Many Business Owners and CEO’s end up with no one to talk to about their decision to sell out – no one , that is, without a personal or financial interest in the process. Most ‘advisers’ that they talk to have a vested interest in the process going forward.
So, here is a suggestion. Join a peer group or find someone who will not buy your BS and self-serving drivel. Spend lots of time with them talking about your plans to sell – why you want to sell – how you think things will be after the sale. One of the liabilities of leadership is that you tend to get surrounded by people who reinforce your visions.
Coaching Can Help … If You Get the Right Coach
One of the benefits of coaching is these situations is that the coach has no vested interested in whether you transact your company or not. If you find the right coach – one who has gone through the process and has lots of experience coaching founders and entrepreneurs – they will be a big help in coming to terms with the process. Remember, it is not a matter of selling or not selling your company – it is a matter of doing what it is that you really want – what will make you the happiest – will result in a post-closing situation that will be a win-win for all parties – especially you. The right coach can serve as your ‘spirit guide’ – making sure that you work through your feelings well before the closing table. Good coaching can put you in a far more ‘proactive and focused’ frame of mind – perhaps even improving the deal terms. It can keep you from making serious mistakes and help you find the best way forward – to and through the closing process.
Join a Peer Group focused on Exit and Transition planning
If you’re a business owner or chief executive who wants honest (sometimes brutally honest) feedback on deciding to sell, you need to join a CEO group. The power of a peer group stems from the willingness of its members to share their cumulative experience and ability.
Think of a CEO peer group as a consulting group of CEOs, COOs, Presidents, General Managers, Managing Directors, and Business Owners who come together to listen to each others’ problems and offer solutions. It is a think-tank environment where highly experienced people from different industries share their everyday challenges, frustrations, ideas and problems and counsel each other. Whether you are thinking of selling your business, a CEO peer group will give you useful advice, consultation and tips on how best you can expand your business or think of exit planning. A CEO peer group can be a strong support system which you are unlikely to get in your organization. Here you can open heartedly share your ideas without the fear of being mocked at and can expect straight-forward, no-frills-attached opinions from other peers who have no reason for being dishonest, no agenda and no need for “yes men”.
VirtualBoard is one such peer group of like-minded CEO’s and business owners focused on Exit Planning and Strategy.