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How to Sell Your Business
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Article 5: How To Get Help When You Sell Your Business
Selling a business is an involved process. It’s like nothing else you have ever done with your organization. And it takes skills and time that you would otherwise spend dealing with customers and generating sales. You’ll need all the advice you can get.
“Advice can come from a lot of places,” advises Dr. William Rupp, dean of the college of business at the University of Montevallo in Montevallo, Ala. “One of your first stops can be the office of a good business broker. This individual knows what is going on in the market place and can tell you what has sold similar to yours.”
Rupp also advises talking with:
Your certified public accountant (CPA). This person will be pivotal in analyzing the strong points of your business and in gathering your financials for buyers. Your chamber of commerce. This organization offers a wealth of contacts in terms of experts on selling businesses. Political officials. What is their attitude toward growth and sales? Do they want you to sell? “Many times a small business owner will decide to sell because business is getting too difficult,” says Rupp. “But in fact the problem may be simply that the business is in the wrong place. Political officials can be lubricants to get you moved from one place to another.” People in similar businesses in other regions of the country. Have they considered selling? Have they looked into the valuations? What’s the market like? Investment bankers. These individuals assist businesses in selling and are critical to your success. You’ll find a flock of them at the Association for Corporate Growth. You may also want to get acquainted with the community of venture capitalists. These individuals represent and provide funding to buyers who are looking for businesses. Why not get on their radar screens? You’ll find a bunch of them at the National Venture Capital Association.
“I suggest you create a kind of board of directors composed of your best legal advisors, mentors, accountants and investment bankers,” says Rick Rickertsen, managing partner of Pine Creek Partners, a private equity firm based in Washington, D.C. This cabinet of advisors will be invaluable as you proceed in your mission to sell your business.
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