Selling your family business is among the most important decisions that you may have to face as the family business owner. If you decide, as most senior generation leaders do these days, to sell your business to insiders, how you approach the sales and its aftermath is critical. Unfortunately, most traditional advisors spend almost all their time and attention on what has to happen to make the transaction work, and often – to the detriment of all – little effort is placed into what needs to happen AFTER the deal.
Listen to our blog this week as Wayne presents the best approach to take when selling your family business. We’d love to hear your thoughts and comments.
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Jim deReynier says:
Thanks Wayne. I do SCORE Hartford, Planning the Exit Strategy seminars. You are right on for educating the buyer ( family or third party) on THEM doing at least a 2 year business plan that evaluates the Strength and weakness ( SWOT ANALYSIS). This will also assign tasks for the seller besides being a cheerleader and being responsible for handing environmental clean up.
Thanks, Jim
Wayne Rivers says:
Yep
Kent pilcher says:
Wayne, very well done outline and suggested approach. FMI states that fewer than 18% of A/E/C businesses change hands effectively (whether to outsider or insider), so it stresses the need to spend years planning and developing succession plans (whether to outsiders or insiders) in order to “optimize” the opportunity of selling. Hopefully, you message is being well received. Best regards.
Wayne Rivers says:
Thanks, Kent!
Tim Ilderton Sr says:
Hey Wayne,
We are listening. Thanks for the advice. It seems as though you are talking about me.
Things are great and I am active but also have competent children and staff running Day to Day.
We should talk.
Wayne Rivers says:
Sure, Tim. You have my cell, right? Just call me anytime. Thank you!
sandra de Roos says:
Wayne, my dad (79yrs) says this only applies to large businesses. Small family enterprises do not have these problems…I disagree, the problems are here: Same issues, same impact and devestating effects. He says selling will be easy…I think he´s dreaming. I love your blogs, I´ve learned sooo much…but I can´t make this horse drink…
Wayne Rivers says:
He is wrong, you are right. Having said that, some battles just cannot be won. Thank you for being a loyal subscriber!
Tad Nelson says:
Wayne-great comments about the small percentages of buyouts/purchases by ‘the large company’. Unfortunately, this leads to hoping for the big pay day too often. Thanks Tad
Wayne Rivers says:
I agree 100%, Tad. Thanks