First Steps To Take When Selling Your Home Care Business With Special Guest Jen RamosJul 28, 2022
Over the last 2 weeks, Home Care Exit Strategy expert Jen Ramos, shared key tips and strategies when thinking and preparing to sell your home care business. Today, she discusses the first steps you should take.
Check it out!
Thinking about selling your home care business? You should be. But there are some things that you need to know. In today's episode, I have special expert Jen Ramos to talk about the first steps when selling your home care business.
What what are the first steps to take when selling your home care business?
A lot of business owners have no clue what the first step is. The first thing is NOT go out and talk to another business owner or go out and try to find a broker.
The first step is really to dig deep on what your next plan is and having a game plan post sale. If you were to sell your business, you really want to know what the next steps are because it is a very emotional process for 99.9% business owners out there.
It's a labor of love, you poured your blood, sweat and tears into this business. It's not a very transactional thing for most business owners, although technically it is a transaction. So I would say really dig deep.
Think about what your next strategy is, what's your next phase of entrepreneurship is, if that's your next phase or if it's retirement, what are you going to do in your retirement. Really have a strong understanding of what that looks like for you and your spouse. Without a plan, you won't really have a why to get you to the finish line of creating a successful transition out of your business.
It will be very difficult for you and emotionally taxing on you. So I really think that's the first step when you start thinking of selling your business.
Do you have any tips and advice for when it comes to taking these steps to selling your business? Is there tips that you help people detach themselves from it?
Understanding that you're passing this amazing thing that you created off to someone else to take and run with, that's your legacy. You've just created this business and it's run its course with you and that's okay. We evolve as humans.
Understanding and accepting that you're, hopefully, at a time of transition where you're not burnt out with your business. Home Care is difficult to say that because it is very draining at times.
The bottom line is just understanding that you have run its course and that you've added the value you're wanting to add to that business and now it's someone else's turn and you're passing the baton.
There's nothing wrong with that. I think just accepting that and then letting go, practicing letting go.
The other thing is when you do, what helps is to find the right buyer. Depending on what your motivation is to sell and everybody has a slew of reasons why they're selling the business. It could be divorce, it could be illness, it could be a death, it could be just voluntary like you're just done with the business,
You want to move on. But just kind of coming to terms with what that is and then finding the right buyer to take it over for you. That's another important piece. Personal experience.
I've sold a few businesses and some of the buyers learned the hard way. It isn't necessarily a buyer I would have chosen out of the gates, but at the time it seemed right and so it's just a really important thing to consider and not just take anybody who's going to carry this baby forward for you.
Looking to buy or sell your home care business? Talk with Jen!
How To Get In Touch With Jen
Email: [email protected]
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