3 Key Books for Selling Your Small Business Successfully
With over 13 years of experience as a business owner and freedompreneur, I've learned how to balance personal freedom and business growth, including preparing a small business for sale.
Here are three books that significantly influenced my journey. They provide great insights into preparing a business for sale and maximizing its selling price.
Book #1: Before the Exit, by Dan Andrews
It's reported that roughly 75% of owners regret selling their business within a year. This book delves into the emotional journey you experience when selling your small business and Dan's thought experiments guide you to avoid having these regrets. The book offers a fresh perspective when you're approached by potential buyers for the first time.
Key Takeaways:
Future Planning: Dan encourages you to contemplate your life after selling the business. It's not just about that final paycheck, but also about how your future happiness looks like without the daily responsibilities of running a business.
Life Design: The book emphasizes aligning the sale of your business with your personal and professional goals. It asserts that your business should support your life goals, not the other way around.
Seller's Regret: Dan candidly discusses the emotional turmoil of selling a business and provides five thought experiments to avoid regret, presenting 'what if' scenarios to help you envision that reality.
Book #2: The Art of Selling Your Business, by John Warrillow
John Warrillow provides practical advice on making your business attractive to buyers and securing the best deal. The book covers the entire selling process from start to finish. A perfect book to prepare yourself for all aspects important to the selling process.
Key Takeaways:
Build to Sell: John emphasizes the importance of building a business that thrives without you, making it more appealing to prospective buyers.
Different Types of Buyers: John explains what each potential buyer considers when evaluating your business.
Negotiating: The book offers savvy negotiation tips to ensure you get the best price, such as generating multiple offers, inciting a bidding war, and nudging buyers to pay a little more.
Book #3: The Exitpreneur's Playbook, by Joe Valley
This book is an excellent resource for anyone looking to understand what makes an online business sellable.
Key Takeaways:
Four Pillars: Joe introduces risk, growth, transferability, and documentation as the four pillars for maximizing a business's selling price.
Seller Stories: He shares various exit stories, discussing the emotional aspects of selling your business.
It's Not Hard: Joe reassures readers that preparing a business for an exit isn't complicated. It simply requires strategic planning and execution.
These books not only enhanced my understanding but also equipped me with effective strategies for my business journey. If you're planning to sell your business one day, I believe these books will provide valuable insights and guidance. Remember, the journey to becoming a successful exiteer is both an art and a science, blending business strategy with personal goals. Let's traverse this path together, armed with knowledge, strategy, and a dash of adventure.
