How to Sell Your Company for Top Dollar
Well, well, well, look at you! You've made it to the top of the entrepreneurial game. You're living the dream that so many aspiring entrepreneurs have - kudos to you!
Let's be real here, though - you didn't get here without stumbling along the way. But hey, that's just part of the journey. You learned from your mistakes, identified a major problem that many people faced, and positioned yourself as the solution. And now, you're raking in the profits and have decided to sell your business.
But before we get ahead of ourselves, let's talk about the elephant in the room: selling your business is no walk in the park. It's a whole new ball game with different rules, cultures, and procedures. Most business owners are completely clueless about this and end up leaving a ton of money on the table. Don't be like them.
Now, I know what you're thinking - "who the heck are you to give me advice?" Well, my friend, I'm the guy who ran and sold a few of my companies, and now as a Business Coach, have helped many CEOs sell their companies for more than they thought they ever could.
But here's the thing - it isn't a cakewalk. It took me years to learn the ins and outs of selling a business before even considering it. And boy, was I surprised by what I learned.
Selling Your Business for Top Dollar
So, if you want to sell your business for top dollar, listen up. First you need to master these four things:
- First things first - selling your business takes time. A lot more time than you think. You could be dealing with investment bankers, buyers, lawyers, business brokers and accountants, among others. Get ready to spend lots of your time on this - your business and employees may have to take a backseat for a while.
- Your team is everything. Literally. They can make or break the deal. So choose wisely. You don't have time to learn everything yourself, so build a team that can help you navigate the process and make the right decisions. (If you need help in developing a team of all stars, we can help you with that)
- Speaking of teams, let's talk about the magical five you need on your side: an investment banker, a mergers and acquisitions lawyer, top-notch accountants, a tax specialist, and an investment advisor. Oh, and your management team is crucial too - make sure they're up to speed.
- A Business Coach can help maximize your selling price. - Many business owners are too close to their business to see where there is still potential to increase the value. A Business Coach brings an outside, expert perspective to transform areas in the CEO’s blind spot. For example, a recent client we worked with wanted to sell their business for $5 million. However, after Coaching them for 8 months, we cut some expenses, focused on the clients that were creating the most profits, and were able to increase the company’s value up to $10 million. We made it so easy for them, that the two owners now work less than 12 hours per week and we are taking the value of their business to $20 million in the next two years. Perhaps we can do this for you too! If you want to maximize your selling price, hire an experienced Business Coach who knows the ropes.
Look, selling your business is no easy feat. But if you follow these tips and put in the proper work, you can come out on top with a thriving and successful business. It's an endeavor that demands your careful attention, so buckle up and get ready for the ride of your life! Given the market for businesses is currently very strong with buyers waiting to find the right business to purchase, we suggest that you make some wise choices and bring home top dollar!
Read More: How To Win as a Business Owner in 2023
