There was a bakery near our office in Fort Worth. Best cookies in town. Packed every single day. Universally beloved — nobody had ever had a bad experience there.
Then one day, the owner posted on Facebook that she was closing. Just like that. Done.
She didn't sell the recipes. Didn't sell the name. Didn't sell the location. She had something incredibly valuable, and she just walked away from it. Two years later, the space is still empty. And it always will be.
That story haunts me — because it's what happens to most small business owners. They pour years into building something real, and then when it's time to move on, they treat it like quitting a job instead of selling an asset.
Owning a business is like dating.
Here's how I think about it: owning a business is like dating. You're either going to break up or get married. And with a business, you're either going to die owning it or you're going to sell it.
Most of us don't want to die at our desks. But most of us don't have succession plans either.
I sat down with Ray Sclafani on The Decidedly Podcast to talk about exactly this. Ray founded ClientWise, spent 20 years at Alliance Bernstein, and has coached hundreds of business owners through the process of selling. His knowledge applies to any business — not just financial services.
Five years is not too early.
When I sold my business, it took about five years of planning. Ownership structures, stock accumulation plans, buyout plans, job descriptions — all the things I needed in place to do an effective sale.
Five years sounds like a long time. But here's what Ray explained: the businesses that sell well aren't the ones that decide to sell on a Tuesday. They're the ones that started building transferable value years before they ever listed.
That means:
- Documented processes — so the business doesn't depend entirely on you
- A leadership team — buyers want to see people who can run the business after you leave
- Clean financials — at least three years of well-organized books
- A growth trajectory — nobody pays top dollar for a business that's plateaued
- Transferable client relationships — if every client calls your cell phone, you don't have a sellable business
The identity problem.
Ray said something that really stuck with me: the hardest part of selling isn't the financials. It's the identity shift.
When you've spent 20 or 30 years building something, that business becomes who you are. Selling it means losing a piece of yourself.
This is why so many business owners keep pushing the sale date out. "Maybe next year." "When the market's better." "When I find the right buyer." Those are often just excuses to avoid confronting the real question: who am I without this business?
This is exactly why our Decision Lab framework starts with "Decide Who You Are." Before we ever talk about numbers or timelines, we help you figure out what your identity looks like after the exit. Because if you can't see a meaningful life on the other side, you'll never actually pull the trigger.
Significance beyond the sale.
My dad Shawn went through this. After decades in financial services, he made the decision to step back. And the part that surprised him most wasn't the money or the mechanics — it was figuring out how to create significance in his life once he wasn't the person in charge anymore.
The business owners I work with who have the best exits are the ones who've already answered that question. They know what they're going toward, not just what they're leaving behind.
Maybe it's coaching younger entrepreneurs. Maybe it's spending time with grandchildren. Maybe it's finally writing that book. The point is: your exit plan should include a life plan. Otherwise, you'll either never sell, or you'll sell and be miserable.
What "doing nothing" actually costs.
That bakery owner? She probably thought she was making the easy choice. Close up, walk away, move on.
But doing nothing has a cost. A business with loyal customers, a great location, and years of goodwill is worth real money. Not selling it means leaving that money on the table. And unlike stock or real estate, a business's value evaporates the moment you close the doors.
If you're a business owner in Fort Worth — or anywhere in DFW — and you've been thinking about what comes next, even casually, that's your signal to start planning. Not to sell tomorrow. But to start building the kind of business that gives you options.
The five key decisions.
Here's the framework I use with every business owner I work with:
- Decide who you are. What's your identity beyond the business?
- Decide where you are. What's the business actually worth today? What are your financial strengths?
- Decide where you're going. What does your ideal post-exit life look like?
- Decide how you'll get there. What's the plan — sell, transition to family, bring in a partner?
- Decide who matters. Your family, your employees, your community — how do you protect them through the transition?
Most business owners jump straight to step four: "How do I sell?" But without the first three, you're making a how decision without the context to make it well.
Start the conversation.
You don't need to have all the answers. You don't even need to know if selling is the right move. You just need to start asking the right questions.
That's what our free initial conversation is for. No pitch, no pressure. Just a chance to talk about your business, your family, and what matters most to you.
Because the worst thing you can do is what that bakery owner did: build something extraordinary, and then just walk away.
This article is based on a conversation from The Decidedly Podcast. Insights, advice, and comments provided by Sanger Smith, Shawn Smith, and guest speakers should not be considered personalized financial advice or recommendations. This content is produced solely for informational and educational purposes. For personalized guidance, book a free conversation.
