When it comes to business, most entrepreneurs are more focused on growing and expanding than thinking about selling. Dan Huish is very skilled, however, in both aspects of business. From 1985 to 2007, Dan Huish spent twenty-two years nurturing Huish Detergents, Inc, from a fledgling business to a company that brought in earnings of over a billion dollars each year and operated a large corporate office and four manufacturing plants in four states. Dan Huish sold Huish Detergents to a private capital company in 2007. So when should you consider selling a business? Dan Huish offers the following advice.
When it’s time to move on. Businesses can be much like children, in that you spend decades helping them to be the best that they can be, and then you encourage them to leave the nest. Dan Huish spent over twenty years as the CEO of Huish Detergents, making considerable innovations in the industry and gaining much recognition for his work. But eventually, Dan Huish wanted to pursue other interests.
When you get an offer you can’t refuse. Occasionally, business owners may be approached with a proposal for an acquisition, merger, or sale, with a purchase price that is simply too good to pass up. While Dan Huish certainly recommends giving it a considerable amount of thought - after all, you have put a large amount of effort into your business, and you may not be ready to give it up - these types of offers are worth taking into account.
When it’s time to cut your losses. Unfortunately, businesses sometimes fail. Rather than folding entirely, Dan Huish recommends seeking a sale instead. If you can find an interested buyer, you may be able to recoup some of your losses, rather than simply eating the cost of everything you invested. And additionally, selling in this case means that you get to watch your business live on.
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