The subject of selling companies is inundated with information and instruction, but unfortunately, a significant portion of it lacks real-world deal-making experience. Consequently, it becomes challenging for business owners to make informed decisions and maximise their returns on the most important sale they will ever make.
At INSIGHT, we firmly believe that selling a company requires a proactive sales and marketing approach, therefore over the next eight blog posts we are taking each of the eight principles that stem from that conviction. These principles are not just theoretical but have been repeatedly tested and validated over our extensive history of selling companies in a significant number of industries.
Principle One - Remember this is a Sales Issue
Passivity is a significant obstacle to selling a private company. Many sellers view it as primarily a financial or legal issue and rely on their accountants or lawyers for guidance.
However, these professionals may not have the necessary expertise to manage a comprehensive selling process and may only communicate with a handful of buyers, usually competitors. This limited approach is inadequate and fails to reach the entire pool of potential buyers.
It's important to recognize that selling a business is fundamentally a selling issue, not an accounting issue. Applying sales principles that you use for your products or services is equally essential when selling your company. Asking professional advisors, such as accountants, to sell your business for you may not be the best approach, as they may not possess the necessary skills and expertise to manage a successful sale.
It's also worth noting that the best buyers are usually not actively seeking to acquire new businesses. They may be successful and profitable but not currently looking for an acquisition. Therefore, it's essential to take a proactive approach and find them instead of waiting for them to find you. By applying effective sales strategies, you can increase your chances of finding the right buyer for your company.
For further information you can read our guidebook:
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