Do You Really Want To Sell?

Paul is considering selling his business. The problem is he'd be working there after the sale for a couple of years. He's also worried about how his team would be treated.

QUESTION: Paul in Chicago is considering selling his business. The problem is he’d be selling it to a corporation, and he’d be working there after the sale for a couple of years. He’s also worried about how his team would be treated by the corporation after the sale. Dave recommends limiting the amount of time he remains with it.

ANSWER: I don’t think you’re messing your team over by selling your business. But I think as long as you’re there as a leader or an owner/leader, then you need to be willing to do good things for your team. That’s part of being a quality leader—being a servant leader. I don’t think you’re violating the principles of the EntreLeadership teaching to sell a business even if the buyer is not necessarily somebody you’d work for.

The thing that scares me about your scenario, though, is you may have the most miserable two years of your life. I would limit the amount of time you have to work there, and I might even take a little bit less if you were free.

Unless you have something that you’re really burning to do that’s different, I’m not sure I’m going to sell this franchise if I’m you. There’s nothing wrong with keeping it and running it. It sounds like you are in control of it. You’re the independent owner of a franchise. You deal with a franchisor and you have the opportunity of turning it into a company store by selling it. I get that. But there’s nothing wrong with running it and using the income that it’s obviously throwing off to work your way through your debt. But if you want to move on to something else and this is a moderately fun thing, then that’s cool. Move on. I’ve got no issue with that. Either way is fine. I do know just listening to you that you’re dreading the amount of time you’re going to have to work for this company as an employee. You’re going to want to limit that as much as possible.