I often write and speak to groups and individual Owners about selling their company for 300% more than they could currently. At first there is a look of disbelief, quickly replaced by the question 'how'.

There are multiple reasons an Owner has stopped growing and or improving the value of their business. 
The same comfort level logic works for most anything. Your health, personal finances or relationships etc.

The company is the size it is currently because the Owner can control all aspects of it. Generate enough sales. Wrap their arms around the operations. Be comfortable with the finance side. Continue to run the same sales and marketing efforts. Not have to replace anyone. 

Basically they have reached a repeatable level of success. Essentially experiencing the same year over and over again.

But what if you want to have a different more successful year vs the previous one?

There are typically 3 key areas of your business that need to evolve, if you want to potentially transition a company for 300% more. 

1. Open your arms wider. Think bigger, take on larger opportunities, give yourself permission to stretch. Don't be afraid to screw up. It will happen and you will overcome and succeed.

2. Owners often tell me they can't finance growth. There are many more resources for financial help than the bank. Once you find one or two that work for you, you're comfort level will rise and that project you didn't even try for in the past is now real and in your reach.

3. ‎Finding good, qualified and reliable employees. Some Owners say it is difficult or impossible. First of all that's not true. You just need to find a great resource to help you. Once you do find the right assistance and make a successful hire, your luck begins to change.

The business runs better, new opportunities are identified and secured. You begin to attract the right staff and better customers. You have effectively removed some of the negative roadblocks and made room for more positive results. You've created a vacuum to be filled by success. 

Now you have the bandwidth to try some of the ideas that have been on the back burner. Tap into and reveal hidden opportunities to increase sales or improve processes, make your company what it should be. Bigger, better, able to run on its own.

Get out of the way, focus on just what you love to do and work on the business not in it.

It's not going to happen overnight. You will require help. And yes it's worth it.

Key Learning - Ask yourself 'WHO' can I find to get the above tasks done, not how.

If you'd like to discuss the future success of your company let's talk. You can tell me about yourself and your business. I can fill you in a bit on who we are. 

Alternatively please explore our website for more insights into this whole growing before transitioning thing or visit our online program www.SellYourBusiness4More.com 

Eric Gilboord
416-270-2466
[email protected]

Excerpt from 'Just Tell Me More - Marketing Tips in 10 Minute Chunks'

Lists like this one are usually made up of financial reasons for the failure of a small business. Unfortunately there are also many sales and marketing reasons. Fortunately, there is a positive step that can be taken for each one that will greatly increase your chances for success.

“These actionable tips are the responsibility of everyone who works with you. Make sure they know and understand them.” EG

​1. Face Your Weaknesses. Failure to face up to your weaknesses and a lack of effort to take advantage of your strengths can keep your business in a no-growth mode. Take two pieces of paper and list your company’s strengths on one page and its weaknesses on the other. Note the ways you can make your staff, customers, prospects, and other business associates aware of each of your strengths. On the page of weaknesses, identify steps to correct each problem. Discuss the points with your staff and develop a schedule to address them. No, it’s not really as bad as you think.
​
2. Take Action. Talking about the great marketing program you have been developing and following through with it are two very different actions. Implementing the program is the key to marketing success. Plan all you want, but be prepared to act on all the steps you have identified. Don’t be surprised to discover that there are some steps you hadn’t initially considered.

3. Accountability And Responsibility. Understand the difference between accountability and responsibility. Make sure your staff and suppliers recognize that by accepting responsibility, they are accountable to you and to the rest of the company. It is now their job to get the assignment completed.

Excerpt from our online program.  ​Sell Your Business 4 More

​You should be working very hard to build your business into something great and make yourself irrelevant in the process.

The strategy is simple:

1. Have a big vision and, make it worthy of your time and effort. And more importantly your staffs time and effort.
 
2. Bring great people with varied skill sets and experiences onboard. Make sure they speak their mind.

3. Let them do what they do best and are most passionate about. We all have a superpower and at our core we know what it is. This is usually accompanied by a deep desire to unleash it to its' fullest potential.  

4. Create a desirable inclusive atmosphere that great people want to be a part of.

If you succeed, they will thrive and likely take the company much further than you ever could on your own.
   
So what should irrelevant mean to you in the context of selling your company? Right now and for the foreseeable future you will maintain the vision and lead the charge. As you are getting ready to transition, slowly replace your superpowers with others who demonstrate the same abilities and let them take over.  

The same applies to any of your key staff who will be leaving around the time of selling or within a few years. Buyers will interview your employees and they will find out who is staying and who is going. Start training their replacements as well.

At some point you will become redundant, irrelevant and unnecessary to managing and growing the business. You will then have succeeded.  

The business operating without you is a key factor when Buyers are considering purchasing your company. It means they can step in and immediately take over.

It's not easy and requires some real grit on your part. While many day to day functional activities are taken care of by staff there are still top level decisions that always seem to fall into your lap. No this is not by fluke it is by design, your design. The desire to be relevant and important to the process.

There is a reason that some of you have kept your business running at a particular sales level for years. It's not always because opportunities have dried up. Nor is it the new developments within your industry. It's because there is a comfort in working in a particular sized business. You found your comfort zone and staying there is well, more comfortable. Typically an Owner will keep a successful business just under $3 million around $2.6 million in annual sales. Or in many cases under $1 million or under $2 million. You've created what is often referred to as lifestyle business. i.e. your lifestyle

I know it sounds counter intuitive since you spent the last few decades making most of the key decisions, creating and massaging the vision, leading the sales and generally driving the business to its' current success.

It won't be easy to give up the responsibilities and let go. But the Owner who has done this typically finds that among the many factors used by Buyers to make a purchase decision, this one is key.

Put yourself in the Buyers seat. You do the transaction and suddenly you get hit by a bus. Or there is a falling out and you refuse to continue the transition relationship. You don't agree with a change they're making and your instinct is to fight it or worse sabotage the change. If the Buyer is dependent upon one or two people to determine the fate of the business post sale, they're highly unlikely to move forward with a purchase.

You can say it won't happen all you want, but when one is dealing with real money and time invested in the success of a venture they want all the right cards in their hand.

So become irrelevant personally, to the point where you become incredibly desirable as a company. 

Exercise - Task

Step 1 is to be clear on your superpowers. 

Step 2 is to determine who the best replacement might be. Look inside your business and outside.

Step 3 is to identify the current staff with other superpowers the company needs to thrive. And their replacements. Because you never know who will leave or when.

My superpowers and replacements are:

1. Power                                                                     Replacement

2. Power                                                                     Replacement

3. Power                                                                     Replacement

4. Power                                                                     Replacement

Other currently existing superpowers within the company and their replacements are:

1. Power                                                                     Replacement

2. Power                                                                     Replacement

3. Power                                                                     Replacement

4. Power                                                                     Replacement

If you found the above information and exercise of value please visit.
Sell Your Business 4 More

Guide/Coach Eric
416-270-2466
[email protected]

Excerpt from 'Just Tell Me More - Marketing Tips in 10 Minute Chunks'

A sign in the window of a convenience store boldly stated ‘‘No Change.’’ The store had been inundated with people seeking change for the subway or for parking, and the owners felt that it was better to keep them out of their store.

By posting the sign, the owners were effectively driving away new business. If they had taken a more positive approach, they would have seen a great marketing opportunity, not a problem. If the people seeking change were viewed not as a nuisance but as potential customers, a completely different strategy could have been employed to bring in new business.

What the owners could have done was equip themselves with a supply of change and posted a large sign reading ‘‘Change Available.’’ It is likely that many of the people who initially came into the store looking for change could have become regular customers over time.

4.4 Teaser And CIM - Confidential Information Memorandum
(From our online program Sell Your Business 4 More.
Free when you engage with WarrenBDC)

​As part of the listing process and in order for your Intermediary to be able to provide good and accurate information to a prospective Buyer, they will need to assemble the following information. Starting your work now and being ready for the Intermediary is key to selling faster and for more.

As soon as you select the Intermediary and or as part of the selection process you can review it together. Do not hesitate to ask questions for further clarity, and make sure that you are both on the same page. In fact the entire transition team needs to be on the same page. Together you will have captured the greatest value of the business to be presented to a prospective Buyer in the best light.

It is not unusual for prospects to ask for further specific information as part of their review. When this happens we urge you to treat these requests with urgency as it is imperative to keep the process moving, you don't want the prospective Buyer to go looking at some other business over yours! They are always looking.

Buyers will need to first see a Teaser followed by a Confidential Information Memorandum The Teaser is a generically worded high level overview. Since this document will be going to the public and not subject to an NDA, it should be very generic, not identify the Seller but contain sufficient details to interest a Buyer to look into your business a bit further. This document will be created together with your Intermediary at the time of listing.

Once the Intermediary has gathered some interest from a prospect and determined suitability they would then release the secondary document the CIM or Confidential Information Memorandum always under a signed NDA.

The secondary set of documents, CIM, typically includes:
​
•   3 years Income statements.
•   Balance sheets.
•   Cash Flow statements.
• A 'business deck' to tell the story and better explain the business. Staff, industry, positioning, customers, locations etc.

These documents need to be accurate and correctly reflect the reality as they will become the basis under which a Buyer will issue a LOI or Letter of Intent and begin the Due Diligence process. Any variance here between what you present and what is found out to be the truth by the Buyer will result in a discount, failure to close, or if really bad, litigation for misrepresentation and Buyers costs of Due Diligence.

Exercise - Questions, Tasks And Documents To Be Supplied To The Intermediary

Your Intermediary will use this information to effectively communicate your story to Prospective Buyers.

A. The quick business summary or Teaser to share with prospective Buyers.

B. The detailed Confidential Information Memorandum (CIM) - which is only ever shared subject to your approval with a prospect that has been vetted by the Intermediary and who has entered into an NDA with you.

C. They will also use this knowledge to help validate and discuss the business further with prospects who have received a CIM and provided a signed NDA.

The information to be assembled will include the following and likely some additional items particular to your selling situation, company and industry.

1. A brief history of how your business came to be, significant events, items that help paint a story. These may be the same items you would relate to a new or prospective client.

2. Last 3 years of Accountant prepared financial statements - Income statement, Balance sheet and Cash Flow Statements for the business/s. If more than one financial entity then provide similar documents for each or a consolidated set of statements. Indicate intra company transactions, and whether all statements are prepared to the same accounting and revenue recognition standards.

3. Year To Date 'in house' financial statements with aged Accounts Receivable, Accounts Payable and Inventory list for the same period. If multi-company you will require the same for all entities.

4. Statement of earnings normalization (EBITDA) in line with fiscal year ends that identifies all non-recurring expenses and salaries and other expenses directly related to you the Seller.

5. List of top 5 - 20 customers for last 3 years by $ volume & indicate length of relationships. Typically 20% of your customers represent 80% of your income.

6. List of key suppliers representing 60 - 80% of your spending and $ amounts spent with them over the last 3 years. Also a few words about each, including length of relationship and if there are any formal exclusivity agreements.

7. Staff Organizational Chart. Also need to identify key personnel, tenure and what they do.

8. Brief biographies for each of the key personnel identified in the Org. Chart.

9. Key terms about Building Leases, Car Leases, Equipment Leases, Long Term Obligations.

10. Who your key competitors are and a few words about each. Any changes recently, bigger, smaller, new management or important internal key person promotions.

11. Who manages your Supplier relationships? Will there be an impact by your selling or easing back your personal involvement and how long do you think it would take to transition back to normal?

12. Who manages your top Customer relationships as in #5. Will there be an impact by your selling or easing back your personal involvement and how long do you think it would take to transition back to normal?

13. What is the typical sales process and marketing out-reach program? This question can be answered at a high level for now and will be required to be provided in more detail as you go through further Buyer discovery.

14. General questions

14.1 What are some of the potential barriers to entry of others into this market?

14.2 How and why are you winning business?

14.3 Why do customers keep coming back?

14.4 Change in any key customers over the past three years and if so why?

14.5 Change in any key staff in past three years and if so why?

14.6 Do you have ongoing contracts with customers / commitments?

14.7 A few sentences or at most paragraph for each, highlighting any; Special Intellectual Property, Patents, Equipment, New Products, New Clients, Recent Growth, Future Forecasts, Significant events.

14.8 Other points that you feel would improve the business case.

You are either delusional about the value of your company or you are working with a verified figure as a potential selling price. There are typically two different kinds of Sellers when it comes to Owners wanting to sell their business. 

OWNER 1. The Owner who has a realistic view on what his/her business might be worth, how much it might sell for. They may have spoken with their Accountant, a Business Broker, an M&A firm or a Consultant who specializes in selling businesses. Hopefully more than one.

Insights from friends who have sold businesses within your industry may have some similarities between their situations and yours. They could be a reliable source. But need to be verified.

Realists usually arrive at a value with about a 10 % margin of error.   

OWNER 2. The other Owner who has no idea what their business might be worth and they have not done any of the work to find out. They have a figure in mind derived by simply pulling it out of the air. Or the selling price is based on a need for X amount of dollars. What they think might be needed for an easier retirement. What they think they deserve after decades of building the business. Or they just have the desire to sell for this magic number. A number that comes from nowhere tangible.

Typically the Owners who have manufactured a number tend to be way off. I speak to Owners all the time who are looking for a $6 million dollar payday. However, when you look at the mathematics of the business it's actually worth $600,000. Now that sounds like a big spread and it is. If you're going to dream, dream big.

The reality is, Owners with a reasonable understanding of what their business might be worth and those that do not are two very different Sellers. Owners living in a fantasy world believe a Buyer should pay a lot for the opportunity the business offers. News flash, if it has so much opportunity why haven't you done it yourself? If I'm doing the work to seize the opportunity why would I pay you more than the business is worth today? 

Owners living in the real world are not frustrated by the selling process or disappointed by a lack of offers. The Selling process can be a rewarding and 'relatively' stress free experience. Or it could be the most painful, discouraging and debilitating experience of your life.

Up to you.
​
So the moral of the story with this weeks post is about being realistic. If you have no idea what your business might be worth give us a call. We'd be happy to help you work that number out.

Truth counts and hurts sometimes. We will give you a realistic view of what the business could possibly sell for. You might not like what we have to say or you might be thrilled by what we have to tell you. We won't know until we look at the numbers. 

Which Owner are you? The realist, the dreamer or the one willing to hear the truth regardless of what it is.

Before you run off and try to sell your business for X amount of dollars, it might be smart to get an accurate accounting for what your business could actually sell for. 

So click on one of the buttons below to DIY (do it yourself) or let us help you.

Selling your business is typically not easy. It requires preparation of both the Owners personal stuff and the company items that need to be addressed.

In fact the better prepared you are, the easier it is to sell and the more money you will get.

Getting prepared starts with looking in the mirror. Coming face to face with your desire to prepare and a realization of how close or far you are from selling.

Here is an Owner focused visual aid to quickly help bring your reality into focus.

Selling your business is typically not easy. It requires preparation of both the Owners personal stuff and the company items that need to be addressed.

In fact the better prepared you are, the easier it is to sell and the more money you will get.

Getting prepared starts with looking in the mirror. Coming face to face with your desire to prepare and a realization of how close or far you are from selling.

Here is a company focused visual aid to quickly help bring your reality into focus.

Why Do You Require An Intermediary To Sell Your Business?

Intermediaries, bring Buyers and Sellers of businesses together and facilitate the process. Hopefully to a positive conclusion in the form of a successful and confidential transition.

As a business Owner you're running the company day to day. You don't have the time for a steep business selling learning curve or to fulfill all the necessary requirements for documents, discussions, decisions, negotiations and tasks as outlined in our program.

You require a transition team leader and/or Intermediary to complement you and take on all the other responsibilities for a successful transition.

The Intermediary starts by working with you to fully understand what your expectations for a successful transition are. If they are not, in the Intermediaries experience, achievable you need to work together to come to a compromise or agreement. Remember the Intermediary should be on your side working for you. Not just trying to complete a transaction to get paid.

Their next step is to gather information to determine a realistic timing and achievable selling price for your company. This is the opening challenge, coming to an agreement on these two items. If you can't do this then the exercise will be difficult and possibly not worthwhile for the Intermediary or the Seller.

Seller's Job And Intermediary's Job

During the transition process, the Seller’s job is to do what they do best, which is to run daily operations continuing to maximize profits. The Intermediary's Job is to prepare the presentation of company financials, corporate story, NDA, marketing materials ie Teaser or introduction document and CIM - Confidential Information Memorandum, market your business, identify, qualify and educate Buyers, and then negotiate the sale. 
All the while keeping the Seller 'sane' during a very stressful selling and transition process. At some point they may have to talk you down off the ledge.

Determining An Achievable Fair Market Value For Your Company

As a Seller you want to work with an Intermediary possessing a strong knowledge of current, up to date, market conditions. They will explain the different methodologies as to how businesses are valued in the current marketplace.

After reviewing all the pertinent company information, your Intermediary will give you a range for what the market is currently paying for comparable businesses. If necessary they can arrange for a formal business appraisal from an accredited certified business Valuator.

Facilitate The Negotiation With The Buyer

Selling your business will likely be at least or more emotional than you might expect. Much like selling your home, there is a huge benefit in using an Intermediary to quarterback all aspects of the transaction while keeping both sides calm. The Intermediary will communicate your thinking to the Buyer without the emotion and return the favour by bringing the Buyer's thoughts back to you in a calm factual way.

Confidentiality And Discretion

Confidentiality outside your business and discretion within is crucial to the success of your relationship.

A good Intermediary will be discrete about the sale of your company. Employees will get nervous when they learn your business is for sale. As well customers, competition and outside resources like suppliers and creditors may also react negatively if word gets out you're selling.

Your Intermediary will secure the following from a prospective Buyer:

• Non Disclosure or Confidentiality Agreement outlining their legal responsibilities in having access to your confidential information.
• Buyer Profile stating their background, experience and how it may relate to the purchase and continued successful running of your business.
• Personal Financial Statement demonstrating up front the Buyers' capability to produce the funds necessary to buy your business and their ability to produce efficient working capital to sustain current operations.

Marketing Your Business

A good Intermediary will possess a data base of qualified Buyers and a network of resources to bring additional qualified Buyers to the table. 

Professional Advisors
​
As well an Intermediary will have a curated list of professionals on their team to fill in the blanks for any required services your team does not have from valuations, legal, accounting, tax, insurance and wealth management to deal structuring and all the other things that can pop up. 

COULD THIS BE YOUR LEGACY?
In my experience, within the SMB world, some Owners are definitely looking at buying up their competition in order to grow or to eliminate them altogether. It might be that you are a $3-10 million company within a narrow specialty niche. Your competitors could be 3 or 4 players, also with boomer aged owners, all doing the same amount of business as you or a little less and all wanting to get out.

Bob is 53 years old and his company has sales of $4 million annually. They have remained at this level for the past 10 years mainly because he and his partner were comfortable, made a good living and didn't need the perceived headaches of running a larger company. So little effort was made to grow the company. 

He believes his operations skills are superior to his competitors and he could therefore run their businesses better than they could. His partner Joe is 68 years old and wants out. He is not interested in growing. Bob thinks differently, he has another 10 years or more in him and the idea of going out on a high has gotten him re-energized about his own company. So Bob now has the opportunity to fast forward growth by buying out his partner and his competitors.

Here are the next steps highlights as we have outlined for Bob to create an Exit Plan that will allow him to retire on a high note. Possibly with greater success than he had ever imagined.
​

1. Bob has to first buy out his partner. To do this he needs advice and capital that we will provide.
2. Bob now has 100% of his company and makes decisions as he sees fit. So growing and acquisitions are definitely on the agenda.
3. Before he can think about buying his competition and growing he needs a plan. We will help him develop and execute a plan.
4. He needs to buy out 3 of his key competitors. Two have annual sales of $2 million dollars and one is at $1 million in annual sales. To do this he needs advice and capital that we will provide.
5. Now Bob is running a $9 million company post purchase and likely has some new challenges that come with larger organizations. We will provide him with our team members who possess the skill sets he requires to run and grow the larger company. Bob can run this as a $9 million dollar business or he can choose to grow it further before he exits. He may choose to grow it to $15 or 20 million or more and then sell. It's up to Bob and how much work he is willing to put in.
6. In order to exit successfully Bob will need an Exit Plan. We will develop that plan with him and help execute it. 
7. He will require a buyer(s) and we will identify them. He will also require our team to represent him in the sale.
8. Bob will have now taken a lifetime of experience and grown and sold a company worth significantly more than the company he was running with his partner when we first met. Quite an achievement and a great way to go out on top. Not to forget he will be significantly better financed for his retirement.

Interested in talking about this kind of legacy for you? Contact Us

SELLING YOUR BUSINESS?
​Ask yourself these 20 questions. Be completely honest. It's a quick score and an easy way to see how a Buyer will perceive your company. 

By Eric Gilboord A2E

1. Talk To Other Entrepreneurs.  Talk to them about how they started a marketing program. You are not the first person to do this. Others have gone before you and are usually willing to share their experiences. Lessons can be learned and costly mistakes avoided.

2. Don’t Get Overwhelmed.  Acquire a basic understanding of marketing to avoid being overwhelmed and to help reduce the fear and anxiety that occur when you enter an unfamiliar area. Read books on marketing and take marketing courses. Become familiar with marketing terminology and activities.

​I was thinking about a question I often get in media interviews. Why are 60+ year old business Owners not getting ready to sell? I used to answer 'they love what they do'. Now I think the more accurate answer is they may be afraid of their imposter syndrome popping out. It's not easy to go from a pretty much know everything about your business person to a know little if anything about selling your business. An imposter. One extreme to the other. Supreme confidence to no confidence. Give or take.

So I am going to suggest that if you're an Owner who wants to quickly get up to speed on selling your business we should talk. Please click here to schedule a call.

​Eric Gilboord

PS One more thing. As entrepreneurs we all tend to feel a little bit like imposters no matter what we have accomplished in our lives. And while building the business we have all been in the 'got a massive order now what do we do seat'. So you should know it's ok.

​Talk soon.

I've worked with more than a few family businesses where blood is thicker than contribution. Tends to typically lead to a somewhat depressed staff atmosphere and lower sales/profits. 

My position with Owners is if you really want to maximize the sale of your business, admit what you know to be true and let the family member go. Or change their position. 

They know better than you do how much damage is being done to the organization by their actions or lack of action. You may be surprised when your child or sibling or other relative actually thanks you for ending their misery.

Staff will be relieved and productivity will likely rise.

A2E

Topics Covered

• Much older owners are now looking to get out.
• Next generation may have screwed up.
• Niche vs foreign commodity competition.
• Automation and leading edge technology.
• Innovation comes from established small niche businesses.
• Realizing opportunity currently under your roof.
• Sales and Marketing to go to the next level.
• Sell 70% of your businesses, work with the new owners and enjoy a huge windfall on your remaining 30%.
• Buyers are looking for unsexy below the radar companies.
• Buying platform companies.
• Protecting intergenerational wealth.
• Family businesses, ups and downs.
• Runaway bride.
• Fathers and daughters.
• Selling to your children.
• Families act the same in your business as in your home.
• Entitlement issues.
• Lots of options for Owners to exit.
• Work back from what's in the best interest of the Owner.
• You don't know what you don't know.
• Surround yourself with an experienced team.

You Never Seriously Thought About Selling The Business. Until Now

​Like many of our Clients you may have gone south for the holiday break. You caught up with winter friends. Some sold their businesses a while ago, some sold recently and this is their first "I don't have to go back" season and others are like you, still thinking about it. Until now.

You've been promising your spouse and children that transitioning was just around the corner. Or swearing up and down that you'd die with your boots on. Until now.

Boomer aged business Owners are a breed unto themselves. You've worked hard all your life building a company that has for the most part provided you and your family with a pretty good lifestyle. No complaints and no real regrets. Until now.

Selling the business was never required or even considered for financing vacations, cottages, winter homes, the kids education, some side investments, hobbies and any of the many surprises life throws at us. Until now.

The plan was to, at some point, transition out of the business and take it easier, however you define that. No pressure to prepare the business for sale first or serious thought about how much it would bring on the open market. You heard stories of Sellers getting 6, 7 or 10 X ebitda or auctions to buy your company. Fewer Sellers to compete with and more Buyers every day. It all sounded great. Until now.

The reality now is you need to sell the company to finance your retirement. You have no idea how long you or your spouse will live. Therefore no real way of knowing how much you need. Regardless of what you require, Buyers rarely pay 'what you need', unless the business is worth it. Just kidding. They don't care what you need, they pay what the business is worth. Until now.

Let's do the math. 65% of all established businesses in Canada and the US are owned by Boomers - Owners born between 1946-1964 the oldest boomer Owner is 74 and the youngest is 56. Owners are rapidly backing themselves into a corner. Many businesses never sell. You thought you had plenty of time. You assumed or hoped you would get what the business was worth. Until now.

It was a Sellers market, as many Owners have not started the process or sold yet. To put it into real terms 90-95% have not sold and 80+% don't even have a transition plan for selling their business or a team to help sell it. So to be clear, you were in the driver's seat if you had a well run, solid and profitable business with a big future and a great team running it without your participation. You planned and prepared for transition and a successful sale was in your future. Until now.

While you may be many steps above the other Sellers you may have waited a little too long. Buyers are now taking charge. They know you need to sell because of age, lack of enthusiasm, other interests, no successor etc etc. etc. They also know your fellow boomer aged Owners need to sell. As a Seller, you are running out of runway and have no choice but to take action. Today it has become a Buyers market. They are smart, savvy and experienced Buyers. They know way more about this than you do. Or your long time corporate Lawyer or Accountant who never sold a business. Think trading baseball cards with your older sibling.

Next Step - Get Advice, You Can't Do This Alone

One of the most valuable lessons I've learned from studying successful people is that no matter how famous or how rich they are, somewhere in their lives is a coach, a mentor, or an adviser. Successful people accept they will make mistakes and lots of them. They also seek out help to reduce and overcome the inevitable failures. It's part of the process.

The first thing a new President does is establish their advisory group. This applies to presidents of companies or countries. You can't possibly know what to do in every circumstance, particularly if these are new to you. Smart, successful people surround themselves with even smarter associates. Getting guidance is an important element in your future success. Take the first step and get advice.

From my heart, Eric Gilboord
[email protected]

Eric Gilboord is a lifelong entrepreneur, Author, Public Speaker and the CEO WarrenBDC, a company that  specializes in working with boomer aged business owners or those wishing to acquire their companies.

Eric is focused on solving a big problem. Sixty-five percent of all businesses in Canada and the United States are owned by baby boomers. Anyone born between 1946 and 1964. So this is a pretty big audience. Eighty percent of those owners do not have a plan in place or know how to transition. Most are counting on the sale of their company to fund their retirement, and in a lot of cases the value of the business is less that the owner needs for the desired retirement lifestyle.

In this episode Eric:

• Says Naysayers uninformed opinions are based upon their own life experiences
• Points out that the most important sale a business owner makes (the sale of the business) is the one they are worst prepared for
• Explains how he works with business owners to find unrealised potential
• States that the demand for businesses with predictable cash flow is strong
• Talks about some of the options business owners have when planning to exit
• Notes that after cashing out many entrepreneurs are choosing to buy another business rather than investing in financial markets

Interviewed by Tim Alison

Direct link to interview page: 
http://screwthenaysayers.com/ep-181-the-most-important-sale-any-business-owner-will-make-eric-gilboord/

Also listen to the interview with Eric here:
iTunes: https://apple.co/2LkWSPV
Screw the Naysayers Episode Page: https://screwthenaysayers.com/podcast
Google Play Music: https://bit.ly/2NBgqMv
Spotify: https://spoti.fi/2MF5T6g
Stitcher: https://bit.ly/2uYCsRC
Podbean: https://screwthenaysayers.podbean.com/e/181-Eric-Gilboord/