Selling a Main-street Business
Jim McManaman started his accounting firm in a small town of 3,000, so when he decided to sell, he had to figure out how to do it without tipping off his employees. McManaman is well known in town, so he relied on secret, out-of-town meetings with buyers and Sunday sessions in his board room to keep things quiet.
McManaman was to able sell his business for 1.25 times revenue, most of which was paid at closing. He was able to uphold his reputation in the community and exit his business in a town where gossip travels fast.
In this episode, you’ll learn:
- How to sell a small-town business
- How to keep the sale quiet
- Where you should sit in your office if you have clients that come and visit
- What to systematize in your business to be attractive to a buyer
- How to let a potential buyer know you’re for sale without sounding desperate