Many women are business owners and very focused on planting seeds and nurturing the crops. But what happens when it is time to harvest? This is the first in a series articles dedicated to the woman who has successfully grown her business to the point that it is salable, and has reached the personal and professional conclusion that now is the time to prepare for that sale.

If you are a business owner, no doubt you have fantasized about your exit strategy and how selling a business will make it happen. Admit it. No one is looking over your shoulder right now. If you could walk away, would you? What do you dream about doing? What is your fantasy life post-sale?

Is there travel with your family in your dream? Jumping into a new business? Focusing on important charities, or community and spiritual areas? Or perhaps staying involved with the company somehow, but in a less demanding role. What is the point of your life’s work? What was it you were striving for at the end of the day?

It is important to think more broadly than just the money. Coming up with a dollar number, while more art than science, is easier than coming up with a new life for many business owners. As you determine the ideal outcomes for you, include those you want for your family, the employees, the business and other stakeholders. How you answer this question will influence how to sell the business more than perhaps you think.

Do you want to sell a piece of your business or all of it? Is it important to cash out at closing, or would you consider keeping a small investment in the newly sold company? Do you want to leave, and if so, within what timeframe? Are you looking to stay, and if so, in what role? Would you want to retain control and finance growth through recapitalization? All of these things, and many more, will affect the timing, amount of money you’ll get for the transaction and what buyers will be interested in it.

To sell a company is to sell a life’s work. And for a business owner, exit planning means facing a big change and a lot of uncertainty. Your days now are marked with structure and relationships that give meaning to your days, and a sense of pride, identity and purpose.

Many business owner’s, while nursing the fantasy in the dark hours, still dread making the change because they don’t know where their ultimate destination. They know where they are now, but don’t know where they will go to. And it can be frightening to face the void. Don’t kid yourself: golf is not enough. A Type A personality does not easily go to a Type Z.

What is your fantasy? You know you have one. What next life phase do you want to carve out for yourself and your family? This will influence how to sell a business and the buyers to target. For many business owners, this is a once in a lifetime deal. Proactively and strategically determine how you define success, and how selling your business can get you there.

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