Electricity is wonderful, isn’t it? The current that comes through our house can warm our water, cook our food, cool the house, and more. Without it where would we be?! We all know that electricity is great when it is used properly, but when it is not handled the proper way, it can shock you and hurt you, yes?
What would happen If you were to have your finger on the metal part of the plug on your clothes dryer when you plugged it in? You would be shocked, and the electricity is strong enough that it might not let you go, resulting in death.
Why in the hell am I talking about electricity? You want to know about selling a business, right? The fact is that I see it all the time! Let me explain. Business owners fight like hell in their twenties to try to find a way to make money. They may find it if they are lucky, but it may not be big money. Once you hit thirties, you have found something that you can be proud of, perhaps it pays the bills well enough that you can take a few vacations a year and enjoy your life. Once you get in your forties, money finds people. It’s in the forties that distractions and bad decisions are not running the show and focus is now clear. Money is more possible now than ever. This is usually the case as I see it in my business.
What happens, psychologically, is very interesting. The businessperson who runs a business in their 40s is now so happy that the business is producing all of this cash flow, that they are not going to let go under any circumstance!! I now ask, are you using electricity properly or does it have a hold on you? More often than not, the current has the owner grabbed and the owner will be his or her worst enemy and not let go of the business NO MATTER WHAT! Something about the mind; it remembers 20 years of struggling to finally make it to the real money and because “THIS BUSINESS” is the business that finally paid them the big bucks; they can’t let go. The current has them captive and the addiction to the money it produces and the fear that comes with letting go of it is a perfect storm of not being able to let go.
The fact is the owner should look a bit closer. The owner spent 20 years building up the tools within, the long hours, the knowledge, the success, etc. that it really isn’t the BUSINESS that is paying all that money to the owner. More so, it is proof that the business owner is now smart enough, seasoned enough, and tough enough to successfully own a business. That being said, selling is the best route to massive success. “When you are doing well is the time to sell.” Don’t let the business own you, you mut always own the business.
By selling the business and letting go; you create a liquidity event. This liquidity is now able to be leveraged for a much larger business that is producing much more cash flow than the currently held business. Move on, move up, and enjoy your next adventure. This isn’t about holding on past one’s expiration point; this is about staying passionate and moving on within your soul to the next adventure.
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