Hard Sell

Thinking Ahead

To ensure that the sale of the business is not decided solely on economic terms, think about the emotional aspects before an offer is made.

Keep the family's goals and objectives in mind; this should be a guiding force in your decision. Also, think about the cash you and other family members will get. If you're going to invest the money, be forewarned: "Many people find managing money is not as much fun as running the business and can be even more difficult," says Petty.

Ask yourself what you're going to do with your new-found time and how you'll feel about the change in status your family might experience in the community. In the final analysis, it is often in the emotional side of the "Should we sell?" question that the family finds its answer.

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This article was originally published in the June 1997 print edition of Entrepreneur with the headline: Hard Sell.

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