Make The Tough Decision: Keep or Sell?

by WAYNE VANWYck

“Two roads diverged in a wood and I –

I took the one less travelled by.

And that has made all the difference.”

Robert Frost

If you’re a baby boomer business owner (BBBO) you face a difficult decision. You’ve grown a business, probably from scratch, and now you may need to decide whether to sell your “baby” or keep running it.

Whichever road you choose, there will be significant consequences. You may be thinking, “I don’t really need to decide right now. I can put it off.”

Perhaps as you stand at the fork in the road your first answer is to stay there, at the fork, for a few more years. But, standing there may become quite crowded. There are millions of BBBOs right there with you, milling around, regarding each other with puzzled looks on their faces, all pondering the same question. “Keep it or sell it?”

Seven reasons to decide now:

1. A decision is a precursor to action. Once a decision is made, you begin to move intuitively. Actions lead to results.
2. A decision, once communicated, initiates actions in those around you. As soon as you pick a path, your family, employees, customers and suppliers will pick up on your certainty and commitment and follow your lead.
3. A decision unclutters your mind. You stop waffling and begin formulating ideas and plans.
4. A decision coupled with a commitment sends a message “to the universe” that is picked up and acted upon. Goethe said it best: … "the moment one definitely commits oneself, then Providence moves too."
5. When a decision is made, you can set goals such as selling the business for a certain price or getting the business to run successfully with or without your presence in the office. Clear goals enable you to develop plans and strategies to make them happen.
6. A decision signals your stakeholders that you are in charge. You’ve thoughtfully considered the options, weighed the pros and cons, done your research and come to a decision that is right for you and right for your business.
7. A decision shows courage and leadership.

Sell it or keep it. It’s a tough decision that resides solely with you. You can get input, ideas, suggestions and support, but ultimately you, the BBBO, are required to make it. It’s your responsibility.

http://www.tac-focus.com/focus-areas/succession-transition-planning


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