currently going badly for you. You have had success before, you will again.
Tell me about your business selling experience!
Thanks for the inspiration…we are trying to get to that point of success – selling the business. Cj
Cj- let me know how I can help!
thanks a million…
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