In today's podcast Robert Hirsch answers the question "When is the Right Time to Sell My Business?"
Watch video, listen to the podcast, or you can also read the transcript below.
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When is the Best Time to Sell My Business
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Transcript for - When is the right time to sell my business?
Hi Robert Hirsch from Freedom Factory here. And I want to talk to you about a really important subject and when is it the right time to sell your business? This question has a bit more art than it does science. And ultimately it's kind of a gut check of what you know. We're outside. This is the backyard of my mountain house and is kind of my happy place.
The first thing I'm going to suggest to you is get a change of scenery. Get out of the office. Get out of the commute, either with your family or away. Now figure out some place that you can go, whether you love to fish or ski or go to the mountains or go to the beach and whatever it is, just go somewhere and change your location, and get somewhere you feel really comfortable.
And then think about your business. And I look at it and I think about it in three questions. First, am I here and am I clear? Am I really into my business? Am I serving my business or does my business serve me? And I think life is too short to live where you serve your business. Your business is your personal vehicle to more freedom and more wealth.
And the way I define freedom is pretty simple - it's doing what you want, when you want, as often as you want, with whom you want. And if you love what you're doing and you think, God, this is amazing, and I am here and I am clear and I'm doing exactly what I'm supposed to do, which is the way I look at selling businesses for fellow entrepreneurs, then that's awesome.
And it's not time to sell your business. If you're not sure about that, I would think a little bit harder, and I would dive in and say, do I have the right vision? Do I have a clear vision on where
I'm going to take my business in the next one, two, three, maybe even five years? What do I need to do in order to resolve it and feel great, and feel like I've accomplished what I've accomplished? Now, if your business is growing 40% a year or 50% a year, you probably have a clear vision. You're probably executing really well and you probably feel in flow. On the other hand, if you've been growing at 5% for the last five years, well that's a little bit more difficult, and perhaps somebody else can do it better than you.
Whenever my business is growing at 5%, I'm looking to sell. I'm saying, okay, I need an operator. I'm more of a strategic guy. And how do we focus on really creating something that is amazing, where you're on point and on purpose, but your growth rate will be a big indicator of that.
And the final thing is, you have done what you came to do if you, if you went into your business, when I came to the business brokerage business, i knew I wanted to change the way that entrepreneurs buy and sell businesses. I've started three of the largest brokerages. I hired, one of them, or I've acquired them to get the people, and I've really made it a much more efficient market. And that's what I set out to do when I came here.
But if you left your current business and think about this for a second, would you feel resolved or would you feel like you didn't finish the job you came there to do. So I looked back at it and I say, okay, is my business serving me. Am I clear and engaged every day?
Do I have anything left to accomplish and do I have a fresh set of ideas to really implement that vision? These are the things that walk you through it. It's a bit of an imprecise science, but overall it's really a gut check. What do you think? Do you think it's time to sell your business?
Because usually if I think about selling it, it's about six months too late. So if you have any other questions on this or anything else, it would be our privilege to help here at Freedom Factory. So just give us a call, please like and subscribe. I'm Robert Hirsch. Thank you for watching and we'll see you soon.
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