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Author:   James F. Grebey
Publisher:   De Gruyter
Imprint:   De Gruyter
Weight:   0.440kg
ISBN:  

9781547416370

ISBN 10:   1547416378
Pages:   259
Publication Date:   23 July 2018
Audience:   Professional and scholarly ,  Professional & Vocational ,  Professional & Vocational
Format:   Paperback
Publisher's Status:   Active
Availability:   Available To Order  
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Table of Contents

Chapter 1: Let’s Have a Conversation  1 Shadow of the Missing Owner  3 Staying In or Getting Out  4 Who Will This Book Help?  7 Chapter 2: Avoiding Seller’s Remorse  9 Why Are You Selling Your Business?  10 Retirement  11 Stepping Up  11 Getting Out from Under  12 Partial Exits  13 Your Goal Is to Maximize the Value of Your Business  14 Not Every Business Can Be Sold  14 Can I Sell My Business If It Has “Warts”?  17 Why Do I Need to Position My Business to Sell It?  19 I’m Really Busy—How Much of My Time Will It Take to Prepare My Business?  21 How Long Will It Take to Sell My Business?  22 And a Final Consideration  23 Jim’s Bakery Example: Overview  23 Chapter 3: The Sales Process  27 Sales Process Tasks  28 Breaking Down the Steps  29 The Decision to Sell  30 Identify Your Transition Team  30 Position Your Business  31 Interview Bankers and Brokers  31 Listing  32 Prepare Marketing Materials  32 Create a List of Potential Buyers  32 Qualify and Down Select Buyers  34 Letter of Intent (LOI) and/or Purchase Agreement  34 Buyer’s Due Diligence  35 Closing  37 Transition Support  37 Chapter 4: Start Thinking about the Value of Your Business  39 Make Sure Buyers Have the Correct Image of Your Business  39 Does Your Business Have “Curb Appeal?”  40 Be Prepared to Demonstrate Your Business in Operation  43 Talking to Your Employees  44 Jim’s Bakery Example  47 Chapter 5: Who Are Your Buyers?  49 Business Buyers Are Not Impulse Buyers  49 Qualified Buyers  50 Looking for Strategic Buyers  51 Looking for Financial Buyers  53 Get to Know Your Buyer  54 Be Open to “Earn-Outs” and “Stock Swaps”  55 A Word about Ethics  57 Jim’s Bakery Example  58 Chapter 6: Marketing Your Business  61 Where Are Buyers for Your Business Going to Be Found?  61 How Will You Market Your Business?  63 Getting Professional Help  63 Selecting a Sales Agent/Intermediary  64 Having Your Say  65 Marketing Materials  66 Market Relevance  66 Know Your Competition  69 Markets Are Dynamic  71 Your Business Is for Sale. Shhhh, Be Quiet, Shut up!  72 Down Select  73 The Single Buyer Slump  75 Jim’s Bakery Example  76 Chapter 7: Preparing for a Due Diligence Financial Assessment  77 If You Want to Sell Your Business Get Your Head out of the Financial Sand  78 Putting your Financial House in Order  81 The Dichotomy Dilemma  84 Recasting Your Financials  86 Third-Party Audits  87 Looking Toward the Future  88 Future Performance Should Be Based on a Solid Foundation  90 Jim’s Bakery Example  93 Chapter 8: Preparing for a Due Diligence Legal Assessment  95 Legal Positioning Casts a Wide Net  97 Create a Milestone Calendar  98 Government Regulatory Compliance  100 Intellectual Property  101 Patents  101 Trademarks  102 Copyrights  102 Intellectual Property (IP) Assignment  102 Capturing IP  103 IP Violations Can Cost You  104 Jim’s Bakery Example  105 Chapter 9: Preparing for a Due Diligence Operations Assessment  107 Start an Internal Risk/Opportunity Management Program for Your Business  109 What Is the Scope of the Enterprise?  111 Preparing for a Customer Satisfaction Infrastructure Assessment  112 Preparing for a Production/Services Infrastructure Assessment  113 Preparing for a Sales and Marketing Infrastructure Assessment  114 Preparing for an Organizational Infrastructure Assessment  116 Prepare an Organization Chart  116 Don’t Overlook the Informal Organizational Infrastructure  118 Preparing for a Personnel Infrastructure Assessment  119 Preparing for a Financial Operations Infrastructure Assessment  121 Preparing for a Legal Operations Infrastructure Assessment  123 Preparing for an Information Management Infrastructure Assessment  124 Preparing for an Institutionalized Processes Infrastructure Assessment  126 Jim’s Bakery Example  127 Jim’s Production/Services Infrastructure Preparation Example  128 Jim’s Sales and Marketing Infrastructure Preparation Example  128 Jim’s Organizational Infrastructure Preparation Example  128 Jim’s Bakery Personnel Infrastructure Preparation Example  129 Jim’s Bakery Financial Operations Infrastructure Preparation Example  130 Jim’s Bakery Legal Operations Infrastructure Preparation Example  130 Jim’s Bakery Information Management Infrastructure Preparation Example  130 Jim’s Bakery Institutionalized Processes Infrastructure Preparation Example  131 Chapter 10: Due Diligence  133 Due Diligence Is a Continuation of Negotiations  133 The Due Diligence Process  134 Document List  135 Preparing an Asset List  136 Tangible Assets  137 Intangible Assets  137 Preparing for the Due Diligence On-Site Assessment  138 It’s a Good Time to Build the Relationship  139 Post–On-Site Activity  140 Jim’s Bakery Example  141 Chapter 11: Describing Your Business Model  143 Prepare an Elevator Speech  144 Prepare a Written Description of Your Business Model  144 Beware—Business Models Change  146 The Franchise Business Model  148 Strategic Decisions Should Be Tested by the Business Model  148 Business Models Affect Valuations  150 Make an aaS of Yourself  151 Jim’s Bakery Example  152 Jim’s Bakery Business Model  153 Chapter 12: Writing Your “Book”  155 Your Book Is a Business Plan and a Marketing Proposal  155 Using a Third Party to Write Your Book  156 Generating Content for Your Book  157 Your Book Provides the Pith of your Business  157 How Long Should Your Book Be?  158 Book Outline  160 Overview  160 Market  161 Competition  162 Business Model  162 Product Descriptions  163 Sales Performance and Projections  163 Operational Description  163 Financial Summary  164 Protecting Your Work  165 Create a Short Handout  166 Jim’s Bakery Example  166 Chapter 13: Create a Virtual Model of Your Business  167 Your Financial Reports Should Be Your Greatest Sales Tool  168 Creating a Spreadsheet Model of Your Business  169 Use Linked Spreadsheets for Greater Fidelity  170 Monthly “Actual” Input  172 Jim’s Bakery Example  172 Chapter 14: Valuation  177 Financial Analysis and Certified Appraisers  179 Value vs. Price  180 Use Caution Applying Metrics  181 Automation Can Help  183 How Can a Professional Appraiser Help You?  183 Valuation References  185 Jim’s Bakery Example  185 Chapter 15: Partners, Vendors, and Other People Who Care  187 Cleaning up the Ownership of Your Business  188 Prior Investors  190 Outstanding Debt  191 Vendors and Critical Suppliers  191 Remove Any Blurred Lines  193 Chapter 16: Who Are the Deal Makers?  195 Finding Professional Help  195 Business Brokers  196 Investment Bankers  197 Types of Buyers and Investors  198 Banks  198 Venture Capital Companies  198 Angels  199 Beware of Sharks  200 Chapter 17: Loose Ends and New Beginnings  201 Transition Planning  201 Future Insurance Needs  202 Buyers Change Hats, and You May Too  203 Taxes  203 Asset vs. Equity Sales  204 Lock-outs  205 Taking the High Road  206 Become a Consultant  206 Appendix A: Example Marketing Handout  209 Appendix B: Example “Book”  211 Index  231

Reviews

No small business owner should think about selling their business without first reading this book. --Bud Strang, CEO, Six/Ten, LLC This book provides the necessary knowledge to prepare our clients when they're ready to engage with our M&A advisory and selling processes. --Jonathan Molayem, President, Aquivest Financial Group

No small business owner should think about selling their business without first reading this book. --Bud Strang, CEO, Six/Ten, LLC This book provides the necessary knowledge to prepare our clients when they're ready to engage with our M&A advisory and selling processes. --Jonathan Molayem, President, Aquivest Financial Group

Author Information

James F. Grebey is an operations management specialist who has implemented winning strategies for both large and small businesses. He runs his own management consulting business (Diligent Inc.) and has a track record for exceeding client goals and expectations. He is a licensed business intermediary but spends most of his time helping small business owners position their business in preparation for a sale. He has developed a proprietary operations risk assessment method and works with investors seeking to acquire small businesses.

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