DIY is alive and well in our culture. It can be a lot of fun using hands and minds differently on the weekend. DIY is NOT your friend when you want to sell your business. One of the biggest mistakes a business owner can make when the sale of their business is on the horizon, is taking a DIY approach. There are a couple of common assumptions we make about the sale process that can lead to unnecessary distrust, doubt, stress and a less than desirable outcome. DIY selling your business does NOT result in a shiny accomplishment to share HEA (Happily Ever After) on the golf course.
Why not repair that leaky faucet or refinish that favorite piece of furniture? Sometimes we discover a new interest or hobby. These projects can be particularly satisfying with a finite beginning and end. Look, no leak or a glossy side table!
The finished product is often enough of a reward that we forget the bruised knuckle from the wrench slip. The memory of the nausea from the fumes of the chemicals used to strip the old finish off of the furniture is no longer important. These projects are worthy DIY efforts, with successful results.
But, we all recognize that there are also times when we need to call in the professionals. We’ve all had friends who over-estimated their abilities and fallen, destroyed an appliance or some other project that was beyond the scope of their abilities, right?
DIY selling your business creates the cautionary horror story that carries hair-raising, edge of the seat, hope that never happens to YOU, fright. It is your choice, of course. You’ve spent years building a business. The business is growing. The employees are engaged and productive. The business has provided a quality of life for you and your family for years. You would ideally like to have the sale become a story of success and financial stability for years to come.
The sale of your business is one of those times when you want the professionals. Business owners who are committed to the process of selling, want a team of professionals who can offer the very best perspectives to the owner(s) at each phase of the M&A process.
Who belongs on your team? To begin, a consultant who can educate you about the process. Next, accountants to provide professional audits. The next question hinges on the goals, values and strategies you identify with the consultant. Business broker or investment banker? The differences between the two can seem miniscule. However, choosing the right representative in that team member can make a significant financial difference in accessing the right buyer.
An attorney who specializes in M&A is also a must. The attorney you went to high school, college or grad school, with may be an estate planner, real estate expert or some other field of law. To equip your team with the greatest strength, an attorney who is familiar with the intricacies of an acquisition is most helpful.
So, what do you intend to do? Do you want to take a business that you have spent time, energy, and money building and bet on your DIY skills? Or would you like to set this sale up to be a culmination of your aspirations? Would you like to accomplish your goals? Do you want this sale to align with your mission? Of course, you do!
