A “MAGIC NUMBER” CAN HELP YOU TO SELL YOUR BUSINESS

For many, Covid-19 has done a good job of shattering business goals.  How do you get back on track following a global pandemic?  How do you even find the energy to start while it’s still going on?

It’s far more energising to work towards a goal that inspires you emotionally – a personal one that involves the people you care about, the places that make you feel at home.  In contrast, working towards a corporate, monetary goal by clawing your way from one KPI to the next is going to give you little inspiration, if any.  So, before you come up with your business goals in preparing it for sale, concentrate instead on how you wish your life will be in five, even ten years’ time.

A great place to start is with your “Magic Number”.  It’s the capital sum that you need that will free you enough to close the current chapter in your life and to move on to the next.  It really doesn’t have to reflect the current value of your business:  that will change over the time it takes for you to work consistently towards your personal goal.

To find your “Magic Number”, the question you need to ask is:  “WHAT DO I NEED FINANCIALLY TO ACHIEVE MY HAPPIEST FUTURE?”

When you’ve come up with a figure, you can think up an achievable plan.

PLANNING YOUR BUSINESS SALE

Preparing to sell your business is synonymous with planning for your personal future happiness.  When you think of it that way, you’re likely to come up with a workable, long term plan.

Our former CEO, Rob Goddard, has recently set his second “Magic Number”, as he already achieved his first one.  That one took him about seventeen years to reach; he estimates that the second one will take him ten years.  Incidentally, Covid-19 hasn’t changed his plan at all.  You can afford to make plans that are so rock-solid that not even a global pandemic can affect them.

Our entire team uses the “Magic Number” exercise.  It’s something that we share with everyone whose business we help to sell.  Apart from its being directional and useful, it’s good for your mindset, too.  You will focus on a positive, action-filled path that predestines you for emotional happiness:  that has to be a good thing – especially in seemingly troubled times such as these.

If there’s one positive thing that the pandemic has done for us it’s to remind us that circumstances change.  Without a plan, we’re subject to fluctuation and the wiles of Fate … so, set a ten-year plan, break it down into annual goals, then quarterly and monthly ones.

Having a plan may not guarantee a straightforward route to your goal, but it will keep you going in the right direction and inspire you when the going gets tough.

And when it does get tough, that’s when you need to turn to a team that you trust for the right advice – be it personal from your family and friends, or business-based from experts in business sales.  You don’t need to drop your price if you don’t want to – and what seller does?

There’s a lot of detail that goes into selling a business.  Your team – comprising both your personal one and your sales one – is there to steer you through and keep you on course to your goal and its “Magic Number”.

Whether you want to move ahead and sell or to hold back and prepare, EvolutionCBS can help.  Find out how you can continue to prepare your business for sale without having to make any premature decisions by talking to one of the team at EvolutionCBS.  You’re welcome to come along to one of our free EvolutionCBS webinars.

See you there!

Comments are closed.

© 2020 Evolution Complete Business Sales Ltd.

  Keep me updated
KEEP UPDATED

Dear visitor. Please subscribe if you'd like to receive updates and events on selling or buying a business

* we hate spam and never share your details.
×