If you’ve ever considered selling your business or have been approached by a buyer, you know the complicated thought process it takes to decide if it’s the right time to sell your company. Unfortunately, many business owners fall into the classic FOMO trap. The fear of missing out on this one big selling opportunity that could set you up for retirement is a pressure unlike any other.
Luckily, Service Excellence knows some good tips to take that stress away and help you truly consider the decision before you.
Just because someone offers you money does not mean you have to sell. Remember that. If you sell your company prematurely, not only could you find yourself having to rebuild a new business from scratch, but you could miss out on all the potential of your company.
Before you jump the gun and decide to sell, you and your business need to be entirely ready to transition to a new phase of life. One of the most common reasons business owners sell too soon is because they are afraid that another offer will not come in the future. Don’t let fear drive your sale.
You may feel like the offer you have received is the best and only offer you will ever get. Don’t let yourself fall into the cycle of self fulfilling prophecy. There will always be an opportunity for a company with great systems, procedures and structure to sell. Always.
There are many reasons that your business – and any business in the home services industry – are likely to attract multiple buyers over time.
Don’t panic because you think you are missing out. You actually have the bargaining chip here – there’s a reason why your business will catch the eye of buyers. The home services industry has some important qualities that make it a unique arena to sell in.
The fact that our industry is nearly impervious to the rising and falling of the economy makes your home services business valuable. Your business is becoming more and more attractive to anyone paying attention to equity and an organization that can consistently make money.
Our services require highly skilled professionals to complete. Our industry can’t be replaced by technology – it will be augmented by technology, but not replaced. The bottom line is you have a great product that does not need to be marketed at the national level. Homeowners still love the local members of their communities running businesses, so there will always be a desire for small home trades companies.
Not only can we help your business grow and burn past your production goals, we also help to prepare your business for sale. Whatever your plans are for your trades business, we are here to help and advise so that you get the most out of your hard work. Check out our resources online or contact us!
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