I came across this article recently, making the very valid point that:
“Selling your business is a landmark event, often accompanied by emotions ranging from sheer joy to deep regret. Proper planning can help ensure this is a time to be celebrated—years of hard work have paid off!—by alleviating the stress and anxiety related to your exit.”
And then it went on to discuss the virtues of this, but from a purely financial position only. There is so much more to selling a business than just the financials!
The very reason you’re selling it would indicate that. If it is just about “cashing in your Super”, then so be it. But what if it’s about:
- getting out of a business partnership that no longer serves you or what you want to achieve with the business?
- failing health being the prompt?
- you actually wanting to do the something else you’ve always dreamed of doing, before it’s too late?
And just as importantly, what if this has been your “identity” for many years? What about this cash machine that you built, which has fed and clothed and schooled you and your family? This is not a decision to be taken lightly, or quickly.
These require just as much thinking as the financial considerations, especially when pulling on the heartstrings. Don’t let your head be the only ruler in this decision making process…
It’s all about the Business Model… as it always is…
“’How?’ is not just a question. HOW is the answer.
HOW. We’ll see that word a lot in this manifesto. Simply stated, HOW is the belief that in our more interconnected and interdependent world, we rise and fall together. The way to forge a better, more sustainable path of growth and progress lies in the realm of human behavior—HOW we do what we do. The days of “It’s not personal; it’s just business” are over. We truly have entered the Era of Behavior.
Leaders have become successful at measuring “how much” by out-selling and out-spending. But instead of asking “how much”, we should be examining HOW. How we behave, lead, consume, build trust in our relationships, and relate to others has always mattered but in an age when everything can be tweeted and blogged about and where there is no such thing as private behavior, HOW matters more than ever and in ways it never has before.”
By Dov Seidman for ChangeThis.com
Many businesses are founded and run by a husband and wife team.
What happens to the business if they divorce?
The ‘clean break’ principle
The Family Court’s position is that whenever possible, there should be a clean break between ex-spouses. This means a property settlement, with the combined asset pool being broken into two chunks. When the assets include a business, the property split can take place in a number of ways…
Read the full article.
A story by Greg Parker for mybusiness.com.au