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Go at it Lone Ranger-style
As an entrepreneur, you’re used to taking charge and doing things yourself. But when you’re ready to sell your business, you’ll want an expert at your side. A seasoned investment banker will manage the...
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Take your eye off the finish line
It’s only human to fantasize about how you’re going to spend your time and money upon selling your business. But while you’re dreaming of all the exciting changes to come, be sure to stay grounded in...
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Go to Market Uncommitted
Many business owners put their companies on the market in hopes of fetching an extraordinary price for their company. The truth is that these windfalls are rare. Instead, buyers need to keep their...
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Use a business broker
Business brokers are a valuable resource for selling local retail stores or franchises, but not business enterprises. An investment banker, on the other hand, works specifically with business...
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Wait too Long to Sell
Naturally, you want to sell your company when it will fetch its highest value. But like selling a stock at its peak, it’s a very difficult thing to do. Most business owners are so caught up in their...
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Treat confidentiality lightly
You’ve decided to sell your business and you can’t wait to tell your friends and family. No problem, right? Wrong. Until a transaction is completed, sharing the news of your pending sale could have...
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Sell to a Competitor
While strategically it may make sense to sell to a key competitor, I have yet to meet a competitor that didn’t feel he was one sale away from putting you out of business. In addition, despite the...
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Ignore the Importance of CPA Prepared Finances
Nothing lowers your valuation more quickly than incomplete or inconsistent financial records. I strongly recommend investing in a CPA firm to conduct an audit or review of your financial statements...
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Don’t clean up your room
Similar to selling a home, it’s important to present your company in the best light. Remember what your realtor told you about “first impressions”—the same is true when it comes to your business. Keep...
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Keep the wrong people on the bus
Most buyers, particularly private equity groups or other sophisticated buyers, aren’t looking to buy your company so they can get a job—they’re looking for an investment. (This assumes your company is...
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