When Selling A Business, How Can Business Owners Get Advice From Peers? | My Traffic Magnet

When Selling A Business, How Can Business Owners Get Advice From Peers? | My Traffic Magnet

Written by bmlengel on June 26th, 2010

When selling a business, how are you going to receive advice from business owners in the identical situation? Who will a frontrunner turn to? A frontrunner should always look the part: assured and knowledgeable. The truth is, however, that once you sell your business, you are likely doing it for the first time and facing obstacles and selections that aren’t taught in any classroom.

How will you make sure all options are discovered and thought through? The impact of your decisions can be dramatic on you, your family, the business and your staff, and the strain will be tremendous. Who will you depend upon that has been in these shoes before? One way is through Peer Advisory Boards.

When we set up Peer Advisory Boards with a curriculum specifically for transitioning business owners, they will be embraced wholeheartedly. The business owners provide and receive a wealth of advice and support both personally and professionally for each other. It is a safe haven where many selling business owners faced with similar personal and professional challenges gather to share experiences and confer with each other in absolute confidence. Group members offer one another objectives, premium quality, relevant professional counsel and direct insights. They hold each other accountable to their goals, and are committed to supporting each other’s distinctive visions for his or her own future and for selling the company.

Usually speaking, a Peer Advisory Board is a collective, rigorously selected group of individuals who join together frequently to assist each other. The participants might be from one or a selection of corporations, small business owners, or professionals in any field.

We have held them for business owners, for ‘emerging leaders’ or high performing people at intervals one company or in another scenario with multiple companies coming together in the same forum. We have held them with executives from different companies in Europe, Asia and Africa. In every instance, participants embrace and interact enthusiastically the chance to be told from their peers in a safe and confidential environment.

The purpose of every group is unique as a result of it sets its own goals, agenda and time frame. It does not need to be targeted on selling a business. Irrespective of what the topic, they help members achieve specific goals, solve issues, brainstorm opportunities, exchange best practices and improve business performance. Valuable at all levels, for those at the top of their organizations, it is especially so. When selling a business, they can not solely be founded for peer business owners, however additionally internally, within the business being sold for the business’s top executives.

There are multiple rewards for involvement in a Peer Advisory Board. For instance, instead of accessing the data and thinking of only one individual, as in having only one mentor, a Peer Advisory Board offers the wisdom of many minds and years of experience.

By making a think tank setting, group brainstorming and sharing best practices and tools will help solve issues and find opportunities that otherwise might have been overlooked. This is sensible, affordable business and private advice which will raise the performance of all participants. In a business sale situation, concepts and solutions can facilitate to raise business valuation.

Accountability is another key benefit. The group holds its members responsible to the plans they share with each other. Frequently the Peer Advisory Board is instrumental in the development of these plans. They acknowledge accomplishments, and encourage each other’s progress. The group catalyzes achievement by helping develop plans and empower their implementation.

Peer Advisory Boards are a self-designed mentoring program to deal with problems, challenges, and opportunities with others while in a confidential setting. They are a customized channel for self-improvement, encouragement and camaraderie that is most enjoyable and rewarding.

You must not wait for a mentor, particularly throughout the highly stressful steps of selling a business. As fellow business owners wanting to enter a new phase of their life when selling their business, you will have peers sharing their similar experiences, giving suggestions and tools, and celebrating you obtaining the simplest deal possible.

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

Marian Cook is a highly sought after business transition expert and speaker with over 25 years experience helping business owners design their best-life exit strategy, and improve their business performance and valuation. She is the co-author of “Selling Your Business For More: Maximizing Returns For You, Your Family and Your Business” (published by Macmillan). If you are ready to sell a business and jump-start your business sale process, connect with Marian via her free tips, articles, checklists and blog at Business Transition Experts.