Synopses & Reviews
In his
New York Times and
Wall Street Journal bestsellers
Bag the Elephant! and
Be the Elephant, Steve Kaplan showed business owners how to win the big customer and maintain growth. In
Sell Your Business for the Max!, Kaplan covers another and even more necessary skill: selling the business for maximum payoff. The need for this book is enormous—according to a recent study by Mass Mutual Financial Group, 40 percent of CEOs of family businesses will consider retiring in the next few years. In a survey conducted by the author, 95 percent of owners said they think about selling their business at least once a week, and 94 percent said they have no one to turn to for advice. Now they have Steve Kaplan, who has owned 35 businesses and sold 30 of them.
Selling a business requires a completely different skill set than running a business. In addition, it's often entangled in highly emotional issues. Are you really ready to retire? Should you pass the business on to your children or sell outside the family? And how do you quantify the blood, sweat, and years of hard work you devoted to make your company thrive? In this step-by-step workbook, packed with indispensable advice and real-life examples, Kaplan breaks down the process into three easily navigable stages: preparing for the sale (including how to value your business); negotiating the sale; and, like follow-through in a golf swing, optimizing the outcome. In addition, he explains the Five Killer Mistakes to Avoid (here's one: Don't share the news too early!).
Included with the planner, and greatly enhancing it, is a suite of downloadable business-building tools, online templates, charts, and interactive calculators—making this not just the book for every small and large business owner, but a complete practical kit.
Review
"I just completed a $17.3-million private equity deal for my company, LittleMissMatched. From my experience working with a leading private equity firm on all aspects of the transaction, I can now confidently say that
Sell Your Business for the Max! captures each and every step of the process. This book is an incredible tool for any entrepreneur or owner looking to exit a business." -- Jonah Staw, CEO, LittleMissMatched
Review
"I've founded, led, and sold five companies for a massive profit, yet Kaplan's no-nonsense action plan probably could have netted me a few million more." --Christine Comaford, CEO, Mighty Ventures
Synopsis
There's a world of difference between wanting to sell your business and being able to sell your business.
Drawing lessons from his involvement in more than a hundred acquisitions, bestselling business writer Steve Kaplan outlines a ten-step plan to selling your business for the max. Using powerful real-life examples and a complementary suite of worksheets, he shows how to:
- Establish the true worth of a business by using several simple valuation models.
- Prepare and position your business for sale, from tying up loose ends to creating the right marketing materials.
- Identify prospective buyers and even spark a bidding war.
- Negotiate effectively.
- Prepare for the diligence process--and know how to navigate this tricky period to command the highest price.
- Guard against last-minute bombshells.
Selling a business requires a very different skill set--and mind-set--from running a business. But once you're ready to begin, Steve Kaplan will point the way clearly to profit, success, and freedom.
About the Author
Steve Kaplan is a serial entrepreneur and author of the national bestsellers Bag the Elephant! and Be the Elephant
Table of Contents
Preface
Introduction: On the Brink
Part I: Preparing for the Sale
1. Valuation
2. Select Your Team and Representative
3. Prepare Your Company
4. Identify Prospects
Part II: Negotiating the Deal
5. Ignite a Bidding War
6. Negotiate Effectively
7. Payout Structure and Currency
8. Do Due Diligence
9. Popping the Cork
Part III: Going for the Limit
10. Get the Premium Price
11. Communicate Effectively
12. Protect Your Employees and Yourself
13. Plan for Succession
Part IV: Five Killer Mistakes
14. The "Yak Yak" Factor
15. Invisibility
16. The "Yee Haw!" Factor
17. Deal Fatigue
18. The Sudden Stop
19. The Last Word
About the Author
Acknowledgements