Raising Equity Capital

Raising Equity Capital

At some point in your search process, you will need to raise capital from investors and, more importantly, propose how to pay it back with a favorable return. Raising funds can create a high level…

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Proprietary Prospecting

Proprietary Prospecting

Your proprietary search for prospective sellers should be viewed as a carefully scripted marketing campaign. Your “pitch” should quickly capture the attention of business owners and trigger a conversation about turning their legacy over to…

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Searching With Interns

Searching With Interns

Your search process has to be as efficient and effective as possible to achieve the result of owning a business in two years or less. Interns can be used to scale up many of your…

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Life After Winding Down Search

Life After Winding Down Search

Winding down your search is a difficult decision to make after devoting so much time and energy in pursuit of your dream to run your own business. However, searchers do move on to leverage their…

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Communicating with Employees

Communicating with Employees

Learning how to effectively communicate with employees took me many years to develop and refine. It sounds simple: tell them what is going on, listen to what they have to say and then they will…

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Searching Efficiently

Searching Efficiently

The search process is very time constrained; you will inevitably run out of your own money or, for funded searchers, your investors’ money. Two years might seem like a long time, but it goes by…

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Growing Revenue

Growing Revenue

Striving for growth on the top line of your business rarely yields immediate results. Achieving profitable growth at a reasonable pace (GARP) is a more manageable objective. You want to be a “profitable company that…

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Searcher Identity

Searcher Identity

Conveying “who you are” during your search is both a lot easier and more challenging with the advent of the Internet. There are now a myriad of ways to put yourself “out there” to attract…

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Strategic Partnerships

Strategic Partnerships

Strategic partners can be very important to your business. By ignoring this opportunity to gain significant resources may limit your growth and learning. I was not naturally a partnering kind of entrepreneur and wanted control,…

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Getting to Closing

Getting to Closing

Getting to the closing date is a lot more challenging than most searchers think. Many things can happen that cause deals to fall apart. Just knowing what to expect during the closing time-frame is helpful…

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Posts – Most Recent

Posts – Contemplating a Search

Posts – Launching a Search

Posts – Conducting your Search

Posts – Being CEO/Owner

Random Quote

45-“Strategic partners” are very important to the business searchers.You want to rely on some trusted providers to support your business, you can’t do everything yourself!(See Blog Post-Strategic Partnerships)

42-Start early on legal documents, they often delay closings while under LOIBoth the searcher and the seller are plowing new ground and it takes a while to comprehend the meaning of all of the legal details .(See Blog Post-Getting to closing)

63 Searchers make promises they can meet to build trust with sellers. It is important to provide incremental opportunities to show that you can be counted on to deliver.(See Blog Post-Building Trust with Sellers)

34 Searchers who get access to employees before closing are more likely to close. Once the seller begins to confide in their employees about the sale of the business and introducing you as the “new owner”, they are more likely to proceed to finalize the transaction than to change their mind at the last minute.(See Blog Post-Getting to Close)

07-You are not a PE firm, don’t act like one!
Potential sellers resonate with your taking over their legacy, a PE firm is simply adding to their portfolio. Make sure your website looks personal and non-intimidating.

04-Fight Seller Fatigue in Due Diligence!
Sellers get worn out in this process. It is highly emotional for them, probably their first time at relinquishing their “baby” to someone else. During LOI stage, make it a practice to communicate with them, in person or by phone, every 2 days.

53-Holding monthly “all-hands” meetings indicates your transparency. Trust employees with what is going on with the business and they will trust you more .(See Blog Post-Communicating with Employees)

06-Use metrics to drive decisions
Track what is most important for your search – getting in front of prospective sellers to make offers to buy their business. Track the number prospects, IOI’s, LOI’s and set goals for yourself! If you measure it, you can improve it.

22-When in conflicts arise, remind professional advisors they work for you.
Inevitably, you will disagree with some advice you are getting. After checking multiple sources, do what feels right to you and move forward. You will have to “live” with your own choices, not the professionals!(See Blog Post-Professional Support)

18-Every day that goes by during Due Diligence raises the chance that you won’t close!
Time is of the essence when it comes to moving from a signed LOI to closing on your business. Seller fatigue sets in as the closing date gets extended and the seller constantly re-evaluates their motivation to sell. Only you can push the process along.(See Blog Post-Due Diligence)

44-Plan ahead, give thought to the small details of how you present yourself as the new owner. The first introduction to the employees of the business has a huge impact so you want every word to be rehearsed!(See Blog Post-Taking over the business)

50-Don’t expect immediate “loyalty”, the previous owner earned it, it takes time. You will need to earn the trust of your employees by your actions, not your words. (See Blog Post-Seller Tranisition)

35-Searcher CEO’s need to be prepared to walk away from volume orders if margins will decline. It takes a forward thinking CEO to seek out higher margin, value added opportunities to grow profits, not revenue.(See Blog Post-Wearing the sales hat)

09-Learn from others – read case histories
Over 40 case histories have been written about funded and self funded searchers in a variety of industries and historical settings. Each have great “lessons learned” and are worth the $10 cost to read them. Searchers are learners!

39-The business seller is “hiring” you to run their business. The owner trusts you enough to turnover the “legacy” of their business to you. (See Blog Post-Searcher Profile)

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