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Selling a business is a critical event that may occur only once in a lifetime. This is an event when you can't afford to make a mistake. Small business owners need basic guidance from someone who doesn't have a stake in the sale of their business. Moving On: Getting the Most from the Sale of Your Small Business is a straightforward, highly pragmatic discussion that will guide you through the sales process and help you avoid some of the common pitfalls faced by business owners that lack experience with the process. This book will assist you in finding the right professional help when you are ready.
James F. Grebey, an operations management specialist who provides small business owners with insight into the sales process, helps you recognize pitfalls that could impact your sale negotiations. This book is replete with tips and tools that you will need to drive a successful sale of your business, such as writing the "book" used to market the business, and recommendations to create a working model with a dynamic (what if) spreadsheet to justify your sales projections. Readers will learn where to reach out for qualified professionals that can help with the sale process.
Click here (https://goo.gl/GgLNM8) for the author's related article "The Benefits of Effective Due Diligence for Investors and Business Owners" featured as the cover article on Divestopedia.
James F. Grebey is an operations management specialist who has implemented winning strategies for both large and small businesses. He runs his own management consulting business (Diligent Inc.) and has a track record for exceeding client goals and expectations. He is a licensed business intermediary but spends most of his time helping small business owners position their business in preparation for a sale. He has developed a proprietary operations risk assessment method and works with investors seeking to acquire small businesses.
Chapter 1: Let's Have a Conversation ¿ 1
Shadow of the Missing Owner ¿ 3
Staying In or Getting Out ¿ 4
Who Will This Book Help? ¿ 7
Chapter 2: Avoiding Seller's Remorse ¿ 9
Why Are You Selling Your Business? ¿ 10
Retirement ¿ 11
Stepping Up ¿ 11
Getting Out from Under ¿ 12
Partial Exits ¿ 13
Your Goal Is to Maximize the Value of Your Business ¿ 14
Not Every Business Can Be Sold ¿ 14
Can I Sell My Business If It Has "Warts"? ¿ 17
Why Do I Need to Position My Business to Sell It? ¿ 19
I'm Really Busy-How Much of My Time Will It Take to Prepare My
Business? ¿ 21
How Long Will It Take to Sell My Business? ¿ 22
And a Final Consideration ¿ 23
Jim's Bakery Example: Overview ¿ 23
Chapter 3: The Sales Process ¿ 27
Sales Process Tasks ¿ 28
Breaking Down the Steps ¿ 29
The Decision to Sell ¿ 30
Identify Your Transition Team ¿ 30
Position Your Business ¿ 31
Interview Bankers and Brokers ¿ 31
Listing ¿ 32
Prepare Marketing Materials ¿ 32
Create a List of Potential Buyers ¿ 32
Qualify and Down Select Buyers ¿ 34
Letter of Intent (LOI) and/or Purchase Agreement ¿ 34
Buyer's Due Diligence ¿ 35
Closing ¿ 37
Transition Support ¿ 37
Chapter 4: Start Thinking about the Value of Your Business ¿ 39
Make Sure Buyers Have the Correct Image of Your Business ¿ 39
Does Your Business Have "Curb Appeal?" ¿ 40
Be Prepared to Demonstrate Your Business in Operation ¿ 43
Talking to Your Employees ¿ 44
Jim's Bakery Example ¿ 47
Chapter 5: Who Are Your Buyers? ¿ 49
Business Buyers Are Not Impulse Buyers ¿ 49
Qualified Buyers ¿ 50
Looking for Strategic Buyers ¿ 51
Looking for Financial Buyers ¿ 53
Get to Know Your Buyer ¿ 54
Be Open to "Earn-Outs" and "Stock Swaps" ¿ 55
A Word about Ethics ¿ 57
Jim's Bakery Example ¿ 58
Chapter 6: Marketing Your Business ¿ 61
Where Are Buyers for Your Business Going to Be Found? ¿ 61
How Will You Market Your Business? ¿ 63
Getting Professional Help ¿ 63
Selecting a Sales Agent/Intermediary ¿ 64
Having Your Say ¿ 65
Marketing Materials ¿ 66
Market Relevance ¿ 66
Know Your Competition ¿ 69
Markets Are Dynamic ¿ 71
Your Business Is for Sale. Shhhh, Be Quiet, Shut up! ¿ 72
Down Select ¿ 73
The Single Buyer Slump ¿ 75
Jim's Bakery Example ¿ 76
Chapter 7: Preparing for a Due Diligence Financial Assessment ¿ 77
If You Want to Sell Your Business Get Your Head out of the Financial
Sand ¿ 78
Putting your Financial House in Order ¿ 81
The Dichotomy Dilemma ¿ 84
Recasting Your Financials ¿ 86
Third-Party Audits ¿ 87
Looking Toward the Future ¿ 88
Future Performance Should Be Based on a Solid Foundation ¿ 90
Jim's Bakery Example ¿ 93
Chapter 8: Preparing for a Due Diligence Legal Assessment ¿ 95
Legal Positioning Casts a Wide Net ¿ 97
Create a Milestone Calendar ¿ 98
Government Regulatory Compliance ¿ 100
Intellectual Property ¿ 101
Patents ¿ 101
Trademarks ¿ 102
Copyrights ¿ 102
Intellectual Property (IP) Assignment ¿ 102
Capturing IP ¿ 103
IP Violations Can Cost You ¿ 104
Jim's Bakery Example ¿ 105
Chapter 9: Preparing for a Due Diligence Operations Assessment ¿ 107
Start an Internal Risk/Opportunity Management Program for Your
Business ¿ 109
What Is the Scope of the Enterprise? ¿ 111
Preparing for a Customer Satisfaction Infrastructure Assessment ¿ 112
Preparing for a Production/Services Infrastructure Assessment ¿ 113
Preparing for a Sales and Marketing Infrastructure Assessment ¿ 114
Preparing for an Organizational Infrastructure Assessment ¿ 116
Prepare an Organization Chart ¿ 116
Don't Overlook the Informal Organizational Infrastructure ¿ 118
Preparing for a Personnel Infrastructure Assessment ¿ 119
Preparing for a Financial Operations Infrastructure Assessment ¿ 121
Preparing for a Legal Operations Infrastructure Assessment ¿ 123
Preparing for an Information Management Infrastructure
Assessment ¿ 124
Preparing for an Institutionalized Processes Infrastructure
Assessment ¿ 126
Jim's Bakery Example ¿ 127
Jim's Production/Services Infrastructure Preparation Example ¿ 128
Jim's Sales and Marketing Infrastructure Preparation Example ¿ 128
Jim's Organizational Infrastructure Preparation Example ¿ 128
Jim's Bakery Personnel Infrastructure Preparation Example ¿ 129
Jim's Bakery Financial Operations Infrastructure Preparation
Example ¿ 130
Jim's Bakery Legal Operations Infrastructure Preparation
Jim's Bakery Information Management Infrastructure Preparation
Jim's Bakery Institutionalized Processes Infrastructure Preparation
Example ¿ 131
Chapter 10: Due Diligence ¿ 133
Due Diligence Is a Continuation of Negotiations ¿ 133
The Due Diligence Process ¿ 134
Document List ¿ 135
Preparing an Asset List ¿ 136
Tangible Assets ¿ 137
Intangible Assets ¿ 137
Preparing for the Due Diligence On-Site Assessment ¿ 138
It's a Good Time to Build the Relationship ¿ 139
Post-On-Site Activity ¿ 140
Jim's Bakery Example ¿ 141
Chapter 11: Describing Your Business Model ¿ 143
Prepare an Elevator Speech ¿ 144
Prepare a Written Description of Your Business Model ¿ 144
Beware-Business Models Change ¿ 146
The Franchise Business Model ¿ 148
Strategic Decisions Should Be Tested by the Business Model ¿ 148
Business Models Affect Valuations ¿ 150
Make an aaS of Yourself ¿ 151
Jim's Bakery Example ¿ 152
Jim's Bakery Business Model ¿ 153
Chapter 12: Writing Your "Book" ¿ 155
Your Book Is a Business Plan and a Marketing Proposal ¿ 155
Using a Third Party to Write Your Book ¿ 156
Generating Content for Your Book ¿ 157
Your Book Provides the Pith of your Business ¿ 157
How Long Should Your Book Be? ¿ 158
Book Outline ¿ 160
Overview ¿ 160
Market ¿ 161
Competition ¿ 162
Business Model ¿ 162
Product Descriptions ¿ 163
Sales Performance and Projections ¿ 163
Operational Description ¿ 163
Financial Summary ¿ 164
Protecting Your Work ¿ 165
Create a Short Handout ¿ 166
Jim's Bakery Example ¿ 166
Chapter 13: Create a Virtual Model of Your Business ¿ 167
Your Financial Reports Should Be Your Greatest Sales Tool ¿ 168
Creating a Spreadsheet Model of Your Business ¿ 169
Use Linked Spreadsheets for Greater Fidelity ¿ 170
Monthly "Actual" Input ¿ 172
Jim's Bakery Example ¿ 172
Chapter 14: Valuation ¿ 177
Financial Analysis and Certified Appraisers ¿ 179
Value vs. Price ¿ 180
Use Caution Applying Metrics ¿ 181
Automation Can Help ¿ 183
How Can a Professional Appraiser Help You? ¿ 183
Valuation References ¿ 185
Jim's Bakery Example ¿ 185
Chapter 15: Partners, Vendors, and Other People Who Care ¿ 187
Cleaning up the Ownership of Your Business ¿ 188
Prior Investors ¿ 190
Outstanding Debt ¿ 191
Vendors and Critical Suppliers ¿ 191
Remove Any Blurred Lines ¿ 193
Chapter 16: Who Are the Deal Makers? ¿ 195
Finding Professional Help ¿ 195
Business Brokers ¿ 196
Investment Bankers ¿ 197
Types of Buyers and Investors ¿ 198
Banks ¿ 198
Venture Capital Companies ¿ 198
Angels ¿ 199
Beware of Sharks ¿ 200
Chapter 17: Loose Ends and New Beginnings ¿ 201
Transition Planning ¿ 201
Future Insurance Needs ¿ 202
Buyers Change Hats, and You May Too ¿ 203
Taxes ¿ 203
Asset vs. Equity Sales ¿ 204
Lock-outs ¿ 205
Taking the High Road ¿ 206
Become a Consultant ¿ 206
Appendix A: Example Marketing Handout ¿ 209
Appendix B: Example "Book" ¿ 211
Index ¿ 231
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