Deciding to sell your agency is the first step on a long journey.
After being approached four times unsuccessfully, Simon Wright – co-founder and former director of Gatehouse – ended up selling to an American insurance company. As Simon quickly realised, once the wheels are in motion, it’s an all-consuming ride.
“You have to go through an absolutely phenomenal amount of things. You have to check every single detail, and your entire life is dominated by it,” he says. “You don’t have a work-life balance. It just becomes work, work, work – and that’s really quite draining.”
Not only this, but suddenly you have a dozen plates spinning at once. “Your job isn’t just due diligence. Your job is also trying to run and grow your business, because the acquirers want to see a growing company and you want to demonstrate that because it impacts your sell price,” Simon explains.
“And let’s face it, most entrepreneurs are fairly egotistical; we like to prove we’re successful.”
Simon will be taking us through his sale story and shining a light on how selling an agency impacts on every aspect of your life.