Once they decide to move forward, many owners plow straight in and starting looking for a buyer. Good idea, but not so fast. Slow down. Think about your existing advisors, who know you and know your business. What value can they bring to the transaction? Chances are, quite a lot.
Many transactions fail to deliver the value or outcome the owner expects. Think that won’t happen to you? Some statistics show that up to 80 percent of businesses on the market will NOT sell, so to position your transaction for the best outcome, make sure you’ve planned appropriately. Your accountants, attorneys, bankers and insurance brokers know – or should know – a lot about your business. They may have years of history working side-by-side with you, helping manage your ups and downs. Take advantage of that experience. They also likely know your personal situation and can help you plan for those days and months after the transaction.
Start by connecting with your most trusted advisors. Let them know where you stand. Ask them what course of action they recommend. Keep an open mind. Put your best foot forward and work to position the company for the optimal sales price. It may require new approaches and changes to your current operating model, but by doing so, you can create a larger legacy for your company, your employees, and your family.
