18 Jan Mick Jagger Succeeds with Specialists. Business Sellers Do, Too.
Following up on my last post, sellers of quality businesses often let fear shrink the options available to them. Yes, it’s quite amazing, and rooted in the following:
- Business owners have a lot at stake in selling their baby. Their life’s work. Their creation.
- Business owners view themselves as smart, competent and self-reliant.
Couple this with the fact that the business sale project is maybe the most important transaction they will ever enter into, and the result is that the business owner has a tendency to be more apprehensive, less trusting, and more apt to try to do it himself or herself to ensure it is done right.
Do-it-yourself is NOT the way to sell a private business.
Yes, business owners have a lot at stake and they become fearful. Fearful of things such as confidentiality. Of the employees finding out. Of the job not getting done right. Of getting “taken.” And so to make sure it goes right, they do it themselves. They work on this little project in the background while running their business. Trust me, this rarely works out well. It’s like a jet pilot also fixing his own plane. Or Mick Jagger trying to handle stage setup, lighting and sound. It’s just too much. Too big.
The pilot needs to focus on being a great pilot. Mick Jagger needs to focus on being a great singer and entertainer. The business owner needs to focus on being a great business manager and a likeable, trustworthy, calm and in-control business person (this is a key to the business sale).
Each of these accomplished professionals needs the assistance of a specialist. Their success depends on it.