Buying and/or Selling a Business Raises Many Questions
I was thinking a great topic for today might be to help each side understand the other a little better. The following is very top level and each buying and selling situation is very different.
As a Buyer, It's Pretty Straight Forward
You want to find the right fit, at the best price with the least amount of risk. Getting there can be more work than you are prepared to take on internally. Finding good companies to buy, can be like looking for a needle in a haystack.
So finding one outside resource who can identify an acquisition, provide the due diligence and facilitate the purchase would be great. Not so easy to do.
If an outside resource could improve the purchased company after the sale would be a bonus. What's left? Quickly and efficiently integrating it's people & processes into your business with the least amount of turmoil for either side. Now that would be ideal.
As a Seller, Not So Much
Likely you are a first time Seller or the last company you sold was years ago. The learning curve for selling your business today is steep and this may have kept you from acting in the past. It can seem like you're working alone and in the dark. You have many questions and limited resources to find good quality answers.
You are entering a world having not thought that much about it. Now that it's here you're plain scared. The sale of your company is typically about 80% you and 20% the business.
Some of the many questions keeping you up at night are:
- What's my company worth?
- What will I do after the sale?
- What happens to my staff, customers and vendors?
- When is the right time to sell?
- How do I find the right buyer?
So nobody really has the upper hand. Each side has its' own set of challenges.
Whether you're Buying or Selling, if you want to take the first step, talk by telephone for a few minutes, meet for coffee or over lunch please
I look forward to meeting you and if we have met before, rekindling our relationship.
*80% of boomer aged owners have no plan or the trusted advisers to help.
If you know a boomer aged business owner, and care about their future, please forward this post to them.
I am available for select speaking engagements with intimate audiences of a few or larger groups. (Including Lawyers, Accountants, Wealth Management Advisers, Insurance, Banks etc.)