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It’s time to find out what a Raymond James financial advisor can do for you. Raymond James Voice is sponsored by Raymond James. Raymond James By Ritika Puri, Raymond James Contributor It’s common for small business owners to consider selling their businesses as they approach retirement. But many find themselves unprepared for the realities of the process—especially if it’s the first time they’ve ever handled such a sale. There are a number of challenges involved in selling a small business. Tax implications can be confusing. Gauging how much a business is really worth is often just as bewildering.
On top of that, selling a business you’ve built from the ground up can take a sizable emotional toll. Richard Hayman knows these difficulties well. He ran Hayman Systems, his family’s Washington, D.C.-based cash register business for almost three decades before to in 1999. The lessons he learned along the way can help you dodge the pitfalls that have plagued so many entrepreneurs approaching retirement. Focus on the Future, Not the Past Selling your small business can be a powerfully emotional experience.
Years of blood, sweat and tears have been spent making your venture a success. But instead of focusing on the loss of your business, consider the opportunities that come with your newfound freedom. The promise of a new challenge was one of the driving forces behind Hayman’s decision to sell. While he needed the money to finance his retirement, he was also ready to explore a new path as an entrepreneur. “I simply wanted to do something different by the time I was sixty,” Hayman said. “When I took over the family business, I always wondered if I could have been a success without my father paving the way.
It was a nagging doubt that wouldn’t go away.” Since selling Hayman Systems, Hayman has pursued a number of passions. He started two new companies and invested in several others. He’s also spent the last two years coaching CEOs. “My idea of retirement is being able to control one’s time,” Hayman said.
“Work or play when one feels like it.” 2. Develop a Transition Strategy When selling a company, business owners often have the flexibility to pursue a partial or full sale. It may make sense for organizations to sell a few key assets rather than everything all at once. For Hayman, however, the decision was clear-cut. He knew that the best way to preserve the long-term health of the business was to sell it entirely—but it didn’t happen overnight.
Hayman spent more than a decade preparing his business for sale. After selling, he remained an employee with MICROS Systems for two years in order to fully transition the company’s operations. His business partner—his younger brother—stayed on for six years. Hayman created a transition plan for his employees to ensure everyone involved would be on the same page.
“There was no uncertainty,” he said. “Our staff was very supportive of the plan.
Everybody won.” Hayman’s brother also played a crucial role in setting the tone and direction for the transition. “If you have a partner, you must have a plan that both agree on,” says Hayman. “There can be no surprises or misunderstandings.” 3. Stay Engaged Until the Deal is Done A team of trusted advisors, legal experts, tax specialists and accountants helped Hayman navigate the transition seamlessly and pre-empt challenges ahead of time. He turned to specialists for advice on more technical legal and financial aspects of the sale, while staying involved with every step of the process.
Hayman emphasized the importance of remaining engaged. As the owner, you know your business better than anyone else. That’s why it’s up to you to lead the negotiation. “I did not allow my lawyers to negotiate my deals. They just had to write up contracts I could understand and not be ambiguous,” Hayman said. He also encouraged business owners to remain in control of the contract process.
“No surprises and no uncertainties,” he said. “Do not let the buyers prepare the contracts.” 4. Know When to Let Go Even though Hayman and his brother remained with the company to ease the transition, Hayman also cautioned business owners about hanging on too long. He stressed that business owners need to be ready to step back when the time comes. But that doesn’t just mean walking away. Entrepreneurs can make the transition easier—and allay their own fears—by preparing in advance. “We worked hard to put in place a full management team and actually replaced ourselves,” Hayman said.
“By growing quickly and adding more specialists, I built depth of expertise in all the important positions, and it eased my fears.” After creating this management transition plan, Hayman said he felt no regrets. Virtually all of his employees remained with the company after the acquisition, and many received promotions. Watch the Market—Not the Calendar Retiring by a certain age seems like a given for many professionals. Small business owners, however, rarely have that luxury. Companies and industries experience ebbs and flows. Markets rise and fall.
These should dictate your decision to sell—not a date on the calendar. “Timing the sale to the business cycle was one of the keys for maximizing the value of our company,” Hayman said. Business owners, he said, should consider factors like the economy, the state of their industry, their personal health, and family circumstances. To make the most of favorable market conditions, small business owners need to be ready to initiate a sale on short notice. That means laying the groundwork for a sale ahead of time. It also means waiting for just the right time.
“Just because you prepare does not mean you have to sell,” Hayman said. Countless small business owners like Hayman have traveled this path before.
Mentors and trusted advisors can provide invaluable guidance as you approach retirement, but only you can make the final decision. When the time comes, make sure you’re doing it for the right reasons. Ritika Puri specializes in business, marketing, entrepreneurship and tech. She writes for American Express OPEN Forum, Forbes, Investopedia, Business Insider, CMO, the SAP Innovation Blog, and others. RECOMMENDED BY FORBES.
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