“The very best way to predict the future is to create it”
In his new book, When Is The Right Time To Sell My Business?, Rich Mowrey tackles a decision point that many business owners inevitably find themselves in, but is one that can be difficult, stressful, and full of trepidation. It is a decision that can bring regrets and questions about timing and planning they never considered, and Mowrey’s objective is to help a business owner sell their business without regrets.
In this intelligently written book, Mowrey answers one of the biggest questions that business owners who are interested in selling their business always ask:
When is the right time to sell to my business?
To really ensure an informed decision can be made, he delves deeper into this question to get at the underlying, interrelated knowledge acquisition, purposeful action, and timing. Mowrey helps business owners examine their business’ value attributes, personal assets, and the types of plans that need to be in place in order to sell the business. He then focuses on four major areas of personal assessment to help crystalize one’s personal readiness to start the process of selling their business.
Mowrey emphasizes, “It is time to stop silently asking the question and formulating the answer. It is time to focus on the answer more often than the question.” By shifting one’s focus, hesitation and fear can be minimized, resulting in a decision backed by confidence.
In addition to providing guidance and expertise to the decision making process, Mowrey offers specific objectives required of the business owner as they start the next phase of their life.
By examining the factors addressed in this book now, a business owner will have all the necessary components in place when the opportunity to sell arises or when they decide to initiate the opportunity themselves.
Mowrey focuses on the basics of business valuation and readiness assessment – both qualitative and quantitative – in order to help the reader prepare to sell their business and plan for action. From there the focus shifts to value enhancement and strategic planning because as he explains, “Price is what you receive, value is what you deliver.” Together, all this preparation and the ultimate execution of a transfer plan will require both focus and a good measure of personal energy.
Mowrey also addresses:
The timetable of preparing to be without the business once it is sold
How family plays a role in decisions and succession planning
Which environments to analyze to find out when the time is right
Financial buyers vs. strategic buyers vs. industry buyers
Different ownership transfer scenarios
Each reader will focus on specific action steps to begin taking now to lead to their ultimate decision, including:
Twenty questions to fire you up to start planning
Four distinct actions to complete now to prepare to sell your business
Questions to help with planning initiation, strategic planning, business planning, and market knowledge
Who needs to be on a top-notch advisory team?
For any business owner, the thought of someday selling their business can be overwhelming and confusing – generally raising more questions than they are prepared to answer. But thanks to his expertise and ability to guide readers through a carefully thought out, systematic approach, Rich Mowrey is able to reduce the uncertainty and provide a path that will lead to a confident and ideally more profitable sale of their business.