The Art of the Exit
The Complete Guide to Selling Your Business
Written by Jacob Orosz, President of Morgan & Westfield
Less than a third of businesses on the market actually change hands. So what does this mean for you? Think about it — with a significant amount of your wealth tied up in your business, planning your exit is one of the most critical decisions you’ll make.
The Art of the Exit contains winning strategies I’ve learned from 20 years in the trenches selling businesses. This definitive guide is broken down into 10 simple steps from preparing your business for sale to orchestrating the closing.
What’s Covered in the Book
Statistics on how long it takes to sell a business
A concise breakdown of the most common valuation methods and concepts
A framework for helping you decide whether to sell your business
Lessons learned for building a highly sought-after business based on dealing with thousands of buyers
Advice on building your deal team – including an attorney, broker, and M&A advisor
Guidance on informing and retaining your employees
A simple yet effective model for increasing the value of your business
Recommendations on financing the sale and minimizing the risk of a default
A synopsis of the four types of buyers, what they’re looking for, and their goals
Tips for maintaining confidentiality throughout the process
A prescription for maximizing negotiating leverage
A detailed analysis of the letter of intent and its key clauses
A strategy for maximizing the price and terms
Advice on preparing for and minimizing risk during due diligence
Tips for negotiating the purchase agreement and transaction structure
10 Steps to Selling Your Business
Preparing Your Business for Sale
Valuing Your Business
Financing the Sale
Building Your Team
Knowing Your Buyer Types
Marketing Your Business for Sale
Meeting with Buyers
Negotiating an Offer
9. Due Diligence
Conducting Due Diligence
Managing the Closing
Selling a $500 million company requires an entirely different process than selling a small to mid-sized business. This handbook contains essential tips for owners of both Main Street and lower middle-market businesses valued at $500,000 to $10 million. These contractors, wholesalers, service companies, manufacturing businesses, technology startups, and other small businesses with fewer than 500 employees are the backbone of our economic engine.
This size range also tends to be a no-man’s-land for business owners when it comes time to sell. That’s because most business brokers work on smaller transactions, while investment banks are accustomed to handling larger transactions. Another challenge for businesses of this size is that the potential purchaser can be either an individual or a corporate buyer such as a competitor, private equity firm, or other company. The problem here is that the marketing strategies, negotiating tactics, and processes can vary significantly depending on the buyer most likely to purchase your business.
Twenty years ago, when I began helping entrepreneurs sell their businesses, I scoured the market for useful information. In doing so, I discovered that most of the available literature didn’t address the real-world problems I encountered. Rather, it was theoretical or directed at large, publicly traded companies. Whether you’re searching online for general advice or browsing books for specifics, it’s difficult finding valuable, actionable information for companies in this size range. And that is exactly what The Art of the Exit provides. This book is loaded with proven strategies on the art and science of selling any business. I walk you through the entire sales process from preparing your business for sale to the closing and reducing risk every step of the way. You’ll receive solutions and proven guidance based on decades of helping entrepreneurs sell their businesses for top dollar.
The sale of your business will be one of the most stressful events in your life. Don’t go it alone. Rest assured that you’ll receive sound advice based on proven results.
Order your copy today.
Questions Answered in This Book
How long will it take to sell my business?
How do I value my business?
How do I maximize the price?
How do I prepare my business for sale?
Should I finance the sale? What if the buyer defaults?
What professionals do I need to hire, and what do they charge?
Should I tell my employees about the sale?
How can I keep my employees from leaving when they find out?
Who is most likely to pay top dollar for my business?
How will a broker or M&A advisor market my business for sale?
How do I keep the sale a secret from my employees, customers, and competitors?
How do I make sure a buyer is serious before I share sensitive information?
What tricks can I use to maximize my negotiating leverage?
How can I prepare for due diligence? What can go wrong?
What clauses should I look out for in the purchase agreement?
Table of Contents
Chapter 1: Preparing for the Sale
Chapter 2: Valuing Your Business
Chapter 3: Financing
Chapter 4: Team
Chapter 5: Buyers
Chapter 6: Marketing
Chapter 7: Meetings
Chapter 8: Offer
Chapter 9: Due Diligence
Chapter 10: Closing
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