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Selling your company is one of the biggest decisions you’ll face – and the process itself can feel like a second full-time job. The challenge for business owners is to navigate the sale process without letting daily operations slide. As one entrepreneur notes, during due diligence, “you also must continue to run the business; and that juggle is what most sellers say is the hardest part”.
Here, we discuss strategies to help you steer your ship and navigate the sale, all while avoiding common selling mistakes.
Why Balance Matters
If you focus exclusively on the sale and take your eye off operations, performance can falter. The risk is a double hit: your business could lose value, and potential buyers might lose confidence just when you need both at their peak. If a buyer notices the company is underperforming midway through negotiations, they may lower their offer or even walk away.
On the other hand, you also need to tend to the sale, whether that’s marketing, meeting with potential buyers or working on your exit plan. Otherwise, you risk being stuck in your position for longer or not getting as much value from the sale as possible.
In short, balancing everyday operations with the sales process protects your firm’s valuation and keeps buyer confidence high.
Strategies to Keep Business Performance Strong
Set Your Organizational Structure Up for Success
How can you keep your business running smoothly while preparing it for sale? First, build a reliable team and delegate responsibilities. A business that can’t function without you will struggle to find a good buyer and likely fetch a lower price.
Now is the time to empower your managers and staff to handle more of the day-to-day decisions.
Hire a Professional Broker or Advisor
Next, consider hiring a professional broker or advisor to manage the sale logistics. A seasoned broker can handle buyer inquiries, paperwork and negotiations – freeing up your time to focus on keeping the company running well.
Manage Time Appropriately
Additionally, be disciplined about time management. Structure your week so that specific hours or days are set aside for sale-related meetings and document prep, leaving the rest for business operations.
Keep Doing What You Do Best—Running Your Business
Finally, keep pushing toward your usual business goals – continue marketing, uphold customer service standards, and don’t put growth initiatives completely on hold. Showing strong results during the sale process not only maintains morale, it can even improve your bargaining position.
Avoiding Common Pitfalls
During a potential sale, it’s easy to become distracted or exhausted – both can be dangerous.
Not Focusing on Growth
One common pitfall is letting quality or revenue slip because your focus is elsewhere. You might feel tempted to ease off, thinking there’s “no longer any use in fostering the company’s growth” once a sale seems likely. In reality, you need to showcase your business at its best right until the very end.
Burning the Candle at Both Ends
Another major risk is owner burnout. Running a company and selling it at the same time is taxing, and burnout can creep in. In fact, more than one in four business owners who list their business for sale do so primarily because of burnout. Remember, it’s about balance, not doing as much as you can at once. To avoid overload, take care of your health and delegate stress where possible. Remember that if you burn out, both your business performance and your deal negotiations will suffer.
Work With Alberta Business Exchange Today
If you’re considering selling and feeling the weight of juggling both roles, remember that help is available. Alberta Business Exchange is a trusted resource for business sales in Western Canada. Our experienced team can guide you through the process so you can confidently balance operations while achieving a successful sale. Contact ustoday to move forward with your next chapter.