Selling a company is a heady experience. The wise CEO knows, though, that many things can go wrong and that it pays to study what makes some transactions go well and others fall apart. Here are ten tips consolidated from personal experience on both sides of many deals that, while they may not guarantee success, if followed increase the odds of a good result:
Know what you seek in terms of price and role. Do not be wishy-washy and do not get greedy; once you have what you want, take it!
Manage the sale like a project. Plan, staff, organize, guide, and govern it well. It takes a team of internal (CEO, CFO, CTO, etc.) and external (corporate lawyer(s), employment lawyer(s), banker(s), analyst(s), investor(s), etc.) players. Assign a leader of the inside team and a leader of the outside team to coordinate with each other. Consciously, purposefully, and thoughtfully deploy yourself and others from both inside and outside the organization to cover all the bases.
There are many ways to provide value to leaders who seek to turn ideas into benefits. Leaders of services firms need to get and stay clear about how they help leaders in order to perform and grow to their full potential.
Click the figure below to view a presentation on how to think about helping leaders turn ideas into benefits.
Manage to Lead, by Peter DiGiammarino, presents a structured approach to plan and implement next steps for an organization as it strives for long-term growth and performance.
I’m a business author and consultant who has read just about everything on management and leadership, but this soft cover book blew me away. It’s full of fresh content, practical exercises and an innovative linkage to on-line strategic planning templates and support resources. Gadzooks – this book verges on disruptive technology for strategic planning consultants!