A lot of folks talk about what it would be like to own their own business. Several have their own ideas for the type of company they would start. Others aren’t so sure the type of company, they just know they want to own one (or several!). So they’ll begin to search for a company to buy.
If you’ve been in business long enough, chances are you’ve received some unsolicited interest in your business. By “interest” we mean someone is expressing an interest in perhaps buying your business. It likely came in the form of a letter that was either physically mailed or emailed or from a phone call. These letters and phone calls often come from intermediaries so the actual person who might be interested in buying your company has their identity hidden. Do you welcome these solicitations with open arms? Do you avoid them like the plague…or COVID? Likely you’re somewhere in between.
Have you ever seen the movie Rudy? It’s based on a true story of a young man whose biggest desire was to play football for Notre Dame. As with any great story there are many obstacles for our hero to overcome including his limited physical abilities. Perhaps the most challenging obstacle that Rudy and many of us face is the doubters around us who tell us we’re crazy for thinking something is possible or that it can’t be done. It’s often easy to give into this fear of failure and start to doubt ourselves.
One of the things we help our clients do is buy companies. We usually start the process off by having our clients “turning over rocks.” Those “rocks” can include everything from talking to business brokers to responding to online listings or ones in the newspaper to sending out unsolicited letters to a target group.
We are all continuing to learn a lot during this COVID-19 outbreak. One of the more interesting takeaways from this entire scenario is the definition of what’s an “essential” business. During the show we talked about how “essential” businesses and operations are defined in our home state of Ohio which has been one of the states at the forefront of the coronavirus response thanks to the leadership of our Governor Mike DeWine.