Some business owners prefer to reach out to a few prospective buyers at a time and see if anybody is making an offer; then six months later talk to another few prospects. Some others prefer reaching out to the entire pool of prospects at the same time and see the reactions. Which is a better approach? Sometimes jumping in headfirst is the best way to learn!
Client #1: I like the approach of talking to as many people as possible and, and seeing the reactions. And part of the education that I got through this, this process was how vision and strategy are so critical. Um, and it also impacts the valuation that they see in your business.
Client #1: So there are some entities that would look at a regular profitable company that churns out profit every single year and they say, that’s an asset that I can add to my other collection of similar-size profitable companies and I don’t do a thing, and I make a giant profit at the end of the year, in the cumulative of that. So they didn’t see the upside of our business. They just saw us as a profit center that they would need to maintain, which impacted their offer.
Client #1: Um, the, the companies that saw where they could take our business, that elevated their offer ’cause they saw the potential of what they could do with us. And that made a huge difference. And if we had just done it five at a time, we, I don’t think we would’ve gotten that education.
Client #2: Yeah. You, you miss the large enough pool of interest to be able to capture those, the few who have that more strategic approach rather than the ones that are just looking for cash flow. Right. Um, and you, you know, it’s better just to rip the band-aid off and do it all at once rather than seriously extending it over months and months and years and years. Seriously. You know, let’s just, let’s do it. Let’s get in there and get it done.
Exit on your terms.
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