Perhaps the worst thing a business owner can do ahead of the sale of their company is not be prepared. Not only could that crater the returns the owner was hoping to get for what is often their life's work, it could nuke a sale entirely. Fortunately, James Hipolit, a mergers and acquisitions partner in the Berwyn office of Troutman Pepper Locke, has advice for those who've never sold before.
In this podcast, James covers the basics from first steps to pre-diligence to common pitfalls, offering advice to get first time sellers off to a strong start. Here's an excerpt:
“Selling a business is a process, and ultimately a transaction, where both sides are going to be trying to get the best deal possible,” James says. “You've built something, and in some cases, the business you're selling is your life's work. And in most cases, the buyer will seemingly be going out of their way to find every flaw they can in their business. In many cases, these things the buyer and their advisers come up with will seem trivial to you and there'll be things that you won't see as flaws at all. All this is just part of the process.”
