Getting Ready to Sell Your Business?

The Unity Community

A Weekly Letter About...

What I Decide to Write About!

February 14, 2019 - Issue 19-07

Good Afternoon ,

Happy Valentine's Day, everyone. Having worked alone all morning, I arrived at our clubhouse for lunch and was surprised to see all the decorations. I have to confess it took a few minutes for me to realize what the occasion was. I hope you're enjoying it with someone you love.

Many business owners want to sell their businesses at some point .

This week we'll visit David Finkel, who observes a paucity of advice on preparing for a sale. Lots of advice on the actual selling process, but little on the lead-up.

After you decide to sell, i t could be a year or longer before a sale is consummated. The business must continue to operate smoothly and profitably during that time.

Anything that hurts the bottom line in this stage will obviously reduce the price you can attract. And there'll be less flexibility in the terms you can negotiate.

You want to make it as easy as possible for a new owner to step in and operate the business.

David Finkel, of Maui Mastermind, offers us some prudent advice on some things to focus on, and some to avoid, during that period.

You want to:

Keep the upper hand in discussions with prospective buyers,
Eliminate difficult or troublesome relationships, especially with vendors and employees, and
Keep your employees feeling secure. Best to avoid discussion of a sale until it happens.

I hope you find David's advice helpful. I've attended a couple of his webinars and find he offers solid value. Check him out here.

John Stevens

Note: Archived issues of The Unity Community are always available here.

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About John

Throughout a career spanning over 45 years my management style has been one of building teams to bring several competent people together to focus on a common objective. I noted early in my career that, in most organizations, there is an enormous amount of time, energy, and effort wasted by people working at cross purposes.

As I transition to life in the Argentine outback, my focus shifts from coaching to helping other business coaches and advisers get their message out to their prospective clients. With my first-hand knowledge of the benefits of effective business coaching, I am uniquely qualified to help business advisers of all stripes convey their message.