Lorraine McGregor was interviewed about how to make a business saleable on the URBusiness Network by Kerri Salls of Exit this Way.
I am always shocked when I speak to a group of business owners about how to increase the value of their companies before they sell, at the reaction I get when I reveal to them the following statistics:
I frequently talk to wealth managers who provide an array of services to business owners. They often say they provide ‘succession’ planning, but from what I can see, that discussion has more to do with tax and estate planning than ensuring a business will actually find a buyer.
I spoke to a group of Investors and their investee companies this week.
I was having lunch the other day with an M&A Lawyer and and M&A advisor who sells businesses with EBITDA greater than $5 million. We were comparing notes about why business owners, especially the successful owners, are so reluctant to talk about exiting their business one day.
When it’s time, will you sell your company? How about when it’s not your time, but it’s the buyer’s time to buy a company just like yours? Will you pull the trigger and sign on the bottom line?
Do you know that in survey after survey, the spouse of the business owner is the most sought after source of wisdom in their inner circle. You are the person they most like to talk over their issues about the business. You have influence and power. Your words have weight, whether you get acknowledgement for that or not.
Over on one of the LinkedIn Groups I’m part of, there is a debate going on about who should lead the charge to help business owners with their exits.
Did you know that 90% of business owners fail when attempting to sell their companies?
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