So, dreaming of selling your business? Looking forward to the day when someone else hires, puts out the fires, and takes care of customer outliers? Do you have visions of golfing, or drinking under an awning on a Caribbean beach? What is your family legacy after these years of blood, sweat, and tears? Are you ready to reap the returns of this investment?
How will this sale unfold? Do you know what the first steps are in the process? Here is a bare bones look at the basics. If you are ready to learn more about the tasks involved to successfully ASCEND to the Seller’s Summit, read on.
The first step is to assess your resources.
Who are the people in your organization that have the most knowledge and are the strongest leaders? Buyers are interested in companies that offer strong management that utilize systems and processes that are not dependent on the owner (you) to function profitably. These investors want an organization that is sustainable and scalable. Organizations that are on a growth trajectory, competitively priced with sound numbers, are those that sell.
The second step is to search out your team of advisors.
Accountants can provide an independent audit to secure validity for a sound valuation. Secondly, what is your company’s value? You have options in choosing an independent firm to conduct a valuation. You may opt to hire an investment banker who may include a valuation for a reduced fee if given the chance to act as the banker representing the company in the sales process. Next, interview the bankers. Consider bankers with industry experience, values that align with your own, and with whom you feel you can build a strong working relationship. Finally, select an attorney with M&A transaction experience. Your attorney for building your business may, or may not, be the person who fulfills the role best for this process.
The goal is to create a team whose experience, knowledge and approach unite with your goals as the owner. You know your business best. The team you create equips you with the expertise to navigate the disruption this process will bring to your life, allowing to you continue to run a successful organization. These are your next right steps as you ASCEND The Seller’s Summit.
