Author, Insider 94 staff
Selling a small business can be intimidating to say the least, but the right resources can make the entire process easier and more successful. Eventually, most business owners will sell to retire or pursue other endeavors, being prepared ahead of time for what to expect can alleviate stress and empower owners to get their desired results.
With that in mind, here are 7 books that small business owners should read to help with preparing to sell.
1. Finish Big, How Great Entrepreneurs Exit Their Companies on Top by Bo Burlingham
Business journalist, Bo Burlingham, interviewed dozens of entrepreneurs and identified eight key factors that determined whether they were happy after their exit, exploring not only the practical challenges of selling, but the emotional ones as well.
2. The Complete Guide to Selling a Business by Jacob Oroscz
You could spend a lifetime figuring out how to successfully sell your business and still end up confused. With two decades of experience, Jacob Oroscz, founder of Morgan & Westfield, puts together the best tips and strategies he has used in helping hundreds of business owners successfully sell their companies.
3. You Can Sell Your Business: A Practical Guide To Selling Your Very Small Business by Murphy Curtis and Ann Raber
This engaging, step-by-step guide gives smaller business owners the technical tools and support they need to successfully sell their business. From determining the price and preparing financial records to navigating offers, this book is indispensable for the very small business owner who is looking to move on to the next phase of their career.
4. Built to Sell: Creating a Business That Can Thrive Without You by John Warrillow
Meet Alex, a fictional small business owner who is struggling to sell his advertising agency. Alex turns to Ted, an entrepreneur and old family friend, who encourages Alex to pursue three criteria to make his business sellable. Author John Warrillow created Alex and his story to illustrate the number one mistake entrepreneurs make: building a business that relies too heavily on them, so when the time comes to sell, buyers aren’t confident that the company (even if it’s profitable-can stand on its own).
5. An Insider’s Guide On How to Sell Your Business: A Broker’s Perspective by Christina Lazuric Woscoff
Christina Lazuric Woscoff advises clients to stay real about the business they’re selling and disregard emotions about what they “feel” it’s worth. Buyers don’t care about the late nights you toiled on the business, they care about desirability and cash flow. In this broker’s perspective, she highlights how to pick the right time to exit your business, understand the market conditions in your area, choose knowledgeable advisers to help you navigate the process, and consider alternatives.
6. The Seller’s Journey: How (Smart) Sellers Navigate the Obstacles to Exiting Their Business by Denise Logan
The Seller’s Journey presents a philosophy that will help you sell your company with integrity, humanity and understanding of your own needs, behavior, and emotions (and those of the others involved in the process). Transition expert Denise Logan offers the only credible solution to tackling one of the most significant causes of deal failure, seller’s remorse. This counter-intuitive approach will dramatically improve any owner’s journey to and through the successful sale of their business.
7. The Exit-Strategy Playbook: The Definitive Guide to Selling Your Business by Adam Coffey
Adam Coffey has spent the last twenty years as CEO of three private-equity backed national service companies. Through his experience executing a buy-and-build strategy, he has bought and sold more than 100 companies ranging in size from $1 million to $1 billion. Selling your business is an art, learn from an experienced artist how to successfully navigate the sale process. This book isn’t about selling fast, it’s about selling smart and achieving maximum value for the time and effort you’ve put into your company.