Often more than not, owners of businesses are in a dilemma in regards to the perfect time to sell. Research is necessary, so are case-studies, but most of all, it is necessary to reach for consultancy. Today, we seek Abdulwahed AlKooheji’s consultancy on how he managed to establish, enable and then sell over 20 businesses and continues to do so successfully.
Abdulwahed AlKooheji is the CEO of the International Business Group (IBG), and a precious franchiser of many renowned international brands on both retail and hospitality, and is currently the franchiser of the Juventus Academy amongst many others. For over twenty decades, Abdulwahed has been franchising international brands to Bahrain.
We asked Abdulwahed AlKooheji on what are the most important signs entrepreneurs should look for to know when it is time to sell. He shared with us 3 key points that every entrepreneur should consider before taking the leap:
1- Personal motivation gets you kicking. Abdulwahed emphasizes that it’s necessary to build self-trust in your personal interest and motivation. Young entrepreneurs often ignore their personal interests and urge to move forward in fear of failure or rejection by the business market. Abdulwahed, among various successful businesspersons, believes that personal motivation is a key factor in knowing when is the right time to sell. Throughout one’s career, especially at the beginning of success, multiple buyers will approach you with exciting offers and proposals to expand. Through proper research and consultancy with fellow businesspersons, one can grasp knowledge and wisdom in regards to making critical decisions.
However, it always comes down to your personal decisions despite what others will advise you. Your personal interest to move forward, and sell it to a trustworthy magnate should be the main decision maker. Your product, brand, or franchise is successful as a result of your efforts, the selling should always be the result of your will to move forward to new and exciting projects that will benchmark you as an adventurous entrepreneur in the market.
2- Money is an important factor. According to Forbes, MoneySoft, Wired, among others; liquidity in business is necessary, as maintaining a business’ prosperity can be challenging and growth can only reach a certain limit. Expanding isn’t always synonymous with staying on the same path, or keeping the same business. It can also mean shifting ways and selling your business to move to new, and perhaps bigger goals that could provide you with financial security, new experience, and new challenges.
3- It is time to let go. Business is business. Sometimes, it is time to let go. Business trends are continuously shifting, people are constantly attracted to new brands and new products. It is your job as a franchiser, entrepreneur, and researcher to know when the market isn’t in need of your brand anymore. Whether you sell it to someone who can become creative and grow it furtherly, or you sell it to an international business owner whose city is interested in your brand.
Being involved in the business market requires coherent research, extensive consultancy, and a courageous mindset. Selling or buying businesses will never feel easy or feel smoother. That is why, always close your eyes, and jump when you know the time is right.
If you’re interested in knowing more about Abdulwahed and his successful entrepreneurial journey, you can check out our interview with him here.