Sometimes Slowing Down Is How You Get to the Closing Table
Last week, I was hiking in the Dolomites.
At one point, the trail got much steeper. I was getting tired and short of breath, and there was definitely a moment when I wondered whether I was going to finish.
So I slowed down.
I stopped for water, caught my breath, and kept moving. Having other people around me pushing and supporting me made a difference too.
What surprised me most was how much of the challenge was mental. I had more capacity to keep going than I realized.
It also reminded me of something I've learned from selling businesses.
Getting to Closing Isn't Always a Straight Line
When a business owner decides to sell, the goal is pretty clear.
Get to the closing table.
But the path to getting there rarely goes exactly as planned.
A buyer may raise an unexpected issue during due diligence. A lender may ask for additional information. A lease may become a concern. Financial questions may require more documentation. The buyer and seller may disagree on a particular term.
When something like that happens, the instinct can be to push harder and get the transaction moving again as quickly as possible.
I've learned that isn't always the best approach.
Sometimes you need to slow down.
Slowing Down Doesn't Mean You're Losing Momentum
There's a difference between a deal losing momentum and taking the time necessary to solve a problem.
If a buyer has a legitimate concern, pushing them to move faster doesn't make that concern go away.
Sometimes the better approach is to understand the issue, gather the right information, involve the right people, and work through it.
Then you keep moving.
The goal hasn't changed. You're adjusting the pace so you have a better chance of reaching it.
Having the Right People Around You Matters
One of the things that helped me on the hike was being surrounded by other people.
When the trail became difficult, having people around me encouraging me to keep going made a difference. It would have been a very different experience doing it alone.
I see a parallel when selling a business.
Most business owners are used to making important decisions themselves. But selling a company involves a team that may include an M&A advisor or business broker, attorney, CPA, lender, and other professionals.
At different points in the transaction, you need different people to help you work through an issue and keep moving toward the same goal.
Keep Moving Toward the Goal
There were moments during the hike when I stopped worrying about how quickly I was moving.
I was focused on continuing to move.
I think there's an important lesson there for business owners preparing for a sale.
There are times during a transaction when speed matters. There are also times when slowing down, answering the question in front of you, and getting it right is more important.
Knowing the difference matters.
The goal doesn't change.
You adjust your pace so you can reach it.
That's one lesson I brought home from the Dolomites.