A Seller’s Diary – Month 1 – Receiving an Offer for the Business
Just returned from 10 days very well earned holiday in Barbados to a letter from one of our national competitors indicating some interest in our business. To be honest I haven’t yet given much thought to exiting the business but spending more time in the sunshine certainly is starting to appeal!
I’m 59 – so I reckon I’ve still a few more years in me but though I’m still enjoying it, I not sure that I can see myself still running the business in 5 years’ time. We’re ‘empty nesters’ with no real interest from the kids in coming into the business. Would have been nice but they’re all working abroad and developing their own careers.
Tempted to set up a meeting with the competitor just to see where they are coming from. I did meet with their CEO at a trade show and whilst he seemed a good guy, I’m not sure that I really want to sell to them. My staff have been a loyal lot – I certainly don’t want a ‘slash and burn’ merchant.
I keep receiving promotional literature from business brokers – ‘Sell your business etc.’, but I’m not sure. This is an absolutely key decision – and do they know about our market? Might go along to one of their seminars… To be honest, I’ve never been down this route before so don’t really have much idea what is involved. Should learn something, if nothing else.