The story continues…
At Gateway, we have helped thousands of business owners pass on their legacy of success to another business owner. Today on the Gateway Blog we wanted to continue to share Mark’s story. In the last blog, Mark was able to successfully sell the landscaping business he built up for 26 years after he listed with the Gateway Mergers and Acquisitions team. The story continues as Mark shares his adventures once he was able to join his wife in retirement. He also shares four valuable pieces of advice for business owners who are thinking of selling their business.
Mark said running your own business is demanding; it seems there’s always something to do and the demands do not stop. When he was free from his responsibilities, and felt comfortable his business was in good hands, Mark and his wife traveled the world as part of the healing process after the loss of their son. They sailed through the Yangtze River in China, marched under the heat of the Egyptian pyramids, plowed through the heavy snow in Russia, trekked through the waterfalls in Oregon, and explored the castles in Norway. These are only a few of the places they explored.
If Mark could do it over again, this is what he wished he knew:
1. Always start the process earlier than you think you need to. If you think you’re going to sell in 4 years, contact a broker now and find one you can be comfortable with.
2. Find out how you can make the business more attractive to buyers ahead of time.
3. Have your financials and operations ready and up-to-date.
4. Hire a supervisor BEFORE you sell your business; so that once you pass the torch, someone knowledgeable will be there to keep the business running efficiently. “It was the wisest thing I did.” said Mark.