This is the second part of the story of a seasonal business owner who was having second thoughts on the impending sale of his business.
In the prior blog, I described how the buyer was all set, the seller was out of state and stalling, and the broker was in a state of near-panic. The broker decided to ask the owner to take an Owner's Clarification Report(TM) from our company, STPI, to gain an assessment of his intellectual and emotional readiness to leave the business.
The result: The seller was not ready because he could not envision a future beyond the business. In addition, he had several fears, one of which was the liability of "taking paper" from the buyer. The owner (seller), did not wish to be a bank.
In a follow-up call, an advisor spoke with the owner's wife, who indicated that he needed help, "because all he is doing is playing golf, and he's already bored after one month". When asked if he might feel different about the business or the sale, a year from now, the seller said that "he could not see that far". He needed to create a vision of his future first. When the broker learned of this, he had an epiphany - he will tell all future clients to take the Owner's Clarification Report(TM); he cannot afford to waste months of time and money on sellers who are ill-prepared to follow through.
At STPI, we teach advisors how to help owners create a vision of their new future. Owner can then turn that vision (not a fantasy) into a "magnet" that pulls them and their decisions forward. This vision continually allows them (and their advisors) to check each decision against the impact on the vision of their future. It brings to the owner, in a word, "clarity". Ultimately, if an owner takes the time to plan properly, they move from fear, to clarity, to peace-of-mind. And rather like the VISA commercial, peace-of-mind is priceless.
To learn the owner's next steps, follow this blog...
To learn more about this subject, please see our book, Finding Your New Owner, or download Chapter One at this link:
Paul Cronin is partner and Director of Business Development at STPI, the Successful Transition Planning Institute of Cambridge, MA. STPI provides tools and training to advisors that show owners how to "Think", "Live" and "Decide" what to do with their companies and plan for a dynamic, new life. Paul can be reached at 978-749-9546, Facebook, Linkedin, Twitter, Google+, or at Contact Us.
The Successful Transition Planning Institute of Cambridge, MA teaches Baby Boomers and their advisors how to avoid boring, meaningless retirements. STPI's books, tools, training and seminars empower Baby Boomers to "Think", "Live" and "Decide" what to do with their companies and careers. By doing so, Baby Boomers create plans for dynamic new lives, full of meaning and purpose. (see video).
The call came to my cell phone after 5PM on a Monday. There was an edge of panic in the caller's voice, a business intermediary whom I'll call Tom.
Tom asked me for some help. He had a deal all put together, the selling husband and wife were going to be "all set". Tom needed the deal to close to make his numbers.
Problem: The sellers had just visited their industry trade show and realized that they we no longer going to see their old friends anymore. As they sat in their second home (where the winters are warm) they could not see a future for themselves. So they panicked and called Tom to say, "the deal is off".
Tom asked if they could put things on hold until he could get an expert to speak with them about their personal concerns. The sellers agreed.
This is a text-book example of owners who have not done much transition planning. If Tom had persuaded the sellers to partake in the Owner's Clarification Report, a 20 minute survey of the Owners' emotional readiness, he would have prevented the issue from becoming a crisis.
So, what will the owners do next? Follow this blog to learn more....
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To download a free presentation on The Owner's Clarification Report click the button below:
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Paul Cronin is partner and Director of Business Development at STPI, the Successful Transition Planning Institute of Cambridge, MA. STPI trains advisors to show owners how to "Think", "Live" and "Decide" what to do with their companies and plan for a dynamic, new life. Paul can be reached at 978-749-9546, Facebook, Linkedin, Twitter, Google+, or at Contact Us
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The Successful Transition Planning Institute of Cambridge, MA teaches Baby Boomers and their advisors how to avoid boring, meaningless retirements. STPI's books, tools, training and seminars empower Baby Boomers to "Think", "Live" and "Decide" what to do with their companies and careers. By doing so, Baby Boomers create plans for dynamic new lives, full of meaning and purpose. (see video).