How many times have you said the words: ‘I’ll do it myself’? For most entrepreneurs, this statement has been their key to success through years of building a business. As we get older, and wiser, we can admit that there are some tasks we do well and enjoy and other tasks we can delegate to more experienced or skilled people.
When was the last time you did your taxes? You are required to submit personal & corporate tax returns every year. Tax laws change so quickly that this keeping up is a never ending task. Not to mention that not many of us actually enjoy doing taxes. Even though we submit taxes every year, we never quite do it enough to get really good at it so most entrepreneurs delegate that essential task to a controller in the company or an accountant.
When was the last time you changed your oil? That job has to be done 5-10 times each year so, if we were inclined, we could do it enough to learn how. On the other hand, we have to find a location, buy the right tools and get the supplies. Even then, modern vehicles are so complicated that even resetting the dashboard computer to tell you when to change the oil again feels like it requires a computer science degree.
How many times have you sold a business? For most entrepreneurs, this is a once-in-a-lifetime event. “Every deal is different,” says Travis Kellett of Bridgepoint Business Brokers. “In every sale, we see that the market, the industry, the buyer and the seller’s situation can vary greatly.” Bridgepoint doesn’t sell real estate or buy businesses – they bring buyers and sellers together with innovative solutions to meet the needs of both sides. Bridgepoint Business Brokers bring their experience with other deals to every transaction to be creative and strategic.
Do you know how to sell a business? Most entrepreneurs have forgotten more about their industry than new people could learn in 10 years. They know their business like the back of their own hand. They’ve been busy growing their business to be a stable income source for their own family and, most likely, for their employees, too. Just like taxes and cars, how can one person expect to keep up with market trends, technicalities, legalities, policies and activities related to the sale of a business? You can’t.
No dentist has ever had to say, “Please don’t pull your own teeth!”