Smart sellers know two things when it comes to their business exit, and so should you.
First, the skills that built your business are not the same ones to sell your business.
Second, you may not have another chance, so you better make the most of your exit.
Who am I, and how do I know?
I was the kid who started his business right out of school with no money, experience, or team.
I had no business being in business, and the results showed.
In the early days, I could count on one thing: failure. All-day. Everyday.
My grit and passion kept me in the game for my EdTech to become successful.
With success,I received an unsolicited offer from a sophisticated and experienced buyer. In reality, the buyer was a wolf in sheep’s clothing.
In saying “no” to a 7-figure three times EBITDA offer, I said “yes” to mastering the art and science of selling a business.
What I learned shocked me to the core.
The system is set-up against entrepreneurs.
Two years later, I said “yes” to a 9-figure 13 times EBITDA offer.
Same EdTech. Same services.
How did I do it?
Keep reading to find out.
Smart Sellers Hire A Chief Exit Advisor To Maximize Value And Lessen Time
Refuse to be average – Aiden Wilson Tozer
Smart sellers hire a Chief Exit Advisor to maximize company value and lessen the exit time.
What’s a Chief Exit Advisor?
Think of a Chief Exit Advisor as an “advisor to the advisors.” Your Chief Exit Advisor has a successful record in buying and selling companies.
Investment bankers, mergers and acquisitions lawyers, and strategists are all potential candidates.
Read and prosper from “A Chief Exit Advisor: What You Need To Know To Dominate And Win.”
Why hire a Chief Exit Advisor if you’re paying an investment banker and other advisors?
A Chief Exit Advisor is loyal to you and you alone.
Like yourself, your other advisors are in business to be in business.
Ready for one of the exit industry’s best-kept secrets?
I’ll answer the question with a question.
When it comes to selling your company, who is your investment banker’s BFF?
If you said you are, think again.
Your investment banker’s BFF is, get ready for it, your future buyer.
Egos aside, you’re a one-time transaction for your investment banker. Your future buyer will do many deals with your investment banker.
Your take away?
First, never force your investment banker to choose between you and the buyer. You’ll lose every time.
Second, be the smart seller I know you are and hire a Chief Exit Officer.
Do you know the one thing that makes smart sellers smart (and wealthy)?
The One Thing Most Sellers Don’t Do But Should If They Want To Be Successful (And Rich)
The path to greatness is along with others – Baltasar Gracian
Smart sellers are happier (and richer) because their companies run without them.
Read and prosper from “Why You’ll Be Happier And Richer When Your Company Runs Without You.”
For your company to grow, prosper, and dominate, you must step aside.
Yes, my Rockstar entrepreneur, you’re the genius that took your company from zero to hero.
Your passion turned your customers into raving fans.
If you’re honest with yourself, you know that the time you had to spend with customers has diminished.
Most entrepreneurs have their companies revolve around them. While these strategies work at the start, it will put you out of business in the long-term.
Why would you want your company to run without you?
I’ll share three compelling reasons.
First, you get your life back. Now is the time to turn your life into the lifestyle you’ve dreamed about from the start.
The extra time you free up has you do what you do best. Find new problems you’re passionate about solving for your company. You’ll create new products or services. Along the way, you’ll enter new markets and your company thrives.
Second, when you step aside from the day-to-day you create an opportunity for employees.
Top talent doesn’t stay when there’s no upward mobility.
Third, future buyers pay more for companies who run without the founder. When you’re no longer around, your company is still thriving and prospering. And so is your future buyer.
Smart Sellers Prepare Today So They Can Prosper Tomorrow
When opportunity comes it is too late to prepare – John Wooden
Smart prepare (like crazy) today so they can prosper tomorrow.
And so should you.
Prepare and populate your data room before hiring your investment banker.
Read and prosper from, “How To Increase Your Company Value With A Virtual Data Room.”
The process itself helps you find the “skeletons” in your closet.
You will find and fix the issues you find before future buyers and investment bankers.
First impressions are everything, especially with investment bankers.
Showing up your virtual data room impresses investment bankers. Your company looks better, and you’ll receive a higher value.
You’ll end up using your investment bankers’ virtual data room. Know that the time and money spend on your own data room creates a cleaner and stronger company.
Each skeleton lowers the value of your company in the mind of your investment banker. Even when you fix the issue, your investment banker has already formed an opinion.
The process of populating your virtual data room forces you to build out your exit team.
Read and prosper from “Assembling Your Exit Team? How To Crush It And Win.”
Your Chief Exit Officer will help you assemble your dream team.
A prepared and robust exit team unlocks your flood gates of success on your exit.
Prepare today so you can prosper tomorrow.
Want to know an insider’s strategy that makes all the difference for your exit?
Find And Hire Your Future Investment Banker Years Before Your Exit
A good reputation is more valuable than money – Publilius Syrus
Smart sellers hire an investment banker years before their exit.
Here’s a loaded question for you.
Who do you trust more, a friend or a stranger?
People prefer friends over strangers because they know and trust their friends.
Trust and reputation go hand-in-hand.
Smart sellers know they’ll get top dollar when their investment banker trusts them.
You can neither buy trust nor friendship.
How do you earn the trust and friendship of your future investment banker?
With the help of your Chief Exit Officer, the top interview investment bankers.
Read and prosper from “Dominate And Win When You Know How To Choose An Investment Banker.”
You’re hiring an investment banker to consult for you, not sell your company.
Investment bankers know industry trends, key contacts, and strategies that help you.
The outcome you’re after is two-fold.
First, you’ll have a better company from working with an investment banker. You’ll likely form new alliances and create new services.
Second, you build out a business relationship and friendship with your investment banker.
Throughout the process, you’ll know if the investment banker you’re working with is “the one.”
In return, your investment banker will have the opportunity to both know and trust you.
Investment bankers and buyers trade-off of trust with one another.
When you’re both trusted and known to your investment banker, opportunities happen.
Whatever amount of money you spend is a rounding error compared to the value you’ll receive on your exit.
Do you know the one thing you can do to get top dollar for your company on your exit?
Smart Sellers Get Top Dollar On Their Exits When They Sell Hope Instead Of Spreadsheets
Hope, not spreadsheets, unlocks company value – Jeffrey Feldberg
Smart sellers know that hope, not spreadsheets, unlocks company value.
On your exit journey, the so-called experts tell you that company value is a formula in a spreadsheet.
The so-called experts are wrong.
People decide on emotion first and justify their decision with logic later.
Your future buyer knows what your company has done yesterday and today.
What your buyer wants to know is what your company can do tomorrow.
This why smart sellers provide hope of a better tomorrow.
Read and prosper from “5 Reasons To Sell Hope On Your Exit That Will Blow Your Mind.”
Buyers pay top dollar for a company when they have hope that the company has a bright future.
How do you sell hope?
Sell hope on the initiatives you failed at or never tried.
Having your company run without you is key. While your team runs your company, you find new opportunities.
Remember that new market you didn’t enter because you lacked the money?
Great news! Your future buyer has the money and experienced people to lead the way.
How about that new service you dreamed of offering but didn’t because you lacked the talent?
Even better news. Your future buyer not only has the talent but is already in the market.
Talk up your so-called failures. Paint a bright and bold picture of your company’s future.
Your story provides the hope of a better tomorrow for both your company and marketplace.
Smart sellers know they must sell hope on their exit, and so should you.
Smart sellers are smart because they do five key things that other sellers don’t.
Who am I, and how do I know?
I was the kid who started his EdTech right out of school with no money, experience, or team.
The truth is that I had no business being in business, and the results showed. My grit and passion kept me in the game long enough to welcome success.
With success came an unsolicited offer from an experienced buyer. The buyer was like a wolf in sheep’s clothing.
I said “no” to a 7-figure three times EBITDA offer and said “yes” to learning the art and science of selling a company.
Two years later, I said “yes” to a 9-figure 13 times EBITDA offer from another buyer.
How did I do it?
Success leaves clues. I sought out smart sellers who sold their companies for top dollars.
What I learned shocked me.
The system is against us as entrepreneurs.
Success in business and life is knowing both what to do and not do.
Smart sellers did five things that took their exit from ordinary to extraordinary.
If I can do it, so can you.
Start with the first principle and master it before moving on to the next one. Do this for all five principles.
You can do it. I know you can.
What are you waiting for?
Here’s to you and your success.
Your Biggest Raving Fan,