Key Considerations for Selling Your Business: Insights from Ashley Hawks’ Experience

Ashley Hawks, the founder of Forever Bride, recently shared her insights on the process of selling a business at the Minneapolis Smart Business Dealmakers Conference. One of the key questions she emphasized was the importance of asking oneself why they are selling and if they are mentally prepared to close that chapter of their life.

For business owners, especially those who have poured their heart and soul into building their brand, the decision to sell can be emotionally charged. Hawks highlighted the significance of considering how integral their identity is to the brand and the potential consequences of separating the two. Will customers disengage if the CEO they associate with the brand is no longer part of the business?

To ensure a smooth transition, Hawks stressed the importance of having processes and systems in place that can operate profitably without the founder’s direct involvement. Planning for the eventual sale of the business from the very beginning allows the founder to make strategic decisions that will set them up for success down the road.

When Hawks sold Forever Bride to David’s Bridal in 2022, she emphasized the importance of being prepared by having her books in order and conducting thorough due diligence. This level of transparency and readiness minimized the back and forth between her company and the buyer, reducing costs and building trust throughout the process.

While the sale of a business may be transactional for some, Hawks highlighted the emotional aspect for founders who are essentially parting with their creation. She advised both service providers and buyers to take the time to understand the founder’s story and vision, as it can greatly facilitate the process.

In closing, Hawks shared a valuable piece of advice she received during the selling process – to be prepared to “bury the business.” While the brand may live on under new ownership, it will inevitably evolve and change in ways that may not align with the founder’s original vision. Embracing this reality can help founders navigate the emotional journey of selling their business with grace and acceptance.