Selling a business is more than just finding the right buyer; it’s about taking the necessary steps to effectively prepare for this major transition. In this episode, A.J. welcomes Kirk Michie from Candor Advisors to discuss the six key steps for a successful business sale. They talk about the importance of understanding your purpose in business, why entrepreneurs need to be more open to outside help, and the indispensable role that trusted financial advisors can play when you’re looking to sell your business.
About Kirk Michie:
Kirk Michie is the Founder and currently the Managing Partner of Candor Advisors, a company providing transaction advisory services to successful founder-led businesses. With 30+ years of industry experience, Kirk has built an exceptional career in strategic planning, investment, and legacy preservation. He has leveraged his entrepreneurial wisdom to guide business owners, entrepreneurs, and high-net-worth families through complex financial decisions. He has an impressive record, having managed over $1 billion in capital allocation and assessed over 2,000 direct investments.
Kirk is also the Founder of EBITDA University, which offers learning programs about selling businesses. Kirk is not just a financial advisor but a thought leader, having spoken at numerous prestigious events and organizations, including Association for Corporate Growth events, Vistage, and Entrepreneurs Organization gatherings.
The six-step process of selling a business
The time has finally come to sell your business. But where do you even start? Yes, selling a business is a highly strategic process that requires a deep understanding of various aspects involved in the sale. It may seem daunting and overwhelming at first, but if you take the right, well-established steps, you’ll be much closer to a successful business sale.
Selling a business involves more than just finding a buyer. It is a complex process that requires understanding your purpose, matching your ‘why’ with your buyer’s ‘why,’ professionalizing financials, being prudent about disclosing information, seeking expert guidance, and setting realistic expectations. Understanding and implementing these six steps can help achieve a successful business sale that not only meets your financial goals but also ensures the sustainability of your cherished venture.