Maggie Lord, the founder of Rustic Wedding Chic, launched her business while planning her own rural wedding in Wisconsin. Initially a blog, the Fairfield, Connecticut-based enterprise evolved into a trusted media resource for brides seeking picturesque wedding venues, such as historic barns. Over time, Lord expanded her influence by authoring books, including The Rustic Wedding Handbook, which further solidified her following. The venture allowed the former middle school science teacher the flexibility she desired while raising her three children.
By 2019, however, Lord recognized it was time for a new chapter. “I genuinely still loved the business; I wasn’t burned out. The company was thriving financially, so there was no urgency to sell,” she reflected. Yet, a moment of clarity prompted her to seek new challenges. In 2020, when the opportunity arose to sell her business assets to David’s Bridal, she seized it and subsequently joined the company as Vice President, Head of Partnerships.
Now, Lord focuses on guiding other women looking to exit their businesses. According to the Exit Planning Institute’s 2023 National State of Owner Readiness Report, 75% of business owners plan to exit within the next decade, recognizing the potential to create generational wealth through such a move.
For those contemplating a future sale, even if it’s several years down the line, Lord offers essential advice to begin the planning process now:
Plan While You’re Passionate: Lord emphasizes that business owners should consider an exit strategy before they reach a point of burnout. “The best time to exit is when you still love your business and before it becomes too large or complex for potential buyers to navigate,” she advised.
Cultivate Enthusiasm: During discussions with prospective buyers, it’s crucial to showcase genuine excitement about the business. “You want buyers to feel they’re missing out on a fantastic opportunity, not fearing they’ll be overwhelmed like you,” Lord explained.
Consider Younger Entrepreneurs: The landscape is shifting, as younger business owners increasingly embrace exit planning, diverging from the traditional focus on older entrepreneurs.
Define Your Desired Outcome: Before approaching potential buyers, clarify your goals regarding future involvement. Do you wish to remain as a consultant or employee, or do you prefer a clean break?
Identify Potential Buyers: Keeping a running list of potential buyers is vital. While a business broker can help, your insights into adjacent industries could uncover non-obvious candidates who may benefit from acquiring your business.
Understand Buyer Motivation: Each potential buyer may have different reasons for their interest. Tailoring your approach to align with their specific motivations can enhance your chances of a successful sale.
Organize Financial Documents: Similar to selling a home, the business sale process requires substantial paperwork. Lord recommends gathering necessary documents early, storing them securely online for easy access when needed.
Create a Compelling Marketing One-Sheet: This document should summarize key business attributes that appeal to potential buyers, detailing the unique solutions your business offers, its target customers, and a call to action. Customization is essential to reflect your business’s uniqueness.
By leveraging her experience, Lord aims to empower other women entrepreneurs to navigate the complexities of selling their businesses with confidence and clarity.
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