Chapter 14. Pay day – selling up
It's the moment that you, and very possibly your backers, have been waiting for. You've knocked the business into shape and it's ready for sale. Now it's time to fire the starting gun and take it to the market.
Be prepared to spend time on this. There is a rule of thumb in the corporate finance business, covering the whole field of buying and selling businesses, that you will on average speak to 20 prospects before you conclude a deal. That's just the starting point. Once you narrow that field down to one or two potential buyers, there could well be some tough negotiating ahead.
The chances are that you will already know many of the people that you'll end up speaking to. Some will undoubtedly be competitors, but ...