Read on for his column

There are only two outcomes for business: it stops, or it is sold. For those who opt to stop, presumably their businesses can’t be sold, writes Simon Chamberlain.

So for those who successfully negotiate a sale of their business, it should be a matter for celebration – but in financial services, this is not always the case.

In every other profession, colleagues and peers would be applauding a successful sale that resulted in a good outcome for clients and staff, and of course the business owners. But when I reflect on some of the recent acquisitions that have taken place in financial services, I am struck by the overwhelming outpouring of apologies and modesty from the business owners.

The regulation and legislation affecting financial services might be challenging but the decision to exit your business is one of the most critical decisions business owners will ever make.

Seller and acquirer due diligence is a vital component to ensure a good cultural fit. Getting the right deal for your clients, your staff as well as the business owners requires careful consideration. Understanding what compromises are possible and identifying the no-go areas requires a deep self-awareness.

The emotional impact of selling a business is immeasurable, especially when the business you are selling represents your life’s work. Talk to anyone that has sold their business, and it is rarely a matter of selling to the highest bidder.

Successfully negotiating a sale that ticks all the boxes is a cause for celebration. And yet, business owners in financial services seem determined to apologise for their achievement.

Is it embarrassment? Could it be the legacy of the “ruthless bankers” and being tarred with the same brush? Or were some of the compromises to achieve a successful sale a step too far?

When business owners sell to Succession, they are proud to share the valuation given for the business they have built up over their careers. There are no “undisclosed sums” because uniquely in this marketplace, we have made the decision to celebrate the deal.

If a business owner can hand on heart declare they have made the best deal without compromising the service available to clients, that creates a better future for employees and rewards the shareholders for the business they have created, then it is time to celebrate your success.

Simon Chamberlain was a founding partner of St James Place Capital and is an ex-development director for Zurich in the UK, moving 5,000 individual advisers into a structured business practice model and was the founder of the Thinc Group (now Bluefin). He founded Succession in 2009, which today has 350 Financial Planners. He holds various non-executive board positions, is adviser to Plymouth University Business School and a TISA board member.