Most owners think about exits wrong.
They think about money. Multiples. Deal structure. Tax implications.
All important.
All secondary.
The primary question: What happens to this business after I leave?
You spent twenty years building something. Hired people. Served customers. Became part of your community.
Then you sell to the highest bidder who:
- Fires half your team
- Moves operations out of state
- Guts customer service
- Extracts value and flips in 3 years
You got paid. But was it worth it?
Here's what nobody tells you:
The owners who sleep well after selling didn't sell to the highest bidder. They sold to the right buyer.
They found someone who valued what they built. Who kept the team. Who honored customer relationships. Who saw the business as more than a financial instrument.
Sometimes that buyer paid 10% less. Sometimes they paid more because they understood the intangible value.
The difference:
Transactional exits: Maximize price, minimize everything else.
Legacy exits: Maximize outcome for all stakeholders—employees, customers, community, and yes, you.
Both are valid. But only one lets you walk into the local hardware store without avoiding eye contact.
The question to ask before you sell:
If I run into my best employee three years after this sale, will they thank me or avoid me?
If your customers hear you sold, will they be relieved or worried?
When people mention your company name, will you feel pride or regret?
Money matters. Legacy matters more.
Choose buyers who understand the difference.
Because you can't buy back your reputation with the exit proceeds.
ACTION TIP: Write your "Exit Legacy Statement" today—three paragraphs describing what you want your business to look like 3 years after you sell (team, customers, culture, community impact). Share it with your spouse or advisor. When offers come, measure every one against this statement. The right buyer will honor it. The wrong one will dismiss it. That's how you know.
