Jessica Fialkovich - Getting the Most for Selling Your Business: How to Get Top Dollar for the Company Youve Nurtured for Years

Copyright 2022 by Jessica Fialkovich and Anne Mary Ciminelli

Foreword 2022 by Kevin Daum

All rights reserved. No part of this book may be reproduced in any manner without the express written consent of the publisher, except in the case of brief excerpts in critical reviews or articles. All inquiries should be addressed to Skyhorse Publishing, 307 West 36th Street, 11th Floor, New York, NY 10018.

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Library of Congress Cataloging-in-Publication Data is available on file.

Cover design by David Ter-Avanesyan

Print ISBN: 978-1-5107-6963-2

Ebook ISBN: 978-1-5107-6964-9

Printed in the United States of America

If youre going to scale up, you should also know how to step out. If the exit price is under $25 million, this book has all the right tools.

Verne Harnish, founder, Entrepreneurs Organization (EO); bestselling author of Scaling Up: How a Few Companies Make It... and Why the Rest Dont (Rockefeller Habits 2.0)

Every business sale is a series of complex negotiations and emotions. Jessica Fialkovich breaks it down into fundamental steps to help you maximize value and prepare for your inevitable exit. Any seller with this book will have a real advantage.

Bob House, president, BizBuySell

Theres a reason why Jessica and her team have been Transworld Business Advisors #1 for so long, and their customer satisfaction ratings are through the roof. They know what it takes to sell a business and get you top dollar. All the secrets are in this book.

Andrew Cagnetta, CEO, Transworld Business Advisors; host, The Deal Board podcast; author of Closing the Deal

Theres a huge difference between playing a game as an amateur and playing in the NFL. This book explains how to sell your business like a pro. Jessica is the teammate you need as you exit your company, helping you keep your eye on the trophy.

Reggie Rivers, president, Corporate Kickoff; Former NFL player

The end goal for every business owner is to build something you could sell, whether you want to today or in the future. As Jessica points out, a successful business sale is never possible until the entrepreneur gets out of the daily grindalong with every other step she describes in this indispensable book.

Chris Ronzio, founder and CEO, Trainual; author of The Business Playbook: How to Document and Delegate What You Do So Your Company Can Grow Beyond You

You cannot successfully sell a company without knowledge and discipline. Many business owners are confused, naive, and unrealistic about selling their business, and dont appreciate the complexity of the process. This book will help you avoid incredibly costly and painful mistakes. Jessica makes it awesomely simple! For anyone even contemplating selling their company, this book is literally a must-read.

John Spence, global business and leadership development expert; award-winning CEO; author of Awesomely Simple: Essential Business Strategies for Turning Ideas Into Action

A franchise is great at teaching entrepreneurs how to build and grow your own business. But when its time to sell, Jessica is the one who will take you to the finish line. You need this book.

Ray Titus, CEO, United Franchise Group

Like anything else, peak performance for selling a business requires process and discipline. All you should know can be found in these pages.

Brent Gleason, founder and CEO, TakingPoint Leadership; bestselling author of Embrace the Suck: The Navy SEAL Way to an Extraordinary Life ; former Navy SEAL

For the entrepreneurs who work tirelessly every day to create better futures for themselves and their families.

Contents

Acknowledgments

In this book I explain that it takes a village to raise, nurture, and sell a business. Writing a book is no different. I am grateful to have such a supportive group around me that helped birth this book.

Thank you to my entire Transworld Business Advisor teams from Colorado, Dallas/Fort Worth, and Las Vegas, but especially for the help and contributions of Dustin Audet, Patrick Bombardiere, Taylor Bombardiere, Tyler Bowman, Linda Broom, Chris Cantwell, Alex Dvorak, Ali Elman, Axel Fleischi, Gary Goldwasser, Lee Grubb, Nathan Willis, and John Woodhull.

For mentorship, knowledge, and guidance: Andrew Cagnetta, Ray Titus, and Heidi Ganahl.

For getting me into the business brokerage industry and continuing to support my every move: Bill Luce, Jason Anderson, and Cory Hibbard.

For encouragement, coaching, and expertise in this new author world: Kevin Daum, TAE International; Jennifer Geiger, Sound Check Management; and Julie Ganz, Skyhorse Publishing.

And for being the best and most supportive family in the world: my husband, Al Fialkovich; parents, Judy Trilli and Jeff Palmer; sisters, Jaclyn Palmer Poole and Jaime Palmer; and closest friends Kerry McConnell and Paige Eber.

FOREWORD

The End Is Really the Beginning

Imagine this: youre sitting in an entrepreneurs forum meeting, discussing with fellow business owners the struggles of leading a small company. One member gets an enormous smile on their face and says, Well, Ive actually done it. Ive sold my company. Your jaw just about hits the floor, and you look around the room at the wide eyes of the others in the group. No one can believe they actually pulled the trigger. And youre happy for your colleague. Really, you are! But youre simultaneously struck with a tidal wave of jealousy.

While participating in Entrepreneurs Organization (EO) and working with YPO (formerly Young Presidents Organization), I noticed a certain look other entrepreneurs get when they hear an owner has sold their company. Its an expression of huge admiration, mixed in with frustrationeven envythat they havent yet sold their own company.

Its not necessarily the financial windfall that inspires this jealousy. Whats really enticing is the idea that the former owner now gets to begin a whole new journey. The newly-freed entrepreneur has the opportunity to reinvent themselves, start another company, or pursue other passions. And now they have the benefit of all the wisdom they gained in growing their former company.

You see, selling your company is not the endits a new beginning. And if theres something entrepreneurs love, its beginnings!

My perspective on owning a business matches the common saying about owning a boat: the second happiest day of a business owners life is the day their entrepreneurial dream becomes a reality and they start their company. The happiest day of their life is the day they move on from it.

The excitement of pending rebirth can motivate an owner to move too fast, focus less attention, and ultimately make mistakes in selling their company. Selling your business is a process that requires care and respect. This book is a remedy against those mistakes. Jessica has shared the benefit of her experience over thousands of transactions so you can move quickly, efficiently, and purposefully towards your exit.