Features
16
Cover Story
SIZING UP THE BUSINESS
Those who are selling a business today
should have started mapping out a strategy
with that goal in mind two years ago.
Valuation experts explain how it is done.
8 GETTING USED TO THE IDEA The person who breathed life into a business, who nurtured it through triumphs and stark downturns,
often has trouble letting go. But there comes a time
when every owner must face the reality that the
moment has come to step aside.
A JOINT EFFORT
When it comes to selling a business, there is strength
in numbers. While the advice of an accountant is
crucial, a lawyer is also an invaluable asset.
10 OUTLINING THE STEPS
Once someone has made the commitment to sell
their business they need a game plan designed to both
responsibly illustrate how the enterprise is run and
to show that there is momentum behind it, and more
promise in front of it.
24 THE ART OF THE DEAL
When heading to the negotiation table, the vendor will
get the best deal when armed with patience, flexibility
and clean financial statements.
30 EXIT STRATEGY
Finally, the business has been sold. But that does not
mean the process is over. Among other things, there’s
the matter of breaking the news to employees.
12 FINDING THE RIGHT SUCCESSOR
Looking for family to take over the business isn’t always
the optimal course of action. The offspring may not be
suited for the challenge, or perhaps they don’t want to
get more involved. The role of an advisor, a third party
in the sale, can be crucial in addressing family issues.
34 HITTING A HOMERUN
Late legendary New York Yankees owner George
Steinbrenner left behind an unparalleled legacy on the
baseball field, but his succession strategy is one many
can emulate.
