You Don't Know What You Don't Know- Everything You Need to Know to Buy or Sell a Business

You need to think about your (happy) exit all the time

Mini exits and acquisition entrepreneurship will become a trend. The statistics are overwhelming. Both on the risk and opportunity side. Not many good books have been written on the subject. “Buy to sell” is the one I recommend.

You Don’t Know What You Don’t Know: Everything You Need to Know to Buy or Sell a Business

That is why I picked up “You Don’t Know What You Don’t Know: Everything You Need to Know to Buy or Sell a Business”. A convenient and quick guide into buying a business. Not as good as “Buy to sell”, and both miss the emotional side of selling and buying a business, creating what Eelco Smit calls a happy exit.

Numbers

It is good business practice to think about your exit. Your numbers. That starts with good financial statements. Balance sheet, profit and loss accounts, cash flow, list of assets, list of equipment, all the hard stuff.

Soft balance sheet

I think the real value of a company sits in the soft balance sheet. 

  • The not-to-copy
  • The investment in staff training¬†
  • The culture of your company
  • The reputation of your company
  • The key staff
  • The explicit and tacit knowledge within the organisation
  • The client list
  • The innovation capability of your company

Did you build a business engine

Here is something to think about. Do you have to be there to run the day-to-day operations? If not, your company has an intrinsically higher value.

DUH!

It will not surprise you that those things are not only important when you sell a company. They are always important. If you don’t have the numbers, the dashboard and the eye on the price (=happy exit), you are making your life more difficult than necessary, and you are probably not a good entrepreneur.¬†

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Hi, my name is Ron Immink, I am a business coach, author and speaker, working with companies to improve their future prospects and improve their business models.
If you have any further questions that the website is not answering, feel free to send me a WhatsApp message and I will respond asap.
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