In the summer of 2013 after 3 Years of running my Restaurant business, the strain was showing in all aspects of my life. I had been pondering the thought of selling but just couldn't imagine myself doing anything else. The restaurant was my life. I had started it from scratch so my feelings were deep, I loved the chaos, the lull before and after the storm, the customers, and even my staff. It was my Baby!
Actually, I had met with a potential buyer my broker had found, and she pointed out that, although she could could see herself running and enjoying the challenge, she just couldn't see herself prising me away from "my baby". The sale fell through.
In hindsight there were actually many occasions I had been approached with offers and interests in buying the business. One was early on in the first year. Business was good, really good. I ignored the attention. Then more approaches came as we went into our second year, again, not for sale! However a goodly sum might have made me stop to consider an offer.
In all, I really was not interested in selling as I was getting a hold of the reins and enjoying every minute. I hadn't had an evaluation done to the business's worth. The thought of selling was terrible. "Who me? No way! I'm in this for the long haul" was my dialogue.
To cut a really long story short. I did eventually sell. Right on the 3 year mark after my broker carried out a comprehensive evaluation.
Did I get what I wanted, or deserved? No. Plain and simple. Did I use a Broker? Yes. (thanks Jeff) Did I get what the Business was Worth? Yes.
Did I plan what's next? YES. I took a year off.
So where am I going with this Real life story. Well here it is...
Choices? * what must I take care of first. ME, that's my health, sanity, growth..
My Family, loved one's, home, community... or The Business, good or bad?
I would love to hear, in what order or anything else on the subject. Please leave your comments.
My belief is to work with the right people at the right time. It may take a few meetings with different personalities, however my advice is always "leave it to the professionals" Make the call!
I have over 29 years experience in buying, selling, starting, operating, managing and partnering in Business, from two countries. UK and USA. My diversity and understanding of Small to Medium sized Businesses, along with the last 2 Years as a Marketing Consultant has put me in position to be your first choice as the Business Broker Professional you talk with.