Posted by xin xiu24 on 20. Okt 2016
Selling a business is not a trivial task. Many speed bumps can be eliminated or minimized with some attention and advanced planning. At all costs saucony sneakers nederland , you should avoid waiting for the closing table to learn that your business had some "issues" that will disinterest the buyer, reduce multiples or increase discounts and adjustments. In the sections below, you will find a collection of items to address to ensure that green lights are glowing through the finish line. Arguably, each section merits an entire chapter in a book, however, for the busy executive; here are some of the highlights: Start Early This first step can't be overemphasized. Schedule time on your calendar each dayweek to get all of your ducks in a row. Shareholder Consensus Review the internal shareholder environment. Make sure that all of the owners agree that the sale of your company is the correct liquidity event given your current business situation, strategic plan and other business dynamics. Schedule an internal meeting to get all stakeholder input on a potential sale. Take official notes, for some may develop selective amnesia saucony sneakers kopen , as the potential sale progresses. Do you have any minority groups or individuals that might resist the liquidity event? Do you have an ex-partner that might want a piece of the action? Do you have a currentformer shareholder that has been through a divorce, potentially creating an expectation that heshe owns a stake in the business? Are there any owner siblings involved in the business? Children disputes will most likely foul the deal for potential buyers, and future managers could spend a ton of energy and corporate resources cleaning up the mess andor acquired corporate culture. Maintain Focus on the Current Business Don't take your eye off the ball. Since most entrepreneursbusiness leaders can successfully manage the sale of a business, their natural reaction is to take on the project as an additional task to their already growing list of daily responsibilities. Don't do it! During the six-to-nine month lead time of the sale, your business valuation can deteriorate. Hire a Business Broker (BB)Investment Banker (IB) to handle the initial valuation, marketing and day-to-day sales process. The best thing that you can do to help with the final sale price of your firm is to keep focused on growing the business. Human Resources Employment related issues such as unfunded pensions and former employee obligationsseverance issues can impede deal momentum. Verify that Employee Stock OptionOwnership Plans and Shareholder Agreements align with your desire to sell. Review your insurance policies. Do you have key-man insurance? Facilities Environmental issues such as a leaky fuel tank, chipped paint, unsafe facilities saucony grid 9000 zwart , contamination, etc., are all items that can slow or halt a deal. As seen in the residential real estate market, a fresh coat of paint and some fresh flowers in the reception area can improve the potential buyers "feel good" factor when evaluating the business. ProductionManufacturing Product warranty related liabilities that may impede future performance. Taxation Talk to your tax advisor about any upcoming tax issues that might adversely affect the sale and hisher deal structure preferences to maximize shareholder value. Ensure that the firm is current on all federal, state(s), local, payroll, sales and income tax liabilities. Finance Talk to your CFO. Are your loans assumable? Are your financial statements audited? If not saucony grid 9000 nederland , the potential buyers will hire a CPA firm to audit your books, which will likely reduce your valuation. Have a complete set of updated and audited financials available at all times. Legal Talk to your corporate counsel regarding past items that might come out of the closet during a buyers Due Diligence (DD) process and deal structures that will best satisfy your shareholders. Ask himher for a review of all contracts (vendor, customer and strategic relationships), or anyone else in your end-to-end supply chain. Do you have any transferability or assignability issues? Is your Intellectual Property, such as copyrights, trademarks, service marks, patents and ideas saucony grid 9000 kopen , protected? Do you have any Union-related issues that need to be addressed? Are there any "poison pill" clauses in your shareholder agreement or corporate bi-laws that can kill the deal? Sales Talk to your sales leadership. (If you are the CEO as well as the VP of Sales, talk to yourself, but not in public.) Review current contracts. Cleanup your sales pipeline list. Create a red (lost deal), yellow (major issues exist), green (sales process tracking well) report and make adjustments as needed. Weigh each potential deal and calculate the probability-adjusted pipeline which will be used later in the valuation process. Be conservative, for if your deal closes with an earn-out, you will likely get paid on the performance of closing the opportunities in your pipeline. Customers Call your customers proactively to ensure that all is well. Some DD teams may discretely contact clients. Have your internal team develop a redyellowgreen action plan for each client to convert any reds and yellows to greens. Having too many cautionary (yellow) or negative (red) client references may spook the buyer or cause downward pressure on the sale price. Valuation Have your BBIB create a valuation using comps, an in-depth evaluation of the business fundamentals saucony grid 9000 keys open doors , market conditions, strategic positioning (items covered in my next article). Make sure that your board agrees with the valuation. Ultimately, the market (disguised by one or more serious buyers) will determine the real market value of your business at that particular moment in time. Nothing
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