Confidence in the Transition: How to Sell Your Business and Move to the Next Chapter
After spending years building a business, deciding to sell it can be a profoundly emotional, and often overwhelming experience. Whether the owner is selling for personal reasons (retirement, health concerns, lack of motivation, etc.) or practical concerns (lack of time to devote to business ownership, a desire to move, etc.) they all benefit from choosing a partner who can help them navigate the transition successfully and imbue them with confidence in their decision-making.
Since 1908, Calhoun Companies has served as that partner for thousands of business owners, delivering expert advice with a personalized touch. The narratives of these former business owners illuminate the multifaceted nature of selling a business. Current owners contemplating a sale can learn much from their predecessors' experiences, using these insights to navigate their journey more effectively.
Robin and Rick Peters - Furniture Manor
Robin and Rick Peters, co-owners of Furniture Manor, approached their decision to sell their business after 40 years with a mix of nostalgia and confidence. Despite facing challenges and a complex sale process, their unwavering confidence in Calhoun Companies paid off. By building a positive, trusting, and educational relationship and emphasizing full transparency and relentless communication with both sides, Calhoun Companies was able to keep everyone in the game and the deal moving forward. The process truly exemplified how confidence, coupled with the right support, can transform potential obstacles into a successful transition.
Tom Wehmhoff - CPA Practice
For Tom Wehmhoff, selling his large CPA Practice was a significant step, taken with confidence that Calhoun Companies would guide him through smoothly. With more than 20 years of experience as a business owner, and a large network of peers advising him, Tom’s decision to sell was a confident and well-planned move. He just needed the support of the right person with the right resources to advise him and generate leads. Tom’s experience is a powerful example of how expert guidance can fortify confidence in one's path forward.
Joni Lenzen - Renewed Spirit Assisted Living Home
Joni Lenzen's sale of Renewed Spirit Assisted Living Home was driven by deeply personal circumstances. Her confidence in finding a buyer who would honor the home’s mission led her to Calhoun Companies. The compassionate approach of the agents not only provided Joni with the peace-of-mind to proceed but ensured her legacy would continue in caring hands. Joni's story illustrates the importance of certainty in both one's values and one's choice of partners in transition.
Hayley Dollins - Dental Staffing Company
Hayley Dollins's decision to sell her dental staffing company came from a place of strength and certainty in her accomplishments and the future. Her partnership with Manoj Moorjani and Calhoun Companies, rooted in mutual respect and understanding, reflected her confident approach to the sale and commitment to her goals. The collaboration ensured a process that was not just successful but also aligned with her expectations and proceeded according to her needs, showcasing the power of assurance in shaping one’s future.
Rich Thompson – Sports Bar
Rich Thompson approached the sale of his sports bar in Hastings, Minn., with the confidence of a seasoned entrepreneur. Faced with the impacts of COVID-19 and the restaurant industry's challenges, Rich’s confidence in Calhoun Companies’ ability to find a buyer under pressure underscored the importance of resilient and expert support in navigating uncertain times.
These stories illuminate the diverse pathways through which business owners approach the decision to sell. From navigating emotional attachments and legacy considerations to overcoming market challenges and personal transitions, the common denominator remains a confident partnership with a business broker you can trust.
If you are a current business owners considering selling in the near future, here are a few places you should start:
- Build Trusting Relationships: Engage with advisors and brokers who understand the emotional and financial aspects of your business before you decide to sell. Fostering a relationship early on can lead to success.
- Embrace the Emotional Process: Prepare for the highs and lows of selling your business by acknowledging that it's more than a financial decision—it's a life transition.
- Plan for the Future: Start thinking about exit strategies early, considering how, when, and to whom you might want to sell.
- Consider Your Legacy and Mission: If your business's legacy matters to you, include this in your planning and clearly communicate that desire with your broker.
For more support, feel free to reach out to us.