I've been contemplating selling my business for some time now. I created a watch brand a few years ago which I'm selling online.
Selling my business would bring me to FI.
I'd love to hear your stories about how you sold your business. How did you go about it? How did you know it was time to move on? What did you do after?
I've sold quite a few, and bought quite a few.
My first one it was because it was too small and the stress of going 24/7 was too much. I had a really nice job offer and it was a great opportunity so I sold the business. It was a good move and lead to some really great things.
*So after this one I took a job and enjoyed not having responsibility. That lasted about 6 months and started something on the side which eventually turned in #2.
The second time it was because I was getting bored and because the business I was in was mostly around content and I wanted to get into actually providing more services/value to people. Also because it was a really nice exit that gave me a tremendous amount of freedom.
*After this I took a big trip for a month to Thailand with my gf, then spent ~9 months off. Did some SEO consulting and just rested and thought about what next. Eventually on month 10 closed a deal to buy #3.
The third time it was because my business partner was having a bit of a mid life crisis and causing immense stress on me. After a year of it I had no other choice. It was a very good exit and I was sad because the business was getting really fun, but it was also a good time to get out of that industry.
*The after on this was a fucking mess. 17-month handover process which was bad and a lot of other stuff. I had to roll right into the next business as it was a spin out from assetts + team already running.
The fourth time because I was burned out and ready to take 9 months off and then move into a new industry.
*After this one taking 9 months off just to relax, regroup, and playing with some side projects.
I have a fantastic lawyer who I have used 5+ times and LOVE (100% remote and never actually met him face to face). He specializes in this sort of thing (acquisitions on both sides), esp tech and makes everything easy. Hit me up via PM if you want to chat, I am happy to share a lot of the pitfalls and problems I hit in each and so on. I can't recommend him enough.
Be prepared if you sell and this is a chunk of money to be very careful. Also be prepared to freak out in terms of time and identity the first time. It is a lot like feeling retired and not having anything to do when you were so busy and so wrapped up in an identity. It sounds silly but it happens.
I do not like brokers, some very bad experiences and not sure they add value if you know your industry.
Let me know if you want to do a skype or hangout, happy to tell you some common pitfalls I hit.