It’s late at night, you can’t sleep, and you’re hearing negative thoughts. You’re only weeks away from officially buying a new business, and questions like:
- Should I do this? (perhaps you’ve got a great and secure job)
- What if I lose everything? (you’ve spent many years saving and scrimping)
- What if I fail? (what will your loved ones and friends think – you can’t bear to let them down)
come into your mind. The questions are not unreasonable, but should you listen to them or ignore them? We say do both.
Write down these questions and systematically go through what has brought you this far. This can result in counter-questions:
- Did you do the due diligence thoroughly and properly? Do you have any more questions you need answered?
- Is the financing lined up? Are you clear on the details?
- Is your legal situation settled? Do you have the structure in place that suits your accounting and tax goals?
- Do you understand the business? Have you been a student not just of the products and services, but of the DNA of the company itself?
- Do you have a plan for the first 100 days? Do you have what you need from the owner in order to make a great start?
You’ve taken the time to re-answer these questions, and so now it’s time to put these doubts in context and see them for what they are: totally normal. The jitters are a psychological reminder that you’ve got skin in the game. But use the jitters to guide your energy and excitement. Don’t let them dominate you or the transition.
What are questions you have about buying or selling a business that you’d like to have answered? We’d love to help!
Apex is actively searching for top quality candidates to join our team of Advisors. If you’re interested in a career helping people buy or sell a business, think you have relevant experience, and want to find out more, please call Doug Hubler, President of Apex, at (913) 433-2303.