Fear of the Unknown

Did you ever do something you haven’t done in a while and pay the price? Maybe an exercise routine that leaves you with sore muscles? Or having a meeting at a place known for their pastries, having one (which you rarely do), and paying the price? Yeah, I did the latter recently.

Or what about doing things you’ve never done before? Maybe it’s skydiving, or scuba diving, or entering a run or bike ride much longer than you’ve ever done before. Apprehension, right?

That’s how our clients feel when they decide to buy or sell a business, having never done it before. People who are good at providing professional services do more than just the tangible things. They’re good at handholding, supporting, listening, and asking questions. 

In Buying A Business That Makes You Rich I tell business buyers they absolutely will make a leap of faith and they want to do it off a chair, not the roof (we help lower the jump). Were all the right questions asked? Are they overpaying? What isn’t the seller telling them (that he or she should be disclosing)?

The same holds true for business sellers as they make a big change in life. Did they sell to the right buyer? Will their employees be valued and keep their jobs? What will be their next great adventure in life?

My point is, buying and selling a business (as well as starting one, operating one, growing one) is a lot smoother with the right team. And it adds value to the business when there’s both an internal (management) team and an external team of advisors.

“It is only through labor and painful effort, by grim energy and resolute courage, that we move on to better things.” Theodore Roosevelt

“We are rarely proud when we are along.” Voltaire

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