Now that we have your attention, let’s establish that you probably can’t sell your business by February 14th this year. But there are plenty of reasons why bringing it up over dinner that night may make your evening really special.
Here’s one: Valentine’s Day is just about 3 months from grow time – go time for your landscaping business. Summer will be here before you know it. It will be hot. It will be busy. It’s your least profitable time of year. Trust me, you’ll wish you’d sold the business at least five times this summer, just as you have every year. But if you start the process now, you’ll be well on your way to selling it this summer. Just think how you’ll feel when you’re getting ready to finally walk away.
You know your spouse has been pushing you to think about it for years. If she’s involved in the business, she’s probably also been hoping for retirement. Even if she hasn’t been working alongside you every day for the past couple of decades, she’s been holding down the home front while you work long hours and spend most of your spare time trying to grow the company.
I meet a lot of owners who hang on to the business because they simply don’t know who they are without it. Their whole identity is tied up in being a business owner. I’ll bet your spouse can help you with that, too. She knows how much you mean to your family outside the business, and she’d probably like to share it with you.
Selling the business while you still have the energy to travel, fish, or whatever gives you pleasure is a gift to you both. Let’s face it, you’re going to exit your business someday, one way or another; you’d much rather it be on your own terms. If you die or become unable to make decisions before selling it, your most valuable asset may have to be sold off at a discount, with your family having to handle things during a crisis. Choosing the time to sell is also a gift to them.
So here’s how to make this decision into the best Valentine’s Day gift ever. Write a note that says: “What if this time next year, we were on a romantic cruise?” (or moving to the mountains, touring Italy, etc. – you pick the right version of your perfect retirement.) Slip that note into her Valentine’s Day card and place it at her table setting under a single red rose. (Trust me on this and follow the process; I have done the research with verified sources.)
Be ready with your follow-up conversation. “I’ve been thinking that this is the year we sell. We can take the profit and do what we’ve always wanted to do this summer instead of me sweating through another busy season. I want to make the time to be together while we still have the energy and health to make it work. You mean that much to me.”
I can pretty much guarantee you’ll get a warm reception. Of course, it’s just the beginning of the conversation; you’ll have lots of planning, financial and otherwise, to do. But taking the first step is like committing to each other all over again. You’ll probably feel as emotional as she will.
Then, follow up with steps to make it happen. Show her you’re serious about making the change. Call an experienced broker to help you with valuation (so you’ll know how long you can spend on a cruise or touring Italy.) Report progress at dinner on a regular basis. Listen to her plans for retirement. Both of those conversations make dinner more pleasant than fretting and complaining about the business, like you have for the past ten years or so.
If I can help you make this a great Valentine’s Day (and find a buyer to get you top dollar for your business), click here so I can give you a confidential opinion of value
About the author: Jim Parker
Jim Parker is an experienced business broker specializing in lawn and landscape businesses. His company is based in Clermont, Florida. As an industry leader he has served as the past president of the Business Brokers of Florida and currently sits on the International Business Brokers Association’s Board of Governors. Jim is a sought-after speaker who he teaches others in his industry best practices in ethics, closing transactions, and finding qualified buyers. He has earned over 50 awards and recognitions in his career.
He is a Certified Business Intermediary (CBI), Certified Mergers and Acquisition Professional (CMAP), Masters Certified Business Intermediary (MCBI), and is a Mergers & Acquisitions Master Intermediary (M&AMI. He is one of one of less than 20 business intermediaries in the world that have all four of these designations. To contact Jim, visit TheLawnBoss.com or call (407) 927-8999.