Secrets of Selling a Business in Tough Times
When Jeremy Wells decided to put his business on the market, he was facing a lot of challenges. “It was a difficult year for me,” Jeremy admitted. The business was slower than in the previous years. Jeremy was dealing with health issues with some family members. He was selling his business while managing other companies that he owned. He was running the business that was for sale while meeting with prospective buyers. “It's very challenging to try to begin the process of selling the company when you're right in the middle of running your company ... It's a bit like trying to design a new part of your ship while you're sailing,” Jeremy said. Jeremy could have waited a year or more for the situation to get better before selling his business, but he realized, “Once you’re already engaged in that process, it’s really difficult to make that mental shift to go back.” And so Jeremy Wells went ahead with the sale of his creative arts service firm.