Archives for Contemplating Search

When to Search?

When to Search?

Deciding when to start your search is one of the more significant decisions in your entrepreneurial life; be sure you get it right, as you may likely get only one chance. Search is not for…

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Where to search from?

Where to Search From?

Choosing the geographic boundaries of your search has far-reaching implications on your tactics, fundraising, personal expenditures and even the perception of the sellers you may purchase from. Selecting a home base from which to work…

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Choosing a search partner – or not!

Choosing a Search Partner – or Not!

After fully committing to a search, one of the next critical decision is whether to identify a partner for the journey, or to forge ahead as a solo searcher. Remember, you may be fully engaged with…

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Your significant other

Your Significant Other

The support you receive during your search will come not just from your investors, other searchers, personal friends, and advisors, but also from the “significant other” in your life, whether that be your spouse if…

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Wearing the Coat

Wearing the Coat

Being a CEO early in your career is the most significant benefit of the search process. However, the reality of taking over the reins of an established business may not live up to your imagined…

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Cost of Searching

Cost of Searching

One of the key decisions in buying a business is how to pay your bills while you are searching for it. You will have search expenses, living expenses and perhaps some substantial personal debt to…

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Compensation

Compensation

During your search, and once you are operating the business you have purchased, you should be “reasonably” compensated for your efforts. Certainly, not at the highest level of your friends in other careers, but enough…

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Funding the Search

Funding the Search

Determining how to fund your search process can have a significant impact while searching and afterward as a CEO and business owner. Over the past few decades, search has evolved in many ways, and in…

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Searching as a Woman

Searching as a Woman

In the past couple of years, the number of searchers who are women has grown rapidly. Many are finding search as an attractive alternative to attaining independence and autonomy either right after getting their MBA, or…

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Searching as a Veteran

Searching as a Veteran

Military veterans have recognized that search is one of the ways they can utilize their leadership skills and fulfill their dreams to be an entrepreneur. The Post-911 GI Bill, plus the Yellow Ribbon Program, significantly reduces…

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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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