The Business Transition Coach: Your Guide to Succession Planning, Exit Strategies, and Preparing for the Big Handoff by Wayne Vanwyck

Author:Wayne Vanwyck [Wayne Vanwyck]
Language: eng
Format: epub
Tags: Entrepreneurship, BUSINESS & ECONOMICS / Entrepreneurship, Business & Economics, Management, Business & Economics / Management
ISBN: 9781770405127
Google: ILQEEAAAQBAJ
Publisher: Self-Counsel Press
Published: 2020-09-15T23:32:25.299989+00:00

Unless you are in the business of buying and selling businesses, chances are that you’re not the best person to sell your business. Could you do it on your own? Well, in theory you could also take out your own appendix but it’s not recommended.

You need help. The difference between selling your business well or not could amount to millions of dollars. Why would you risk that at this stage?

This chapter will give you a better understanding of what you may not know and where you need to turn for advice. And you do need to turn to the experts.

I asked this question of everyone I interviewed about selling their business: “Who did you turn to for advice when you considered selling your company?”

The answers surprised me. Some sold it themselves but admitted in retrospect that it may have been a bad decision. Some relied primarily on their lawyer, some their accountant, and a number turned to other CEOs for consultation. About half of the people to whom I spoke used a business broker or investment banker. Almost all had a business coach they trusted and relied upon.

There are two major categories of advisors to consider in preparing your business for sale: technical and leadership. Technical advisors deal with taxation, legal, financial, and transactional issues. Leadership advisors are often referred to as dealing with “soft” issues. Ironically, soft issues can be very hard. They can make or break a deal. They include taking responsibility, setting the vision, managing growth, and dealing effectively with people and family issues. Generally speaking, you can save money on the technical side and make money on the leadership and people side.

The following sections discuss various advisors I recommend you engage on your journey.

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