IT'S NOT YOUR BABY! GET OVER IT!
Being emotionally attached to your business can be an expensive mistake. From having conversations with clients and business owners, I can say that a common mistake is to refer to your business as “your baby.” When the time comes to sell the business, and that's going to happen one day if you plan for it. Unfortunately, the owner then has a hard time letting go because it’s like letting go of a child. I totally understand this attachment because most owners probably spend more time with the business than with their own family. They may even have their identity tied to the business. However, a certain level of detachment is necessary if the business is to become the vehicle for the biggest payday of your career. In many cases, business owners sabotage a perfectly reasonable offer because they simply couldn’t let go. Deep down, they didn’t realize that they had an emotional connection and an identity tied to the business. Having gone through this multiple times for myself and having consulted with owners through this journey, I can share that there’s a process that: Prepares you mentally and emotionally Gets you the maximum sales price and Ensures that your staff is also taken care of appropriately (financially and in other ways) Here’s something I now realize that I didn’t before I sold my first company (which ended up costing me a lot of money). Even if you’re not ready to sell immediately, doing this work can improve your business profit and your lifestyle almost overnight. Why? Because it forces you to systematize the business and see why you’re doing things the way you’re doing, this then results in improved efficiency and higher profits. Give me a call if you need some help with this.