‘Life is what happens to you while you’re busy making other plans’ said John Lennon in the lyrics of Beautiful Boy released in 1980. Not his own line, it is apparently attributed to an American writer and journalist called Allen Saunders. In any event the sentiment rings true for many of us as we survey the scene and wonder how we got to our current point in life.
I think the notion of ‘Preparing your business for sale or Exit’ is a complete oxymoron. When I hear professionals spout on about this increasingly fashionable topic fuelled by the impending retirement of the baby boomers I often wince and want to run in the other direction denying I ever worked in M&A. Why?
Go to any business broker or M&A Firm to sell your business and the first thing they’ll probably do is start preparing a detailed Information Memorandum (IM).
Wind forward a few weeks or months and most business owners work out that this was a very bad idea.
So why is producing an Information Memorandum the completely wrong approach to selling your business?