Mergers & Acquisitions

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Home Podcast First Time Selling a Business? Here’s What To Expect.

First Time Selling a Business? Here’s What To Expect.

First Time Selling a Business? Here’s What To Expect.

Chris Younger

Preparing for Sale | Exit Planning

What are the two most important things to know before starting the journey to sell your business? Chris Younger, with Class VI Partners, answers this question and many more. He discusses the fundamentals of selling a middle-market company, the importance of preparation and planning ahead, looking for a buyer with the right fit, building a growth plan that can survive due diligence, and the amount of stress involved in a sale and what an owner can do to manage the stress and inevitable problems that crop up.

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Guest Profile

Chris Younger is the co-founder and CEO of Class VI Partners, specializing in helping entrepreneurs integrate personal and business planning to prepare for selling their company or raising capital funds. Prior to Class VI, Chris was a co-founder and President of Expanets, the nation’s largest provider of converged communications solutions. During his tenure with Expanets, Chris led the acquisition and integration of 27 companies, ranging in size from $2 million to over $1 billion in annual revenues, ultimately leading to its acquisition by Avaya in late 2003.

Prior to Expanets, Chris was an associate with the law firm of Wilson, Sonsini, Goodrich and Rosati, and clerked for the Honorable Jesse Eschbach of the U.S. Court of Appeals, Seventh Circuit.
Chris is the co-author of Harvest: The Definitive Guide to Selling Your Company. He is a graduate of Miami University and Harvard Law School and has also studied at The London School of Economics. While at Harvard, he was the Managing Editor of the Harvard Law Review.

Topics Covered

  • What insights can a background in law provide when it comes to selling businesses? [1:35]
  • What are sellers getting themselves into when selling a business? [5:07]
  • What two steps can a seller take to best help them get through the sales process? [10:48]
  • What sorts of problems can arise during due diligence that are difficult to solve at the last minute? [14:13]
  • How much can proper preparation increase the purchase price? [16:15]
  • Why is it important to use an M&A attorney rather than a general corporate attorney? [23:35]
  • What are some of the major mistakes commonly made by sellers? [26:35]
  • Why is an auction process important for selling a company? [32:10]
  • Where’s the art in selling a business? [35:40]
  • What happens to the owner after the closing? [40:00]
  • How much time should an owner spend transitioning out of their business? [43:56]
  • What are some of the best or worst exit stories from Chris’s personal experience? [48:46]
  • How important is it for the investment banker or M&A advisor to have experience in the industry of the business being sold? [51:27]
  • How can the investment banker’s knowledge of the business help make a sale? [55:30]
  • What are the different types of auction processes? [56:35]
  • What are the differences in selling to strategic buyers versus PE firms? [58:51]
  • How does the cost of money impact purchase prices? [59:25]

Learn More

Resources Mentioned

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Acronyms or Terms Used in This Episode

  • DCF – discounted cash flow

To suggest guests, topics, or questions for future podcast episodes, contact Morgan & Westfield

Acquired

Acquired

The Art of Selling a Business With $10 Million to $100 Million in Revenue

Written by Jacob Orosz, President of Morgan & Westfield

For a business to sell for what it’s really worth – or even more – you need to properly prepare. But too many entrepreneurs put off planning the sale of their business until the last moment. Acquired – The Art of Selling a Business With $10 Million to $100 Million in Revenue will help you prepare your business for sale and walk you through the sales process, dodging the pitfalls along the way. With a significant amount of your wealth tied up in your business, planning your exit is one of the most critical initiatives you’ll undertake.

Read more