With the holiday season coming to a close, people across the country are deciding their resolutions for the New Year. When you hear “New Year’s resolution,” you may think of those who commit themselves to a new diet or exercise routine, but what if there was another option? Focus on your business when deciding your goals for the year, and resolve to sell your company by the end of the year. Choosing your resolution is only half the battle, so continue reading to discover how you set yourself and your M&A New Year’s resolutions up for success.
Creating an open-ended, unspecific goal is the antithesis of sticking to your resolutions. You want to sell your business by the end of the year, but that alone isn’t a goal. Think about the whole picture. Why do you want to sell your business? How much do you want to receive when you sell? A good M&A New Year’s resolution is a SMART goal: something specific, measurable, achievable, realistic, and timely.
Over 88% of people fail their New Year’s Resolution by the end of the second week of the year. The largest contributing factor is chasing a goal that was unrealistic from the beginning. There are some things you just can’t accelerate. It wouldn’t be realistic to become an Olympic athlete overnight, but you could sensibly work out five days a week for 45 minutes. Similarly, it isn’t realistic to expect to just sell your business. Instead of overloading yourself with unmanageable tasks, break it up into smaller, actionable steps. For example, your January goal could be contacting an M&A Advisory to start a conversation about selling your business.
It’s always easier to achieve your New Year’s resolutions with another person. Getting a workout buddy will make that five-days-a-week goal more attainable and less overwhelming. Like your workout buddy, your attorney, accountant, and tax advisor will all be integral in the mergers and acquisitions process.
Investing in a personal trainer will give you better results than if you were to try to figure out things for yourself. M&A advisors are the personal trainers of the mergers and acquisitions world. They can help you with your strategy and overall goals. An M&A advisor will work together with the rest of your team to yield the best results possible.
We’re two weeks into the New Year. Contact Stony Hill Advisors today to stay on top of your M&A New Year’s Resolutions. Let’s work together.