Personal values, such as caring for family and employees, having financial freedom, serving others, contributing to charity, and preserving the environment, are important when selling a business.  They should be an integral part of deciding how you sell the business and what you do after it is sold.  You shouldn’t gloss over them or think you’ll deal with it later.

Success is broader than just getting the highest price.  After all the hard work you have put into the business, you owe it to yourself to understand what is important to you and how selling a business can help make that a reality. According to Dr. Larry Jost of the University of Cincinnati, "Your values can pull you in different directions. The only people who claim value questions are easy are those who don't think for themselves."

What direction will you be pulled in when planning for this once in a lifetime transaction? How can selling a business be influenced by your values? On a professional level, for example, your value of caring for people could impact the selling process as you choose to target companies that would keep jobs intact for your employees. You may rule out certain buyers if they don’t respect the environment if that is important to you.

We recommend you ask these hard questions of yourself and understand that the process of selling a business should be shaped and guided by a definition of success that includes what you find personally, as well as professionally, important.

Having a successful sale means defining what “success” means for you financially and personally and for the continuation of your business. Establish that definition at the start of the selling process and let it guide you at each step toward conclusion.

At the start of your sale, determine whether you prefer to remain with your firm or leave, and, if so, at what point after the transaction closes. Making the first determination requires that you use your values to design a vision of your life after selling and a roadmap to follow when you look ahead. Making the second requires you to have a responsible exit strategy and a destination.

Your future financial needs and tolerance for risk also play in the decision you make. Whether based on your values you opt for a traditional retirement or a career change to new business or charitable ventures, you’ll need to ensure you have the income you need. You also will need to decide what degree of risk you can accept for the goals you’ve set.

The value of the business, not what you need financially, is the basis of the selling price. However what you need will impact how you invest in your business to bring the value up, the payment structure of the deal you agree to, and timing the sale, especially if you value financial freedom.

Your business moves into the future without you, but your vision and values that guided you goes with it. You will want to know a potential buyer shares that vision and your values, whether it includes  continuing your business’s civic prominence, making the investment to carry the business to new heights, or maintaining the employment and benefits of your employees.

I invite you to use these ideas during your journey to sell a business.

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