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Before selling to a third party: 1) Organize records for due diligence, 2) Clean up financials, 3) Resolve open issues/risks, 4) Systematize operations to reduce owner dependency, 5) Develop recurring revenue streams and growth potential, 6) Build relationships with advisors like M&A lawyers and accountants.
Owners who want to prepare their business and make it look more attractive to a buyer
6 Things to Do Before Selling a Business | Mergers and Acquisitions (M&A)
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In his work as a corporate attorney and M&A broker, Brett appreciates the urgency a business owner has to sell their business as quickly as possible and for the highest dollar amount. Oftentimes, there are things that could have been done months (years, even) before they were ready to sell in order to attract more buyers and demand a higher sale price.
The most important takeaway is to look at your business with the scrupulous eye of a potential buyer who may or may not believe everything you are advertising your business to be.
In this video, Brett shares six action items that can make or break your deal and that are completely within your control.
Here's a breakdown in case you want to jump around: 1:21 - #1 - Get your back office in order 3:49 - #2 - Clean up your financials 6:14 - #3 - Eliminate unknowns & resolve open matters 11:12 - #4 - Systematize your business 12:46 - #5 - Establish recurring revenue & growth opportunities 17:19 - #6 - Consider your advisory team
Have questions? Book a call, and talk to Brett today:
You can reach Brett through:
Brett A. Cenkus has 20+ years of experience in business law, finance, and entrepreneurship. Through Cenkus Law, PC, he provides advice and services for mergers & acquisitions (M&A), securities offerings, founders’ agreements, and other general business law issues.
Through Braaten Woods, LLC, Brett helps business owners in the lower middle market ($2MM - $25MM) position themselves for sale, find buyers, negotiate, and close M&A deals.
Brett also maintains , a site packed with free articles, videos, checklists, deal diagrams, template contracts, and other tools to help pass M&A knowledge to others.
Brett regularly consults with entrepreneurs and invests his own capital as an angel investor.
From 2010-2013, Brett served as Chief Legal Counsel of a publicly-traded international oilfield services company. From 2001 to 2006, he and a partner founded and built Paragon Residential Mortgage. Bridge Investments acquired Paragon in 2006.
Brett holds a Juris Doctorate from Harvard Law School and a Bachelor of Arts degree in Economics from Messiah College in Grantham, Pennsylvania.
Brett lives in Austin with his wife, Cathryn, and two children. He enjoys reading, squash, classic movies, great food and wine, and the New England Patriots.
About Brett Cenkus
#mergers #corporatelaw #businesslaw
In the Main Street to lower-middle market ($1 million - $25 million), we often deal with three different types of buyers. Each buyer has their own motivations, ways of doing business, and characteristics you should consider when dealing with them while selling your business. So, we're going to cover each of these three types of buyers in the is three-part (go figure) series.
In this video, Brett will introduce you to the mind of the strategic buyer - usually a competitor in your industry. Strategic buyers are usually looking to expand their market share within an industry.
If you're dealing with a strategic buyer looking to buy your business, they are often looking for synergies between your businesses which could lead to a higher selling price. With that said, consider that you'll be opening up your books and letting a competitor under the hood of your business, and that could be concerning should the deal fall through.
Have questions? Book a call, and talk to Brett today: https://clarity.fm/brettcenkus
You can reach Brett through:
https://clarity.fm/brettcenkus https://www.linkedin.com/in/brettcenkus https://twitter.com/BCenkus https://www.cenkuslaw.com https://braatenwoods.com https://merger-resources.com
Brett A. Cenkus has 20+ years of experience in business law, finance, and entrepreneurship. Through Cenkus Law, PC, he provides advice and services for mergers & acquisitions (M&A), securities offerings, founders’ agreements, and other general business law issues.
Through Braaten Woods, LLC, Brett helps business owners in the lower middle market ($2MM - $25MM) position themselves for sale, find buyers, negotiate, and close M&A deals.
Brett also maintains merger-resources.com, a site packed with free articles, videos, checklists, deal diagrams, template contracts, and other tools to help pass M&A knowledge to others.
Brett regularly consults with entrepreneurs and invests his own capital as an angel investor.
From 2010-2013, Brett served as Chief Legal Counsel of a publicly-traded international oilfield services company. From 2001 to 2006, he and a partner founded and built Paragon Residential Mortgage. Bridge Investments acquired Paragon in 2006.
Brett holds a Juris Doctorate from Harvard Law School and a Bachelor of Arts degree in Economics from Messiah College in Grantham, Pennsylvania.
Brett lives in Austin with his wife, Cathryn, and two children. He enjoys reading, squash, classic movies, great food and wine, and the New England Patriots.