Thinking about selling your business? Whether it’s because you’re ready to retire or want to pursue other opportunities, selling is a thought that crosses many entrepreneurs’ minds at some point. Selling a business comes with perks—such as financial stability and time to relax and enjoy life—but it also comes with challenges. However, there are some misconceptions that may make the process seem scarier than it is.
The good news is that these myths are just that—myths. Here are some of the most common ones you may have heard and the truth behind them.
Myth #1: You Need To Walk Away Completely
One of the most common myths about selling a business is that you need to completely detach yourself from it. This falsehood likely stems from the idea that once you sell your business, it’s no longer yours. Therefore, you can’t involve yourself in any capacity.
But the reality is that if you don’t want to walk away from your business entirely, you don’t have to. There are ways to stay on after selling your business, so you can continue to contribute and benefit from its success. For example, you could negotiate a consulting or advisory role with the new owners or even retain partial ownership.
Myth #2: Selling Your Business Means You’ve Failed
You’re not a failure if you decide to sell your business. In fact, selling your business can be a sign of success. It means you’ve built something valuable that someone else wants to invest in. Selling also opens up new opportunities for you, whether it’s pursuing a different passion or enjoying the financial stability that comes with a successful sale.
Myth #3: You Can Sell Your Business Quickly and Easily
Selling a business isn’t as simple as putting up a “For Sale” sign and waiting for offers to come pouring in. It takes time, effort, and careful planning to find the right buyer and negotiate terms that work for both parties. Don’t fall into the trap of thinking it’ll be an easy process—be prepared to put in the work and seek professional help.
Myth #4: You Can Sell Only to a Large Corporation
Many entrepreneurs believe selling their businesses means selling to a big corporation. While this is certainly one option, it’s not the only one. There are various buyers in the market, including individuals, private equity firms, and other small businesses. Don’t limit yourself by assuming you can sell only to a large company.
Myth #5: Your Business Will Lose Value After You Sell It
Horror stories of businesses going bankrupt or failing after being sold fuel this myth. While this can happen, it’s not the norm. A well-built and successful business should continue to thrive even after it has changed hands. As long as you have a solid customer base, strong systems in place, and a solid transition plan for the new owners, your business should continue to prosper.
Don’t let these common myths discourage you from selling your business. With careful planning and realistic expectations, you can successfully navigate the sale and move on to the next chapter of your life.
