Most buyers will want some or all of the management team to stay on, at least for a transition period so be prepared for this when negotiating as it can get tricky when you are negotiating as the seller but also taking a new role in the company where you are effectively on the buy side, so take advice here.
At the end of the day selling a business is like buying a house; what you want is multiple buyers to drive valuation and your advisors will be able to help identify and target companies you can approach.
Top 5 ways to position yourself for acquisition:
- Understand your value proposition - build your Information Memorandum
- Get realistic on valuation - you're not Instagram
- Clean House - get your books straight and audited
- People - ensure your most valuable players are on key person contracts
- Take advice - don't scrimp on advisors, you will need professional help
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