Why Owners Sell Businesses

hosted by: David Mariano, Director and head

of the firm’s Buy-Side advisory practice

Why Owners Sell Businesses

No matter the timing, if you plan to sell a business in the future, think long and hard about why you are doing it and what you want out of the transaction. As the owner, you want to be the one to “make the sale decision” – if you wait too long, someone else may make it for you.

In the first of a 5-part mini series, host David Mariano discusses what it means to sell your business with Mark Filippell, Managing Director and one of the founders of Western Reserve Partners. Mark shares some of the big wins and the hard lessons he has seen business owners experience over the years.

 Key questions in this episode:

* Do I need to hire an intermediary to sell my business (at 4:38)?

* How does the process compare to selling a house?

* “Why am I contemplating a sale?” Honesty is the best policy.

* What are some of the reasons owners sell businesses?

* What advice do you have for a business owner who is delaying the planning (or even the thought) of selling their business?

* What are the consequences of not planning for a sale ahead of time?

* Do you have to take the highest offer?

 Key points in this episode:

* Greed versus fear.

* Why it’s important to think through your reasons for selling.

* The most common reasons that owners sell businesses.

* What employees and buyers really think of each other.

* Why the sellers have a little more control over the process than they may think.

* An example of how the seller can make a decision that fits needs of all stakeholders (at 13:28).

* When an owner should start thinking about their exit strategy.

* How the process of selling a business is either like a river or like a canal (at 16:08).

Resources mentioned in this podcast

* Click here for access to training and templates

* Mergers and Acquisitions Playbook, Lessons from the Middle-Market Trenches, by Mark A. Filippell

Listen to Fully Invested below: