Jim McManaman started his accounting firm in a small town of 3,000, so when he decided to sell, he had to figure out how to do it without tipping off his employees.
McManaman is well known in town, so he relied on secret, out-of-town meetings with buyers and Sunday sessions in his board room to keep things quiet. Jim was able sell his business for 1.25 times revenue, most of which was paid at closing. He was able to uphold his reputation in the community and exit his business in a town where gossip travels fast.
In this episode, you’ll learn:
- How to sell a small-town business
- How to keep the sale quiet
- Where you should sit in your office if you have clients that come and visit
- What to systematize in your business to be attractive to a buyer
- How to let a potential buyer know you’re for sale without sounding desperate
McManaman was able to get a premium valuation for his accounting firm, in part because it ran without him. Find out how reliant your company is on you by completing your Value Builder questionnaire.
About Jim McManaman
Jim McManaman is the founder of Peak Growth Business Coaching, a Certified Value Builder firm that helps clients increase their value, so they are ready to transition a year from now or 20 years from nowwhile enjoying more profits and less stress.
In his past life, He’s owned several businesses (which he has sold) some successful (to him anyway) and others not so much, from three service companies, two Franchises and his most recent gig has been 15 years as the CEO of an Accounting/Tax/Financial Planning firm.
His passion has always been business especially creating them. He’s also passionate about Health, and so he’s also a Certified Health Coach and has married the Business Coaching & Health Coaching together. You see he believes to have a long and healthy business career you need to be healthy yourself to enjoy it. But as a business owner himself, he understands you don’t have time to go to the gym every day or try to live on restrictive diets that make you feel miserable while trying to build your business. It’s got to be easy to follow. Imagine what you can get done when you’re healthy and fit.
His other passions are his family and community and his involvement in many charities and as a past board of directors for the local hospital, chamber, Grenville Futures and others.
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.
Want to get an unsolicited offer for your company? He’s how to get acquirers interested without sounding desperate.
Etienne Borgeat co-founded PCO innovation, an IT consulting firm, in 2000. By 2016, the firm had 600 full-time employees and offices around the world, which is when Accenture knocked on their door.
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