I have always enjoyed playing all kinds of sports since I was little and was one of those kids who were good at most sports but great at none.  I was usually picked be on the team but when it came down to the last minutes of the game, I was not the one that the coach gave the ball too.   As I grow older I have had to shift from contact sports to more recreational sports, but still love to be active.  As my children have grown up I’m fortunate enough to be able to coach them while still enjoying the experience of being on the field/court.

I was given the opportunity last weekend to be on the “chain gang” for the upcoming high school varsity football game.  My responsibility was limited to holding the down marker and making sure I never moved the chains without the referee telling me to do so.   That sounds pretty simple but watching the game and participating in it at the same time was challenging.  I wasn’t really a spectator since I wasn’t in the stands and I wasn’t playing or coaching, so what was I?

That reflection made me start to think about the business owners I work with in preparing their business to sell.  When it comes to selling a business are you a spectator or player?  I have seen both types of business owners, neither is right or wrong, but trying to be both really doesn’t work.  As a great example have you been to a Little League baseball game and listened to the parents?  Wow, I’m sure anyone who has been to a child’s competitive sporting event has heard these parents in shock.  Pick any sport that a child participates and there are some parents that don’t understand the definition of a spectator.  Throwing out that they don’t know what they are even talking about or qualified to be a player/coach, they sit in the stands and scream unobjective, unknowledegeable and usually incorrect comments as if they are playing on the field.  If you are one of those types of parents then please listen to me as a past coach, player and referee, SHUT UP and let the kids play and coaches coach.

As a business owner considering selling your business you have two choices.  If you want to be a spectator then hire professionals that understand your goals, objectives and listen to them.  What I mean about being a spectator is only related to the selling of your business.  What we want you to do is concentrate 100% on the day to day operations of the business, making a profit, growing your revenue and keeping the key employees and customers happy.  We want you to be a player there and give it all your attention.

We are looking for you to be a spectator in the selling of your business by completely turning over of the selling process to your professional advisory team and working with them as needed.  We prefer you not to be up in the stands yelling at us about the buyer, timing, fees, financing, etc. and understand that selling a business is a game. You might win or lose a quarter or even a half, but what matters is the result at the end of the game.  Selling a business requires constant communication and is hard work.  If you think your advisory team is qualified then just sit back, watch the game and do your part in the not screwing it up.  No one likes to get yelled at, particularly from an unobjective, unknowledgeable spectator.

Now if you want to be a player then get in and give it 100%.  You should still use an advisory team to give advice and coaching, but the results are on you.  Some entrepreneurs want this responsibility and do well at it and others are horrible.  It’s like playing tennis where you hit the ball (offer/counter offer) back and forth but the other player (the buyer) might be in better physical shape, have others play when they get tired, or just hire a professional tennis player to go against you.  Anyway it goes, you need to accept that if you don’t like the results then look in the mirror and ask for help.

One the hardest things as a business owner to accept help.  We have counted on ourselves to get us where we are and that’s the way we like it.   We get tired, stressed out and feel the weight of debt on our shoulders but that’s where we want it.  Unfortunately selling a business takes time, expertise and skill in negotiating at the same time you need to be working on your business.

There is no right answer, just acknowledge that the success of selling your business doesn’t have to be all you.  A team is made up of players, coaches, referees, spectators, concessions and the all important “chain gang”.  Everyone has a role, they are all important to obtain the goal of success.  Find your role that best fits you and follow it.  Selling a business is a journey, a game that has many highs and lows, so don’t ever give up, get on a good team and go for it!!

This entry was posted on Monday, November 9th, 2009 at 12:19 pm and is filed under Sell Your Business, Selling a Small Business, Professional Advice, Exit Stories, Exit and Answers, Buy a Business. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.