Author Simon Sinek encourages businesses to “Start with Why” – meaning that a business must understand the reason for a particular product or service – to better focus its marketing and sales efforts. The same thinking applies to blogs. Except that I managed to skip that step, as my friend Steve Bergman recently pointed out in his typically incisive style.
Steve asked: why publish a blog solely on selling a business when business sales are a relatively small part of my law practice? It’s a fair question. Here’s my best answer.
For most business owners, the biggest check they will receive in their lifetime will be from the sale of their business. A successful sale of a business represents the realization of wealth created over time through a combination of vision, ingenuity, and effort. But not all existing businesses (or owners) have this happy ending. Many will simply shut their doors and have a fire sale of assets due to a lack of interested buyers. Adding to this, an unprecedented number of businesses will be going on the market as the Baby Boomer generation retires, meaning dramatically increased competition and a long term buyer’s market.
My blog, Selling Your Business for More, educates business owners about how to plan for a successful sale of their business in a tough market, whether the sale is in the near future or on a distant horizon. Understanding good “fiscal fitness” and the mistakes that can devastate a business helps today’s business owners protect their biggest asset and maximize the ultimate sale value. To that end, the next series of posts will focus on “Business Killers,” an innovative educational program that demonstrates how to avoid six common problems that can spell disaster for even successful businesses.
In addition, this blog helps me connect with existing and prospective clients and lets them know that I am available to help with all necessary legal documents when they are ready to sell their business. The blog also reminds owners that selling a business is a group effort, and that it’s never too early to begin cultivating relationships with tax advisors, business brokers, estate planners, business valuation experts, and financial planners who all work as a team when it’s time to sell.
Steve, I hope that helps answer your question. And thanks for reminding me to start with why.