Thinking of selling your pest control business? You should think twice. According to Front Office Solutions, selling business in a booming acquisition market is not as smart as it sounds. They therefore encourages business owners to think carefully and explore all options before making a decision that could change their life.
Money is attractive to a lot of small businesses, but a lot of them aren’t as successful as they should have been after the sale. There are great successes, and there are disastrous failures with these mergers and acquisitions. But I think just selling a business just for the money is the worst thing you can do. ”
Create an emergency exit before selling your business
As soon as a company offers you a very attractive offer, you would be tempted to sell immediately. However, when it comes to making such a heavy decision, rushing is a big mistake. Selling your business is a marathon, not a sprint.
I think that has to be part of your succession plan, it’s like when you make a three, five and ten year plan, when you start your business. I think you should do the same when you sell it. What will your life be like if you sell your business today? How will it be in 5 years, in 10 years? Will all of your needs be met, both personally and financially? Will this suit the staff who have worked with you for years?
Put as much thought and effort into leaving your business as you do into building it. I think it’s very important that you evaluate everything, not just the money you could make, noting the many benefits one loses by selling his business. There are a lot of advantages to owning a business. Family members are often involved in small businesses, and a lot of your social events revolve around your business, such as conferences or national association events.
Get advice and explore your different options
Whether or not you plan to sell your business, don’t think it alone. It’s best to work with a few people to help you make the right decision. First and foremost, speak with the people who will be impacted the most: your family.
The first person you need to consult is who you share your life with and your closest family members, because it’s a big decision. Pest control companies are often family businesses.
While this may not be a popular opinion, company managers or presidents should discuss the decision with their staff as well. While I don’t think you should tell everyone, I think there should be some confidence in the leadership, I am always very honest with my staff. I tell them when I have been approached and we have received a big offer, but we are not yet able to sell. We are always here to win. And I tell them that if one day we are serious about selling, I will talk to them about it and give them dates.