Take a Vacation Before Selling the Business!
/If you’re considering selling your business, take a one-month vacation first. Prepare your team. “Get off the grid”. Observe the results. Here’s why:
Delegate. Think of your vacation a test to see what the business might look like under new leadership. One week is no test! But a month? Leave the decision making to your team and resist the temptation to get involved. If the team struggles, you will know what improvements are needed. If the team thrives and the business runs smoothly, you’ll know the business is ready to be sold or ready for a successor.
Observe. This isn’t just about the day-to-day and the timecards, invoices and routine. Nor is it about perfection and having every task completed to your liking. Things will fall through the cracks. That’s inevitable and the real secret is - things fall through the cracks when you’re not on vacation. It’s okay. The test is whether or not you have a team who are confident in being decision makers. You may find that you have senior team members who aren’t comfortable making decisions. Alternatively, you may find the diamond in the rough and find a team member who, with coaching has the talent and capability to lead and make sensible decisions. See who rises to the occasion!
Recharge. You probably don’t take many days off. Or, if you do vacation on the beach or in the mountains you likely respond to email, take meetings and work. It’s ok. You built the business and should take pride in what you’ve built. Not to mention, it’s difficult to leave your customers and your business in the hands of others. We all need a vacation at some point. The exhausted version of ourselves is no good for our customers, team and vendors! Take time to be with the people you love, reflect, gain perspective. Then come back fresh and more motivated!
Improve. During your vacation, your team will find tools and processes that can be improved. After your vacation, debrief with your team and identify what worked, what didn’t, and how to improve. The types and degree of improvements will tell you just how prepared your business is for a sale or a successor. Remember, your business needs to be transferable to a new owner or a successor.