Deal or No Deal?
13. “Get the company ready long before it goes into a selling process.
14. If the company is big enough, get an audit done. Clean up financial statements.
15. Take a hard look at the business as a new, potential buyer would.
16. Get an advisor long before the time you are ready to sell to give you strategic advice.
17. The best time to sell is when you have had a good year, and next year also looks good.
18. Spend time on a realistic valuation. Shoot for the highest price, but have a sense of what other companies have been purchased for.
19. Be able to articulate to a larger entity all the positive aspects your company brings to them besides cash flow—market penetration, high-quality staff, deep customer relationships, etc.”
—Tom O’Connor, managing director, Berkery, Noyes & Co.
Matt Steinmetz is the publisher and brand director of Publishing Executive.