Selling a business without regrets

I recently moderated a panel with three business owners, who talked about the experience of selling their businesses. Different industries, different buyers, different outcomes. But many of the lessons were the same:

Always be ready to sell.

“Our financials were a mess in some areas, and it made it much harder for us. If your books aren't clean, you will feel it.”

Know what a good deal looks like before you're in one.

“If you walk in really not knowing what you want and what’s non-negotiable for you, you can’t really advocate for that, and you’re not going to get the best deal.”

You're interviewing them too.

"I spent the whole time selling, selling, selling. I didn’t do enough due diligence to understand if they were a good buyer.”

If you can't walk away, you've already lost.

"If you don't feel like you have the real option to walk away from a deal, you're in a really bad position. It's never too late to back out of a bad deal.”

Verbal promises are not binding.

“If something matters to you, make sure it's written it into the contract.” Brand protections. Employee commitments. Decision rights. If it's not in the purchase agreement, assume the buyer may not honor their promises.

Ask your advisors to help you look around corners.

“I appreciated that my team of advisors was able to help me see what was coming, but I wish they would have spent more time discussing possible scenarios along the way.”

Know what you're walking toward.

Each panelist was proud of the business they built and the way they were able to take care of their teams and improve people’s lives through the sale.

They’re also enjoying what’s next: buying and starting new businesses, writing books, driving race cars, traveling, and spending quality time with family.