I got an email yesterday from a friend who is looking for someone to help him sell his business. I have found intermediaries (mergers and acquisitions professionals or business brokers) to be a valuable resource for selling a business (and preparing it to be sold). In the video above, I share my experience with how to find an intermediary to represent you and what you’ll need to pay them to help you sell your company. Please use the comments section of this blog to share your own experience with finding and working with a business broker or M&A pro.
On a separate note, I found out this morning that my book Built To Sell has been recognized by Inc. Magazine as one of the top business books of 2010. I’m still peeling myself off the ceiling. A great big THANK YOU to you for reading the book (and this blog) which I know helped the editors at Inc. make their choices.
Finally, here are some new articles for this week about selling your business:
Three tips for negotiating your earn-out
~ published November 30, 2010
The other day I met with two entrepreneurs running a $1-million per year graphic design business. They were in the final stages of negotiating a deal to sell their company to a large multinational marketing services firm. »more
The mercenary vs. the missionary entrepreneur
~ published December 1, 2010 Globe and Mail
Do you have a purpose in your business that goes beyond making money?
• Harley-Davidson’s mission is to “fulfill dreams through the experience of motorcycling.”
• Southwest Airlines is trying to “democratize air travel so that all Americans can visit a loved one or relative at a happy and sad time in their lives.” »more
How to get employees to care
~ published December 2, 2010 Globe and Mail
To build a valuable company you can walk away from – whether to sell or to leave just for a vacation – requires that you figure out how to get your employees to care as much as you do.
For his advice, I spoke to Ken Blanchard, whose books, including Raving Fans and The One Minute Manager, have sold millions of copies worldwide. »more
Ready to Sell Your Business? Avoid These 8 Mistakes
~ published December 2, 2010 BNET
Are you planning to step away from running your business in the next few years? Here are eight mistakes to avoid before hitting the eject button:
Mistake 1: Being boring
While it is true buyers like predictability, they also like growth. Set aside a small slice of money for experimenting on new things (product ideas, etc.). »more
