You Will Never Sell Your Business – And I Know Why
I owned my first business for 15 years. That’s over 5,000 days. I’ve forgotten most of those days, but I distinctly remember the day I realized the business I had built was unsellable.
It was a really bad day.
I had 50 employees, and $5 Million in revenue. Unsellable.
Not enough cash-flow, too owner dependent, and a long list of other reasons had just been described to me by yet another business broker over the phone. Fix this, change that and get back to us in 24 months. I remember sitting at my desk, holding my head in my hands. Exhausted. Close to tears. Unsellable.
That Really Bad Day Is Coming For You
How do I know? I’m playing the percentages. If you are a small business owner, the odds of successfully selling your business are incredibly disheartening.
When you look at the number of business owners who want to sell and the number of closed deals, the gap is massive. MASSIVE. So, if you’re a small business owner reading this, it’s safe for me to assume your day of reckoning is coming.
Why is your business unsellable?
Your business is unsellable because you don’t care if it’s sell-able.
I am a huge believer in the ability of business owners to get things done. HUGE. But only the things we choose to care about, and I can guarantee that you don’t care about this. Regrettably you think you do.
Look at your list:
- Grow revenue.
- Add staff.
- Get more clients.
- Make more money.
- Refine the brand.
You think doing these things makes your business sell-able. You are wrong. Or, more likely, you’re partially right. Which is even more dangerous for you because it convinces you that you’ve got this under control, and you don’t. At least that’s what the odds say.
What’s not on your list?
What’s it going to take for you to put it on your list?
Maybe a really bad day?