by theEmother | Mar 7, 2013 | Buy a Mother of a Business, EXIT execution, Finish Unfinished Business, Sell Your Business, SELL your Mother of a Business, so you think you're in business
So, the Buyer and the Seller meet once more.
The purpose? To confirm the details of the details already confirmed! (because they are the ones contained in the Heads of Agreement).
Doubling up? maybe, but it’s this confirmed detail that feeds the contract so all parties must to be absolutely sure of what they are signing off.
Once agreed and signed, there’s nothing left to do but for the Buyer to hand over some money, a deposit. The time to dip the hand in their pocket and cough up some cash!
Trembles can start at this point…
And that’s where the broker comes into their own.
The smoothing out of the 2nd-last minute jitters is what’s needed. This is generally done by acknowledging the tremors together with keeping the pace ticking along nicely enough so that the desired result (for this meeting) is reached, taking all one step closer to their larger, respective goal.
Receiving notification of the deposit being deposited indicates that “game is on”… and what an exciting feeling it is too!
by theEmother | Mar 6, 2013 | Buy a Mother of a Business, EXIT execution, exit strategy, Finish Unfinished Business, Sell Your Business, SELL your Mother of a Business, so you think you're in business
Once the banter and the to’ing and fro’ing of a Business Sale negotiation has got to the stage where both parties have agreed to “let’s do it!”, then a whole round of new “work” comes into play…
“Isn’t that the end of it once they agree?” I hear you ask.
Oh no, it’s not.
You then have to get all the details into the Heads of Agreement, which in turn feeds the contract, meaning getting into the Legals…
Given the serious nature of the Legal component, it’s almost like starting the whole negotiation again. Well, not quite but, much more attention is paid to the details on both sides, and rightly so too.
The key learning is that getting an agreement on price is only half the battle! There’s a whole lot more water to flow under the bridge before the money actually changes hands.
by theEmother | Mar 5, 2013 | Buy a Mother of a Business, EXIT execution, exit strategy, Finish Unfinished Business, MEinc, Sell Your Business, SELL your Mother of a Business
3 Businesses on the market, 3 Offers being contemplated…
gotta be happy with that!
But lets not get too excited just yet. There’s a lot to happen before any of them actually get over the line.
The art of Brokering (I continue to discover) is not so much about getting a buyer and a seller to talk to each other but the facilitation between humans to get a YES into a committed and concrete form.
No surprise really as buyers and sellers are humans, granted.
But, as much as business is touted as being transactional, the sale of a business is equally as personal. And it is the personal that comes to the fore when the deal is about to the made.
When a Business Owner is to hand over their “identity” to someone unknown, they had better be ready as last minute sabotages are not unheard of. This is where a well formulated “exit strategy” comes into its own.
Hopefully though, this won’t happen with these 3 offers…
by theEmother | Feb 28, 2013 | Buy a Mother of a Business, EXIT execution, exit strategy, Finish Unfinished Business, MEinc, Sell Your Business, SELL your Mother of a Business
Circumstances will always alter therefore requiring different decisions to be made, at any given point in time.
Be that as it may… sometimes a business owner thinks they want to sell, goes down the path part of the way and then stops!
Can’t always explain why either.
In my view, that’s because they themselves are not ready yet. The business might be ready to be sold but the owner is not.
There is actually quite a transition process that needs to happen for a business owner to feel comfortable enough to let it go, especially if their business makes up part of their identity.
Business IS personal, most definitely for the small business owner.
Trying to bluff through and pretend it is not is to the potential detriment of not only the future of the business but also the future of the owner (not to mention the patient family…). To not work through the meaning to the business, and just as importantly, to the owner is where damage can be done, requiring so much more time, effort and energy needing to be spent…
Realising that it does take time to be ready to pass on the baton is part of the maturity of the business life-cycle. Practically, this process does make up a fair chunk of the exit strategy planning and equally as importantly, the exit execution.
by theEmother | Feb 22, 2013 | Buy a Mother of a Business, Sell Your Business, SELL your Mother of a Business, TEMpting
If you want to find out more about any of these, please email me at sell@theentrepreneurialmother.com advising which one is of interest.
BS2 = Online Retailer
Much activity, with approx 10+ genuinely interested parties to date.
They’ve been meeting with the owners all week, with some now requesting seconds.
The momentum is building. What will the crescendo bring?
BS3 Waiting on the Seller
BS5 Waiting on the Seller
BS6 Waiting on the Seller
BS7 Online Fashion Retailer
This one is moving quickly…
Great price point as “Start-Up” replacement.
One meeting of substance this week, with another booked for next week.
BS8 Waiting on Seller
BS9 = Specialist Leadership and Talent Management Provider
Looking to a 2013-14 kick off
Getting all ducks in a row in the meantime.
BS10 = Specialist Offline Retailer
Had first chat this week.
1st meeting booked with us next week.
BS11 = Hairdresser
Email received this afternoon, via bookkeeper.
First chat booked for next week.
BS12 Leading Niche Training Provider
A couple of interested parties already
If you’re in the game, this is a good business to consider
The “Sellability Score” reports continue to dribble out each and every week.
Calls to make as a result.
Onwards and Upwards!
