I came across this article recently, making the very valid point that:
“Selling your business is a landmark event, often accompanied by emotions ranging from sheer joy to deep regret. Proper planning can help ensure this is a time to be celebrated—years of hard work have paid off!—by alleviating the stress and anxiety related to your exit.”
And then it went on to discuss the virtues of this, but from a purely financial position only. There is so much more to selling a business than just the financials!
The very reason you’re selling it would indicate that. If it is just about “cashing in your Super”, then so be it. But what if it’s about:
- getting out of a business partnership that no longer serves you or what you want to achieve with the business?
- failing health being the prompt?
- you actually wanting to do the something else you’ve always dreamed of doing, before it’s too late?
And just as importantly, what if this has been your “identity” for many years? What about this cash machine that you built, which has fed and clothed and schooled you and your family? This is not a decision to be taken lightly, or quickly.
These require just as much thinking as the financial considerations, especially when pulling on the heartstrings. Don’t let your head be the only ruler in this decision making process…