SELLING UP ISN’T A PIPE DREAM As trade business owners, we’re so proud of our businesses. It’s a direct reflection of us, and our hard work. All the hours, blood, sweat & tears put in to ensure we stand on our own two feet and succeed in this world. For some trade business owners the idea of growing the business to a point where they can sell it, is the goal, but it’s a daunting one. It seems unattainable, a pipe dream. I’m here to tell you, it’s not.
From Alex Henderson Lifestyle Tradie Business Coach
I built my business “Captain Cabinets” and poured every fibre of myself into ensuring its success, so I would have the freedom to choose my own path in life. Selling the business was always in the back of my mind, but always at some time down the road, or “maybe in ten years time”…
Then, the time came.
I’d noticed in myself that I’d taken the foot off the accelerator in the business, and I knew it was time for a change. I sat down and evaluated my priorities and values and how the next 5-10 years of my life would look and made the final decision to list the business for sale and step away completely.
My experience of selling up.
I was actually pretty critical of myself during my time running the business, always thinking that I’d never quite done enough. But once I decided to sell up, I stopped and looked at the business that I’d built and realised it was all there, ready for someone else to take over. Having all my systems and processes in place, is what I believe helped me sell the business. Most cabinet makers just sell machinery and assets, but I was able to clearly demonstrate to potential buyers that they just had to follow the processes that we already had in place and the business would continue to run smoothly. I got two valuations — one from my broker, and one from my accountant. Having a good accountant who is experienced in this field could add tens of thousands to your sale, and reduce your tax too! Then, I engaged a broker and found it’s just like selling a house. But like picking a real estate agent, do your research and find one who you think will work hard to get you the best result. A P R I L – M AY – J U N E 202 1 – I S S U E # 61
Be patient, it takes time.
Selling a business takes time. I had a few false starts and silly offers with crazy vendor finance terms, but ultimately it was in the 6-8 month range. I was actually in Italy when the offer I ultimately accepted came through! If you’re thinking about starting your selling up journey, my best advice is: Buy the Ultimate Freedom Pack! It will add so much value to your business to show any prospective buyer! From time to time I do miss being in the big chair and now that I’m working with trade business owners and I can see the potential they all have I reminisce. But I prefer the business side of things over making dust and have always got a kick out of helping others. Selling up doesn’t necessarily mean retirement. I took a long holiday, smashed out a few life goals and have now settled down into my new chapter of educating trade business owners, like you, to succeed. It’s all about doing what you love and listening to what YOU want. 7
