Pros and Cons of Selling My Dog Daycare Business?
Selling your dog daycare business is a big decision. The liquidity from the sale can change your life, allowing you to take on a new adventure. Selling will also reduce the burden of running a small business. At the same time, it is a big lifestyle change, and means you won’t be involved in the daily aspects of your business anymore. This can be a stressful thought for the fate of your company and employees.
So, how do you decide if selling is the right decision for you?
Pros of Selling Your Dog Daycare Business
There are quite a few reasons why selling your dog daycare business is a good idea. These reasons are financial, emotional, and even can be for the good of your business itself. Let’s dive in.
Liquidity Event
The most obvious pro of selling your dog boarding business is the financial benefit. The liquidity can help fund retirement or a life change, pay for a child’s college, or simply allow you to diversify your portfolio. Whatever your situation, there is no denying that such a financial event is life-changing.
Business Owner Stress
It goes without saying that running a small business is stressful. When you sell, you will no longer have the daily stress of owning a business. This can increase your quality of life and give you time and energy to pursue other passions. If you feel tired of the daily grind or burnt out, or you are looking forward to other opportunities, then selling might be right for you.
Management Succession
You might be dealing with the issue of management succession. Maybe you don’t have a next-generation family member to take over. Even if your business is not a family business, management succession can be a real problem. Selecting the wrong person for the role can jeopardize the company you have built and threaten your legacy. So, what do you do if you are struggling to find the right person?
Selling your dog daycare business could be the solution. The right buyer will prioritize maintaining your company’s legacy, and ensure the transition goes smoothly. For example, when Argos acquires a dog daycare business, we love to have the owner stay on as a part-time consultant for a year. This ensures the transition to new leadership is smooth and seamless.
Growth Partner
You have built a great business. But have you grown it to the extent that you can on your own? If you want to take your business to the next level, you may need a growth partner. When you work with a partner who understands your vision and wants to take your legacy even further, your company’s growth is exciting and fulfilling. The best part is that when you sell to the right buyer, you can enjoy additional growth without additional stress.
At Argos Partners, we implement our operational playbook to streamline company growth in the best way possible: by giving time back to your team so they can focus more on caring for pets and pet parents.
Cons of Selling Your Dog Daycare Business
Despite all the benefits, selling your dog boarding business is not for everyone and we should be upfront about the cons. Selling means a loss of control, a loss of daily involvement in your business, and can pose a risk to your company. Is selling still worth it? How do you mitigate the risk of selling?
Company Identity
When you have cultivated a successful business, the success goes beyond finances alone—you have created a company culture and reputation. Releasing control of your business through a sale could put this culture at risk. The new owner could make changes you have no control over, risking a loss of employee trust and client satisfaction.
However, it is important to understand that this is only a risk, and one that you can protect yourself against. To make sure your business’s reputation lasts, it is important to evaluate your prospective buyer seriously. Assessing aspects such as how they have treated previously acquired dog boarding businesses is a great place to start. At Argos, our main objective is to maintain and uplift positive company cultures that already exist rather than starting over from scratch.
Reduced Involvement
The flip side of reduced stress and time for other pursuits is spending less time with your company. A sale means you will not be involved in the day-to-day operations of your business, which is bittersweet. It means spending less time with employees and customers. But if a life change or liquidity is what you are looking for, then selling your dog daycare business is the first step.
Sell to The Right Buyer
To sell or not to sell? The question is less overwhelming when you know your buyer will maintain your company values and care for your employees. With the right buyer, you really can have it all: the legacy of a successful business, liquidity, and the chance to enjoy your next adventure. Start your selling process off on the right foot with a free valuation from Argos Partners.