If you're lucky enough to own something of value in business, then you have the possibility to cash in and take the money.
Generally, now ( particularly in my world), there would be two options if both were realistic.
Number one
- Sell to a big business, a corporation, these days, that means private equity-backed in some way.
Number two
- Sell to an individual or a group of individuals who are already within the business (if they can ever afford it). That would be like a sale from within, of people who know you.
The first option is liable to get you the most money, and the second option is liable to help you retain your legacy.
You're unlikely to get both.
When my former boss sold to Integrated Dental Holdings (think mydentist) in 2008, and before I left a few weeks later, he said to me, 'We are so well run that they will never change a thing, that they will learn from us'.
They ultimately fired him and his wife.
I read a message recently that was sent to a friend of mine about someone who had been coached and built their practice up to a great thing, and then sold it and watched it be dismantled by a corporate over three years, at which time they left in disgust. They're really disappointed and upset.
What did they expect?
You can have one, or you can have the other, but you're unlikely to get both.
Blog Post Number - 4499
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