In this episode of Building Value, Brook Hart discusses the emotional complexities of selling a business, likening it to the experience of parenthood. He emphasizes the importance of reframing the narrative around selling, suggesting that business owners view the process as being purchased rather than selling out. Hart also highlights the need for preparation and sound business practices to ensure a successful transition when the time comes to sell.

Takeaways

• Selling a business is often an emotional journey.
• Business owners may feel like they are selling a part of themselves.
• Reframing the sale can change the perspective on the process.
• Viewing a potential buyer as a value add can shift mindset.
• Preparation is key for a successful business transition.
• Good business practices benefit all, regardless of selling intentions.
• Documenting procedures and cleaning up records is essential.
• Diversifying client and revenue bases strengthens the business.
• Employee care should be a priority during transitions.
• Staying focused on running a great business is crucial.

Join us next month for more insights on building value in your business. Until then, keep Building Value!

#Productivity #Leadership #BusinessGrowth

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Any third-party information contained herein was prepared by sources deemed to be reliable but is not guaranteed. Investment advisory services are offered through Presilium Private Wealth, a SEC Registered Investment Adviser. SEC registration does not constitute an endorsement of the firm by the Commission nor does it indicate that the adviser or investment adviser representative has attained a particular level of skill or ability. Additional information about Presilium Private Wealth is also available on the SEC’s website at www.adviserinfo.sec.gov.