Newsletter #3
Goal for 2025:
Empowering you to Sell Your Business with confidence and clarity.
Today (Feb. 13, 2025) :
Getting "Sale-Ready":
Due Diligence
The Deal Team
You!
"Time may heal but it's sure to kill the deal."
Gather company information prior to listing:
There are several items that all buyers will want to see before they purchase.
Financial Statements (Accountant Prepared)
Tax Returns
Employee Lists and Contracts
Assets / Equipment Lists
Customer Lists
Contracts
Leases or Deeds
You are not going to give this information out to everyone that comes knocking but when you get a serious buyer they will ask.
Get them ready before you go to market, so you can always send the ball back to their court and keep things moving forward.
You don't want to be holding up the process while you gather equipment lists or employee information.
Tip: Give yourself a cookie every time you check an item off the list!
The Deal Team:
Completing the sale of your business will involve several experts, it's best to have them brought in early so they can provide insight before there is an issue that could derail the deal.
You will need:
Lawyer (with M&A experience)
Accountant (M&A & Tax)
Advisor - (Broker or M&A Advisor)
Recommended:
Wealth Advisor
Banker
Spouse / Therapist / Old Friend
Tip: If you want them to work as a team, gather them together before the game begins.
You!
Are you ready for this?
Selling your business is a big decision and it has life changing effects. Are you mentally prepared for life after you sell?
Many of us that are drawn to the Entrepreneurship life suffer from several afflictions that make selling hard:
We can't sit still
We want to keep pushing and growing.
We are never satisfied.
We often link our personal identity with that of our business.
Our passion is business.
How will you handle this? What will you do with your time?
You will need to create new routines, new relationships, new hobbies. For some that's exciting for others that scary. Talking about these things will help make them less scary, so find someone you can talk to. That could be a spouse, partner, friend, mentor, peer group, fellow owner, broker, or professional (therapist).
Keep It Local
Looking for inspiration?
Here are some Atlantic Canadian "Guru's" I recommend:
The Insights Podcast with Don Mills and Dan Campbell
Jeremey Bennett - Great Interviews www.insightspodcast.ca
Elenore Beaton - Advice Focused on Women Owners
Dalene Allen - Networking
Follow these people on LinkedIn to stay informed.
Help me add to this list. What do you recommend?
Upcoming Opportunities:
Not all owners want their business listed publicly so be sure to let us know what you are looking for to access off-market deals.
Coming soon:
Commercial Bakery
Safety Consulting, Training and Supply (receiving LOIs)
Commercial Construction
Automotive Repair and Service
Adventure Tourism
Iconic Restaurant
Let’s work together.
Visit our website for testimonials and more.
Change Pilot, 59 Bedford Hills Rd, Bedford, Nova Scotia Canada B4A 1J8, Canada, 902-536-3431
