Some businesses are created for the final and ultimate goal of selling it on. No one wants to be doing “this” forever, and selling a business is a natural evolution in the life of that little idea all those years ago.
The key word here is “years.” Businesses take time to develop, as an esteemed entrepreneur knows. It takes time to get going, to settle into what it is, and to be worth something in the long run. One major aspect of business development with a sale in mind is patience., patience, unmonitored and unrestrained, can drive the company right off the guardrail and over the cliff.
Patience is also something that needs to be battled, delicately and, ironically, patiently. If feelings of impatience arise, recognize them. Furthermore, channel these feelings into logical and reasonable actions. Resolve transaction issues and take the due diligence needed to prime the business for sale. Break these steps into daily actions and make sure progress is being made, even if it is small. The team will work to manage this sense of patience in the business and to funnel it towards organizing paperwork details, presenting the business, and negotiating fair terms of the small business.
There are times where impatience is justified. Perhaps too many obstacles are coming in the way or something is being mismanaged. These elements can really steer the business off course and they need to be addressed. Impatience can be channeled into big action and changing directions, but they need to be firmly understood.
Many leaders, some of the smartest people, approach the team and ask, please sell my business. If the client approaches the team too early, it shows. It shows in the product they have to sell and the misguided enthusiasm they show for working towards future projects.
Stay in the moment. Work on what is happening right now, and be patient that this project will inevitably lead to another. Maximize the sale and remain diligently patient. This will pay off tremendously when passing the torch on the business. The time will come when that sale is refined.