John Arnott gives you the statistics on how many people he approached, the conversion rate for signing an NDA, the proportion of people under NDA who requested a face-to-face meeting and the number of offers received.
How many people will you have to approach about buying your business before you end up getting an offer?
In this week’s episode, you’ll hear from John Arnott who gives you a breakdown of the statistics on how many people he approached, the conversion rate of those approached to those who signed a Non-Disclosure Agreement (NDA), what proportion of people under NDA requested a face-to-face meeting and, of the people he met with, how many offers he received.
It’s the first time that we at Built to Sell Radio have received such specific conversion rate statistics on a single deal. Arnott’s story is treasure trove of hard-fought wisdom, including:
- How to figure out “your number.”
- How to time your exit.
- A detailed breakdown of what’s included in an Offering Memorandum (OM).
- How to prepare for a face-to-face meeting with a potential acquirer.
Arnott started with a longlist of 250 potential acquirers who he approached with an anonymous one pager. Creating your longlist is something we’ll do in Module 11 of The Value Builder System™ when you complete The Short List Builder exercise. Begin Module 1 free now by getting your Value Builder Score.
Are You the Entrepreneur’s Obi-Wan Kenobi?
If you advise business owners on driving up the value of their company, we want to talk. Our network of Certified Value Builders™ from around the world is a group of seasoned advisors who guide owners through building the value of their company. Each year, we certify only a small group of professional advisors. If you are a sage advisor owners turn to for advice, we should talk. Apply to be one of our next advisors here.
Do You Know An Entrepreneur With A Story To Tell?
We’re constantly on the prowl for interesting stories from owners who have sold their businesses. We look for owners who have sold a business that was generating $1 million or more in revenue, who are willing to share their story candidly with our community. Forbes ranked Built to Sell Radio one of their top 10 podcasts for entrepreneurs and we have more than 100,000 downloads, so your story will get shared with a great community of like-minded owners. Nominate yourself or someone you know today.
At Built to Sell we’re all about shifting the balance of power from the buyer to the seller. If you support our mission, please write a review on iTunes—and if you have any comments or questions you can find us on Twitter and Facebook. Tune in every Wednesday for another episode of #BuiltToSell Radio with John Warrillow.
About John Arnott
John Arnott, Sr is a business owner and consultant to leading firms. He is the Co-Founder of ContentFirst Marketing, a digital marketing and sales automation company.
Recently he grew and sold WaveTwo, LLC, a Healthcare Business intelligence firm, to Konica Minolta Business Solutions. During its 10 years of growth, he and his partner grew WaveTwo to be a respected name in advanced analytics.
Mr. Arnott, began his career as a strategy consultant with Booz Allen in New York, assisting AT&T, Lederlee Laboratories, GTE, Verizon and other national firms with IT strategies and solutions.
In his career, he has held management roles as a Director with PriceWaterhouseCoopers (PwC) and EMC/Legato; CIO Belgacom Directories; Deputy CIO Belgacom Telecom; Managing Partner WaveTwo; and Managing Director for Konica Minolta Business Solutions/All Covered.
When you decide to sell your business, you’re going to have to come up with a list of potential acquirers. The number of names on your list depends on how highly you rank speed, value and confidentiality.
Over eight years, Dan Lok managed to build a five-figure recurring revenue stream from subscribers to Table Tennis Master. When tragedy struck his family, Lok decided to sell focusing on speed and ease of transaction over maximizing his financial take.
What’s Your Business Worth?
Take the 13-minute survey and get your Value Builder Score
The Value Builder Score was inspired by the book, Built to Sell. It was created to help business owners like you build more valuable companies. Join more than 25,000 entrepreneurs by getting your free Value Builder Score™, and find out how valuable your company really is.
Get Your Score Now It’s free and 100% confidential.