Sell My Business To Find a Better Balance: Escaping the Trap of Being Money Rich and Time Poor
Escaping the trap of being money rich and time poor
“I didn’t think I’d ever sell my business, the business was my life,” the words of Martin Gadsby former owner of Optimal Industrial Automation. For him, like many business owners, the phrase “money rich, time poor” resonated in a very real way. It comes from Rob Parsons’ book “The Heart of Success: Making it in Business Without Losing in Life.” It highlights the challenge of achieving professional success while maintaining a fulfilling personal life.
Business owners often spend long hours working and reap significant rewards, but this can come at the expense of their personal lives. It’s important to find ways to enjoy the benefits of hard work while ensuring a healthy work-life balance. Success isn’t just about how much money you earn, but also about how you earn it and the time it takes.
In many families, both partners work, often with different schedules, which can limit their time together. Business owners often face heavy responsibilities, resulting in late nights and long meetings. The desire to control every aspect of the business can lead to unnecessary stress and a lack of personal time.
Downtime is essential, yet those who are financially successful, but time-poor often struggle to relax and unwind. Holidays may turn into workdays, with constant phone calls to the office, and personal events can be missed due to urgent business matters.
The Importance of Downtime
Life is more than just business. Family, personal achievements, and leisure activities are all important. When starting a business, many envision early retirement and more leisure time. However, the thrill of daily operations and the pursuit of success can become addictive, much like a drug.
Reflecting on Your Goals
Consider these questions:
- Do busy days at the office leave you more depleted than energized?
- Do you wish you had more time for your partner, family, and friends, and feel resentful that work prevents this?
- Would it be a relief to disconnect from work during evenings, weekends, and holidays?
If you answered “yes” to any of these, it’s a sign that your work-life balance needs adjustment. Long hours and constant control can become unhealthy norms. Remember, downtime is crucial for health and well-being.
Reflect on why you started your business. Likely, it included desires to enjoy life more once financially secure. If you’ve reached that point, now could be the year you reconnect with family and friends, learn new skills, or rediscover hobbies.
Stepping Back Gradually
Running a business can be exhilarating. but if you feel you’re missing out on important life aspects, consider these steps:
- Delegate More: Can you delegate to a trusted second-in-command and attend essential meetings only? Giving top performers more responsibilities can benefit the business and provide you with breathing room
- Consider Stepping Back: Perhaps it’s time to consider selling your business. Talk to corporate finance experts like Entrepreneurs Hub to prepare for a sale that maximizes value, allowing you to enjoy the profits from your years of hard work.
- Pursue New Challenges: Are there other things you want to do? Perhaps learning a new language, perfecting a hobby, or spending more time with loved ones.
As we progress towards our goals, remember George Lorimer’s wisdom:
“It’s good to have money and the things that money can buy, but it’s good, too, to check up once in a while and make sure that you haven’t lost the things that money can’t buy.”
By focusing on these adjustments, you can start making a life, not just a living.
Entrepreneurs Hub is a corporate finance company helping UK business owners sell their businesses smartly. Learn more from our free webinar on selling your business for maximum value or contact us to discuss how we can help you.
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FAQs – Selling Your Company
How do I sell my business in the UK?
Selling a business in the UK typically involves preparing financial information, obtaining a valuation, identifying suitable buyers and negotiating the terms of a sale. Most owners work with an M&A adviser to manage the process confidentially, approach qualified buyers and maximise the value achieved.
At Entrepreneurs Hub, we talk about five key areas that make the difference between success and failure when selling your business. Read more…
What is my business worth?
A business is typically valued by applying a multiple to its sustainable profit, often EBITDA or adjusted net profit. The appropriate multiple depends on factors including growth, recurring revenue, customer concentration, management strength, owner dependency, market conditions and buyer demand.
Determining what your business is worth involves more than applying a simple formula. Use our Business Valuation Calculator to obtain an initial valuation range, or read our simple business valuation guide to understand the factors buyers consider.
How long does it take to sell a business?
Selling a business in the UK typically takes around 12 to 18 months from initial preparation to completion, although some transactions may be quicker or take longer. The timeline depends on business readiness, buyer demand, deal complexity, due diligence and how quickly the legal terms can be agreed.
Preparing accurate financial information and organising key documents in advance can help reduce avoidable delays. Read our complete business sale timeline to understand what happens at each stage.
When is the best time to sell a business?
The best time to sell a business is usually when it is performing strongly, its future growth is clear and you are not under pressure to complete a sale. Buyers are generally more attracted to businesses with rising or stable profits, reliable financial information and credible opportunities for further growth.
Business owners are often in a stronger position when:
- Revenue and profits are growing or consistently strong
- Financial records are accurate and up to date
- Future growth opportunities can be clearly demonstrated
- The business is not overly dependent on the owner
- There is a capable management team in place
- The owner has started preparing well in advance
Market conditions can also affect buyer appetite and valuation. Factors such as sector growth, access to finance and competition between buyers may support stronger deal activity, but preparation and business performance are usually more important than trying to identify a perfect month to sell.
Ultimately, the best time to sell is when both you and the business are ready, and the company can demonstrate sustainable performance and future value to potential buyers.
Use our Exit Readiness Tool to assess how prepared your business is, or read our guide on when to sell your business for further guidance.
Do I need an adviser to sell my business?
You are not legally required to use an adviser to sell your business, but many owners appoint an experienced M&A adviser to help manage the process. An adviser can prepare the business for sale, identify and approach suitable buyers confidentially, coordinate negotiations and support the transaction through due diligence.
The right adviser can also help create competitive tension, protect your time and reduce the risk of avoidable mistakes. Read our guide to choosing the right business sale adviser to understand the different types of support available.
How do I prepare my business for sale?
Preparing a business for sale involves strengthening its financial performance, reducing risk and making sure it can operate successfully without heavy reliance on the owner. Buyers will also expect accurate financial records, clear contracts, organised documentation and evidence of future growth.
Preparation should ideally begin well before approaching the market, giving you time to address weaknesses that could affect value or delay the transaction. Use our Exit Readiness Tool to assess how prepared your business currently is.
How is confidentiality protected during a sale?
Confidentiality is protected through controlled information sharing, anonymised buyer approaches and non-disclosure agreements. Potential buyers usually receive limited information at the start of the process and must sign an NDA before commercially sensitive details are released.
Prospective buyers should be assessed before receiving further information, with documents shared gradually according to their level of interest and credibility. A well-managed process also allows the business owner to retain oversight of who is approached and what information is disclosed.
What documents do I need to sell my business?
The documents needed to sell a business commonly include financial accounts, management information, forecasts, customer and supplier contracts, employment records, tax information and evidence of intellectual property ownership.
Buyers may also request details of property, insurance, legal disputes, regulatory matters and company ownership. Organising this information before due diligence begins can reduce delays and help maintain buyer confidence. Our Business Sale Due Diligence Checklist explains the main information buyers are likely to request.
What’s the quickest way to sell a company?
Selling a business quickly is possible, but speed shouldn’t come at the expense of value or deal security Read more…
What’s the best way to sell a business online?
Yes, you absolutely can sell a business online. Many platforms specialise in connecting business sellers with buyers. Read more…
How can I increase the value of my business before selling?
You may be able to increase the value of your business by improving sustainable profits, developing recurring revenue and reducing reliance on individual customers or the owner. Buyers also value capable management teams, reliable financial reporting, scalable operations and clear opportunities for future growth.
The earlier you identify the factors affecting value, the more time you have to make meaningful improvements. Use our Business Valuation Calculator for an initial indication of value and our Exit Readiness Tool to identify areas that may need attention.