Choosing Business Goals

Winning In Business: How To Get There Without Losing A Thing

25 January 2019 by Wade Wheeler

Entrepreneurs dream of the day when they can start a business, have it grow into something, and sell it for a bundle. It is the Steve Jobs/Mark Zuckerberg dream. If you have the same dream (albeit a different product or service), you could accomplish the same. To win in business without losing anything, here is how to proceed. 

Build it Up

Small businesses are not something big businesses pay attention to, feel threatened by, or want to purchase. You have to build it up until it becomes something a bigger business wants to absorb, or until your business is so competitive that it becomes a threat to big businesses. You will know that your business is big enough when you have competitors that are trying to outdo everything your company is doing, and you are still killing it. 

Wait for the Offers

When your business gets big enough, other companies will want to either destroy you or buy you out. Hang in there. Do not accept the first offer, or the second offer, or even the third offer that comes your way. Those making the offers will continue to make bigger and bigger offers, either out of desperation, or because they believe that they will find the number that pleases you. You will have to think ahead and choose what number you find pleasing, and you will also have to know exactly what requirements you will ask for before you sell the business. 

Keeping Your Employees Employed

When owners sell their companies, employees are often concerned about their jobs. You have to decide if you want to provide a severance package to the employees or find a way to keep every employee employed when you sell the company. Company sales contracts can include many quid pro quos, most of which provide for you and your senior team, but you can also provide for the rest of the company employees by requiring that the buyer keep all employees for "x" number of months/years or pay all employees a severance package. 

Keeping the Company's Name and Integrity

Many companies that are bought out by bigger companies often lose their names, their identities, and sometimes their integrity. If you want your company to be your legacy and not just a cash cow, you can request in the sale document that certain aspects and features of the company remain the same. Then you can retire in the lap of luxury and know that your company will continue on just fine without you.

For more information on how to sell your business, contact your local business professionals today. 

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