If your Middle Market organization is for sale, you’re likely focusing on the big picture of what needs to happen. However, are you thinking enough about the emotional impact on yourself, your leadership and your employees? Have you thought about the legacy of your company after the sale and how you’ll feel from the outside?
Before you sell, spend some time setting yourself and your business up for a successful and positive experience.
Your Middle Market Employees
Whether your staff knows you’re open to being sold or not, be prepared to answer questions and give reassurances. For starters, think about what you want written into the sales terms regarding your employees. Do you want them to be guaranteed employment options for a period of time? Will they be given fair “early retirement” settlements? Or, do you have plans to take most of them with you to your next chapter if applicable?
Your Middle Market Leadership
Typically, top leadership positions will be instrumental in a successful sale, so probably a few know your intentions already. Consider what strain keeping this big of a process secret from the rest of your organization may be playing on your executives. While discretion is likely necessary, you have to acknowledge they may be suffering some guilt or distress. So, talk openly about it and figure out ways to help them be more comfortable.
Secondly, you need to again look at what provisions you feel would be fair for your leadership during the sale and transition. You could be helping them to either build up their experience and skills so they can move out of your organization once the sale happens or work with them to form the strong relationships they will need with the prospective buyers. They have immeasurable knowledge and insight, so make sure that shines through.
Selling a company you built can be exhilarating, but many people come to have at least some remorse. Why? Well, sometimes you do not feel you received as much money as you could/should have when you look back at everything you’ve poured into your Middle Market firm. Or, you may have been dreaming about retiring and having free time only to discover you are not meant for a life of leisure. You may regret not finishing tasks or achieving all your dreams and goals.
Spend time before you sell examining what your next phase of life will look like. Are you truly ready to walk away or completely retire? Will you feel you had unfinished business if you don’t achieve all your goals prior? Do you think you will start a new venture or will you completely shift gears in your life? Making sure you have a plan and knowing how you’ll deal with your thoughts and emotions after a sale is important.
Take some time away from your organization to see how it feels. Can you really relax and retire or are you constantly still thinking about what’s happening in the office? If you can’t take a week away or cut your hours down without panicking, what is going to happen when the cord is really cut?
While selling your Middle Market company may be a goal you work towards, it’s important to realize your leaders, employees and you need some additional support and forethought to ensure a successful, positive sale experience.
So what’s in the Mighty Middle Market for me? – get it right now at www.Go4ROI.com.