blue·print | \ ˈblü-ˌprint \
something resembling a blueprint (as in serving as a model or providing guidance) especially: a detailed plan or program of action
// a blueprint for victory
Why this book?
There are numerous books and articles on selling a small business. None of them provide a blueprint. None of them provide a road map and connect all the dots in a logical sequence. I’ve read them all. I’ve sold my own businesses. I have worked as a business broker and mergers and acquisitions specialist. (More about me in the back of this book.) This is not just a book, it’s a blueprint for selling a business.
Who is this book for?
Anyone who wants to sell a small business, or expertly advise others on how to sell a small business, will find this book invaluable.
What makes this book different?
This book details all the steps. It provides samples of most of the forms and agreements used to sell a business. It gets right to the point. It avoids the meandering stories and anecdotes cited in other books on the subject, to distill the essence of the process. It’s not a strategic read, it’s a tactical read. It’s not a case study or academic textbook. It’s a cross between an instruction manual and a blueprint. It’s a to-do list. It provides the roadmap, tips, tools, and actions necessary to sell any small business.
How does this book deliver on its promise?
The promise is a sale of the business. Note, I did not say “successful sale”. Everyone defines success differently. Let’s just say you are more likely to have a “successful transaction” by following this blueprint. If you can’t sell your business using this blueprint, it’s probably not saleable. If the fundamentals of your business are sound and you follow this blueprint, I promise you (or your client) will have a successful sale.
15 Steps
Selling your business can be a daunting task. Like many other challenges you encountered when running your business, you must break it down into manageable steps. I am going to take you through the process one step at a time. I am going to give you the best practices, tips, and the sample forms and agreements you will need at every step.
There are 15 steps to sell any business. Each step is its own chapter in this book. Each chapter starts with a VERB. These are actionable steps. The steps are designed to be sequential. I recommend you take them in the order presented – complete Step 1, then Step 2, then Step 3, etc. You will see as you progress through the process, each step builds on the ones before it.
The Process for Completing the Steps
Each step is presented with this format:
Objective – this is what needs to be accomplished.
Tasks – these are the actions required to complete the step.
Best Practices – these are lessons learned from successful sellers who have taken the step. You should try and apply these practices to sell your business.
Tools and Tips – these are ideas and implements to help you take the step.
Summary – this recaps the main points for completing the step.
Examples – these are real-life examples and tools for completing the step, including sample forms and agreements. These examples can be adapted to your situation. You are free to use them.
Everything you need to successfully price, package, market and sell your business is contained herein. You will also find useful tips and examples for entertaining offers, negotiating the agreement, and closing the transaction. Also included are tips for what to do AFTER the sale, because those actions often determine whether you get the full price you bargained for.
The Sample Forms and Agreements: Misc. Resources
There are 38 sample forms and agreements in this guide, as well as links and citations to useful resources. They can save you time and money, but they are not a complete substitute for professional counsel. Adapt and use the ones that are suited for your situation. Use them as a primer to discuss with your advisors and licensed professionals what assistance you need from them.
Follow the Steps: Tap a Pro When Needed
The pros will tell you that most small business owners who try to sell their own businesses fail. The data suggests this is true. The reason most fail is because they don’t have a blueprint. They don’t know the steps, or they don’t follow the steps. They don’t have good advisors.
Selling a business is a process, like everything you did to run your business. You have herein a blueprint for selling your business. Follow the blueprint and seek professional help on the tasks and actions you don’t have the time or expertise to do yourself.