If Retirement from Business Is Less Than Five Years Away...
John had owned his manufacturing business for thirty-two years.
One afternoon, over coffee, he told a friend, "I'm thinking about retiring in a couple of years."
His friend asked, "Have you talked to a business broker yet?"
John laughed.
"Why would I? I'm not selling today."
That answer delayed one of the most important conversations of his career.
Two years later, when John finally met with a broker, he learned several things he wished he had known much earlier. His financial records needed to be cleaned up. A few customer contracts needed to be renewed. There were tax planning opportunities he had already missed. And with a little preparation, his business could have been worth considerably more.
None of those issues were impossible to fix.
The problem was time.
Had he started five years earlier, every one of those improvements could have been completed without stress.
That's why I often tell business owners:
If retirement is less than five years away, now is the time to start learning.
Not because you're ready to sell.
Because you're getting ready to have options.
Many owners believe business brokers only become relevant when it's time to list a business for sale.
In reality, the best brokers become valuable years before that.
They can explain how buyers evaluate businesses, what makes one company sell while another doesn't, how to improve value, what documents you'll eventually need, how long the process typically takes, and the common mistakes that cost owners both time and money.
And here's something many owners don't realize.
That advice is usually free.
Why?
Because business brokers build relationships long before transactions happen. They know that when they consistently provide honest guidance, business owners remember them. Maybe you'll eventually become a client. Maybe you'll refer another business owner. Either way, helping first is simply good business.
That's why I encourage owners to talk with more than one broker.
You're not shopping for someone to list your business tomorrow.
You're gathering knowledge.
Every broker has different experiences, different perspectives, and different insights. Listen to them. Ask questions. Compare ideas. Learn what buyers are looking for and what changes could increase the value of your business.
Eventually, you'll choose the broker you trust most.
But by then, you'll be making that decision from a position of knowledge instead of uncertainty.
Retirement should be exciting—not stressful.
The owners who enjoy the smoothest transitions are rarely the ones who waited until the last minute.
They're the ones who started learning years before they needed to act.
The earlier you begin planning, the more choices you'll have, the stronger your negotiating position will be, and the greater the value you're likely to receive for everything you've spent a lifetime building.
Five years may sound like a long time.
But when it comes to selling a business, it passes faster than you think.
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