Exit Consulting Group Blog

Have you ever heard the saying, “I would rather shoot for the stars and miss by a mile then hit a mud puddle in right in the middle”?  Well selling your business is very similar with a shot to the moon.  The real question is if it’s worth it.  To be honest, no one goes into business for themselves because they think it will be easy.  Entrepreneurship is a very rewarding but challenging life to live.  I wouldn’t change my life or working with those who also have chosen this life but why would sel[......]

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We read in the trade press of Internet Entrepreneurs (none over 30 yrs old of course) courted by investors beating their door down with competing billion dollar offers.   In fact, Fortune Magazine highlights in their May, 2010 issue, the Argonautic struggle of Facebook’s Mark Zuckerberg heroically navigating amongst these treacherous monsters in a quest to find the Golden Fleece for his crew.  If only we should be so “un”lucky…
The rest of us get the fact that when we there is a knock on our doo[......]

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I was at a party last night with a friend of mine who was a dentist and it was very scaring seeing how both of our client base fit into the same three categories.  Now I know that I am over generalizing all 26 million SBO’s but give me some room here and judge me at the end.  Our discussion started off innocently enough, complaining about the clients that call us to solve their emergency after never taking our advice but then we moved into the “ideal client” conversation.   
Here is what we came[......]

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Closing time – time for you to go out, go out into the world.
Closing time – turn the lights up over every boy and every girl.
Closing time – one last call for alcohol, so finish your whiskey or beer.
Closing time – you don’t have to go home but you can’t stay here.
            Semisonic, “Closing Time” ©1998
You have a deal.  The price is right, due diligence is wrapped and all questions answered, transaction documents are drawn, and the buyer has financing i[......]

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My business is Exit Consulting and in this business each owners end result, or success, is measured differently every time.  Many times the initial goal that we started with ends up looking very different at the end.  Personally, I’m a problem solver and it’s this constant challenge to solve a very complex moving problem that I love so much about my job.  They say that once you find doing something you love then you will never have to get a job again.  I think I found it.  
Now the challenge in [......]

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I have been writing my blog for going on two years now and talk about my experiences dealing with either selling or preparing to sell a business.  All of the comments received have been very supportive but lately it made me think about who is reading my posts.  I started this blog to “data dump” mistakes and experiences that I was dealing with while helping business owners exit their business.  Personally, after going through the experience of selling my own small business, I was get[......]

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John Ovrom recently posted a blog entitled, “What’s a MOU and LOI?” and I thought it would be helpful to add some context and character to the report by providing some examples of common terms typically found in a Letter of Intent (LOI).
As a refresher on John’s report; the most important aspect of an LOI is that it is defines the interest between a buyer and a seller to expend resources to move from a conceptual transaction to a specific plan of action.  While it is not a binding contract, it i[......]

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