Why it’s good: love the examples of the emotional reality of selling a business. Some real life situations plus it’s obviously written with the voice of someone who’s been through these situations.
What it is: it’s a traditional “eight points of.. ” article about key lessons of selling.
Your first “buyer” likely won’t. Imagine it–you’ve found your ideal buyer. It’s a mature, well-funded, and successful competitor who clearly wants to buy your company.So you sign the LOI (Letter of Intent), and your imagination starts fantasize about all the great things that you’ll do when that final wire comes through and you are finally free. But the odds are overwhelmingly against that first buyer being the actual company that you sell to, and you need to hold your emotional excitement in check until the sale is closed and the final wire transfer goes through to your account.
If you don’t, you’ll likely find yourself so wrapped up in making the deal with this first buyer work, that not only will you incrementally make more and more concessions, turning a good deal into a sour one, but what’s worse, you may very well lose sight of keeping the business running well, only to have the buyer drop out, leaving you with a business that is less valuable
See the entire article at: https://www.inc.com/david-finkel/8-lessons-when-selling-your-company-that-every-business-owner-should-know.html.
Photo by Ryan Loughlin on Unsplash