Why Don’t Most Business Owners Plan Their Sale?

About the Episode

The majority of business owners don’t plan their exit. Not planning your exit can leave money on the table and decrease the chances of a successful sale. Why don’t most owners plan their exit? What should you take into consideration when planning an exit from your business? What are the common pitfalls of business owners looking to sell? How long does it take to adequately prepare your business for sale? We answer all these questions and more during this in-depth interview with Wendy Dickinson, a business coach specializing in helping mid-market business owners with exit planning. Wendy has a background as a therapist, so we also discuss the intersection between life and business and how entrepreneurs can bridge this gap to ensure their exit meets both goals. We also discuss the psychology of transitions, how you can leave money on the table, and the basics of corporate governance for family businesses.

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In this Episode

Highlights

• It’s critical that your team of advisors (attorney, accountant, etc.) have M&A experience.
• It doesn’t take long to prepare an exit strategy, but it does take a long time to execute the steps outlined in your exit strategy.
• Executing one major objective per month over a period of five years allows you to execute 60 major objectives toward a successful exit.
• For many entrepreneurs, the purchase price isn’t always the deciding factor when selling a business.
• Most business owners do not have an accurate assessment of what their business is actually worth.
• Speed is critical to a successful sale – planning your exit speeds up the process and minimizes the chances of problems occurring during the sale process.
• Most small business owners don’t have an advisory board. An advisory board is different than a board of directors.
• We, as humans, tend to avoid difficult decisions and conversations.

Learn More About This Episode

• How Long Does it Take to Sell a Business?
• Business Exit Plan & Strategy Checklist | A Complete Guide
• Increasing the Value of Your Business | The RVD Model
• M&A Basics: Building a Sellable Business
• Crossroads: Deciding to Sell Your Business vs. Doubling Down
• Should I sell my business?
• Why Don’t Some Business Sell
• M&A Basics | The Letter of Intent
• Why is the range of possible values so wide for a business?
• Business Valuation Guide: Do I need a valuation?

Resources Mentioned in This Episode

• Pricewaterhouse Coopers Family Business Survey
• The People Analyzer
• The One Page Business Plan, by Jim Horan
• The Startup Owner’s Manual, by Steve Blank

Meet Our Guest

Wendy Dickins

Founder of Ascend Coaching Solutions LLC | Powhatan, Virginia

Wendy Dickinson is the founder of Ascend Coaching Solutions LLC, a coaching firm that specializes in working with business leaders and executives who plan to expand their leadership capacity as the company grows. They offer a therapeutic approach to business coaching, and meet clients at the intersection of business and life.

As an expert in organizational culture within government and business settings, Wendy offers talent optimization tools, along with value-added, consciously profitable strategies to potential investors, future prospects, and strategic partners. Techniques include increasing an organization’s changeability, psychological safety, and resilience.

Wendy has co-founded three companies, one of which sold to a Fortune 1000. Raised with small business in her blood, founder Wendy is from a family of entrepreneurs who created jobs for themselves, not assets in a portfolio. Growing up, she saw the impact of creating a job rather than an asset from a privately held business.

Wendy holds a Master’s in Counselor Education from the University of Virginia, a Bachelor’s degree from the University of Mary Washington, and certification from the International Coach Federation. Wendy brings her experiences as an individual and group therapist to every coaching relationship. She is passionate about seeing business people who have spent their lives building their businesses reap the rewards of their efforts.

LinkedIn: https://www.linkedin.com/in/wendyburnettedickinson