Business owners should skip trying to find the perfect “magical time” to sell their business, advises John Warrillow in his latest book.
In The Art of Selling Your Business: Winning Strategies and Secret Hacks for Exiting on Top,” Warrillow strongly recommends that “the best time to sell your company is not during some mysterious macroeconomic environment. It is when someone is willing to buy it and you get an offer. And that is because at that point, you’re in the position of strength.” This book was released on January 12th, 2021 and is proving to be invaluable for business owners.
Warrillow is the founder of The Value Builder System which features 12 modules that form a sequential process for building the value of a client’s business. While not a business broker himself, Warrillow has gathered considerable knowledge and expertise on the industry. The Art of Selling Your Business: Winning Strategies & Secret Hacks for Exiting on Top is the last in a trilogy of books by Warrillow on building value. The first, Built to Sell, rated as one of 20011’s best books, encouraged small business owners to begin thinking about their business as more than just a job. The Automatic Customer tagged recurring revenue as the core element in a valuable company and provided a blueprint for transforming almost any business into one with an ongoing annuity stream.
Selling When the Time is Right
What’s the secret for harvesting the value you’ve created when it’s time to sell? The Art of Selling Your Business answers important questions facing any founder, including—
- What’s your business worth?
- When’s the best time to sell?
- How do you create a bidding war?
- How can you position your company to maximize its attractiveness?
- Who will pay the most for your business?
- What’s the secret for punching above your weight in a negotiation to sell your company?
The DIY Approach
Business owners truly need to work with an intermediary if they are to achieve optimal results, Warrillow emphasizes. He even includes his six reasons for why every business owner should hire a business broker or M&A advisor.
Many business owners think that they can handle selling their business on their own. But most business owners have no experience in selling a business. Add this to the fact that selling their business is likely to be the most important financial decision the business owner ever makes, and it quickly becomes clear that business owners are doing themselves a considerable disservice when they opt to handle everything on their own.
A Business Broker vs. a Lawyer
As Warrillow notes, business owners think that instead of working with a business broker or M&A advisor, they can turn to a trusted lawyer who has served them in the past. But this thinking doesn’t work well when selling a business. As Warrillow states, “a lawyer, almost by default, is going to be very conservative as everything exposes a lawyer to risk. And that is why using a traditional attorney is almost always a mistake.”
If you are planning to sell your business now or in the future, a book like Warrillow’s The Art of Selling Your Business: Winning Strategies and Secret Hacks for Exiting on Top can serve as a valuable tool in your toolbox.
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