Tell The Right People You Want To
Sell
Remember that Jim and
Lorraine had a similar motivation for selling. They both felt tired and
Lorraine said, "... the fun had faded."
When
it was clear to Lorraine that she truly wanted to do some new things with her
time and her life, she took some new action.
Topic for discussion: What happened to
Lorraine when she told a trusted friend that she wanted to sell?
Answer: She was pleasantly surprised that
so many of her most trusted advisors found her business compelling enough to
consider buying it. She spent 27 years wrestling this business into
sustainability. And she has her stories, from the sublime the trusted
employee who stole to support gambling habits to the ridiculous
torching the ground in the dead of winter to break the frost to dig post
holes to put up that first greenhouse. Like any successful small business
owner, her tenacity and vision kept this business alive.
Topic for discussion: Why was the selling
process so easy for Lorraine?
Answer: Cactus and Tropicals is a beautiful
business -- inside and out. Lorraine told us that customers who don't even want
to buy anything will stop by just to relax in the beauty. There is plenty of
lush greenery, along with colorful blooms, waterfalls, meandering walkways and
places to sit. That is the outside beauty that everyone can see.
The
inside beauty is found in the accounting. When she sent her financials to her
trusted friend and former banker who was already a customer, he wanted to buy
the business. He had spent plenty of time roaming the luscious aisles of Cactus
& Tropicals, so when he saw the hard numbers, he got excited.
The
other reason Lorraine's sale went so smoothly is that she already had a
relationship established with a person who was happy to help her. She didn't
have to call a stranger. The entire deal moved like Lance Armstrong going down
hill.
You think about
it: What do you have to do to make your business beautiful both inside and
out? Review the
NOTE: Lorraine did
not tell her employeees that she was looking for a buyer. When the sale was
closed for Lorraine she had a pizza party for all of the employees and
introduced the new owner to them. She told the employees how happy she was that
she had found a person who was going to love the business as she had. They
learned that part of the sales contract included Lorraine continuing in a
consulting role for several months. Lorraine wanted to help the new owner
succeed, so outside the scope of the deal, she made a promise to some key
employees. After the pizza party, she told them that if they would stay with
the new owner for one year, she would give them a bonus. So far so good as we
produce this episode. The new owner is happy, the key people are still on board
and Lorraine is thrilled to be free from the day-to-day responsibilities while
still close enough to watch the progress.
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