Josh Hartwell, CEO of MobileDeluxe, discusses selling your company while making a successful exit. Three tips are given for a successful approach during the acquisition.
- Research and choose a compatible banker to handle your business
- Establish long-term relationships
- Consistently organize your records
So, selling your business and making a successful exit can be a very difficult and painstaking process but if you lay the groundwork ahead of time, you can really save yourself up for success when the time comes for you to make that exit.
First, you want to choose a banker wisely. And the best thing to do is talk to a lot of bankers. Find out who you get along with. Find out who’s best in your sector and find out who you’re going to trust to handle such a big event in your company’s existence.
Second, you want to befriend your prospects well before you actually plan on making an exit. These can be competitors. These can be other entities in your industry. Whoever it is, make a list of your potential targets 12 months before you want to make an exit and start talking to these prospects that early.
Third, get your docs in order while you’re getting docs. That just means, you have to be so organized when you’re selling your company that everything will be gone through, everything will be piled over in your company. And you’re going to accumulate a lot of contracts. You’re going to accumulate a lot of management discussions, presentations during the course of just doing business. And so while you’re doing that, it is key to get those docs in order, have a great system so that when the time comes, everything is ready to roll.
If you follow these three keys as you’re going along in developing your small business, then you should be on the road to success when you’re trying to make a sale and make that successful exit.