Most owners of privately-held businesses are the epitome of entrepreneurship. Most entrepreneurs are successful because of their â€œcan-doâ€ attitudes as well as their willingness to do whatever is necessary to make their businesses successful.
When it comes time to sell their businesses, their â€œhands-onâ€ attitude leads many business owners to the belief they are the best salesman for their companies. â€œWho knows my company better than I,â€ many business owners say to us, â€œHow can you do a better job describing my company than I,â€ they ask.
We, as M&A professionals, never purport to know more about our clientsâ€™ businesses than our clients. Neither would anyone at CFA espouse to know each and every buyer who could ever be interested in our clientsâ€™ businesses.
However, there is more to selling a business than just knowing about the business and who the buyers are. Often times, we tell our clients we are hired because we know how to â€œdrag a deal across the finish line,â€ literally and figuratively.
We calculate our team spends approximately 1,100 to 1,500 hours working on any single transactionâ€¦between 50% and 75% of a full-time job for one person. Before you consider selling your business on your own, ask yourself, â€œIf you are already working a full-time job running the business; do you want another part-time job selling it as well?â€