ExitBig was founded with the intent to give business owners the experience that they deserve during the transaction process. Having a sustainable, successful business is no small achievement, and for those business owners who reach that point a successful exit is not only deserved but necessary. Finding the right “who” to take over your business is often the most important factor in the exit process.
We have found there are a few key factors that seem to matter most to the majority of business owners we have helped exit. All of those factors inevitably are attached back to the “who” that will take over the reigns when everything is said and done.
- Money: Does this new person have the finances to back this transaction? This is often seen as the most important factor. However, our experience tells us that it is often a bi-product when the right buyer is in the mix.
- Staff: This one ranks pretty high for most business owners that we work with. Owners who are selling want to ensure that the new buyer will regard their staff as they would. Over the years staff become family and knowing that family will be taken care of lifts a huge weight in this kind of transaction.
- Legacy: Many owners are concerned with what the next person will do with their masterpiece, and rightfully so. The legacy of the company, its’ clients, and reputation are all large factors in this decision process. Finding the right buyer, with a like-minded vision, creates a more seamless process and a better ending for everyone involved.
- Character: Does the character (the core values) of the buyer and seller match? At the end of the day most owners just want their company to be taken care of with the same level of passion it took to build it and maybe even have the opportunity to watch someone else help it grow.
Selling a business to an outside party is a lot like getting “married”. This person who will take over the helm of the ship you built has to have certain qualifications, a certain personality, and a certain vision. Business transactions are rarely solely based on who is the highest bidder, and more frequently based on who is the right person to take over what has taken so much to build.