Table of Contents for
Moving On

Moving On by James F. Grebey Moving On

Cover
Title Page
Copyright
Dedication
About De|G PRESS
Acknowledgments
Contents
Preface
Chapter 1: Let’s Have a Conversation
- Shadow of the Missing Owner
- Staying In or Getting Out
- Who Will This Book Help?
Chapter 2: Avoiding Seller’s Remorse
- Why Are You Selling Your Business?
- Your Goal Is to Maximize the Value of Your Business
- Not Every Business Can Be Sold
- Can I Sell My Business If It Has “Warts”?
- Why Do I Need to Position My Business to Sell It?
- I’m Really Busy—How Much of My Time Will It Take to Prepare My Business?
- How Long Will It Take to Sell My Business?
- And a Final Consideration
- Jim’s Bakery Example: Overview
Chapter 3: The Sales Process
- Sales Process Tasks
- Breaking Down the Steps
Chapter 4: Start Thinking about the Value of Your Business
- Make Sure Buyers Have the Correct Image of Your Business
- Does Your Business Have “Curb Appeal?”
- Be Prepared to Demonstrate Your Business in Operation
- Talking to Your Employees
- Jim’s Bakery Example
Chapter 5: Who Are Your Buyers?
- Business Buyers Are Not Impulse Buyers
- Qualified Buyers
- Looking for Strategic Buyers
- Looking for Financial Buyers
- Get to Know Your Buyer
- Be Open to “Earn-Outs” and “Stock Swaps”
- A Word about Ethics
- Jim’s Bakery Example
Chapter 6: Marketing Your Business
- Where Are Buyers for Your Business Going to Be Found?
- How Will You Market Your Business?
- Your Business Is for Sale. Shhhh, Be Quiet, Shut up!
- Down Select
- The Single Buyer Slump
- Jim’s Bakery Example
Chapter 7: Preparing for a Due Diligence Financial Assessment
- If You Want to Sell Your Business Get Your Head out of the Financial Sand
- Putting your Financial House in Order
- The Dichotomy Dilemma
- Recasting Your Financials
- Third-Party Audits
- Looking Toward the Future
- Future Performance Should Be Based on a Solid Foundation
- Jim’s Bakery Example
Chapter 8: Preparing for a Due Diligence Legal Assessment
- Legal Positioning Casts a Wide Net
- Create a Milestone Calendar
- Government Regulatory Compliance
- Intellectual Property
- Jim’s Bakery Example
Chapter 9: Preparing for a Due Diligence Operations Assessment
- Start an Internal Risk/Opportunity Management Program for Your Business
- What Is the Scope of the Enterprise?
- Preparing for a Customer Satisfaction Infrastructure Assessment
- Preparing for a Production/Services Infrastructure Assessment
- Preparing for a Sales and Marketing Infrastructure Assessment
- Preparing for an Organizational Infrastructure Assessment
  - Prepare an Organization Chart
  - Don’t Overlook the Informal Organizational Infrastructure
- Preparing for a Personnel Infrastructure Assessment
- Preparing for a Financial Operations Infrastructure Assessment
- Preparing for a Legal Operations Infrastructure Assessment
- Preparing for an Information Management Infrastructure Assessment
- Preparing for an Institutionalized Processes Infrastructure Assessment
- Jim’s Bakery Example
Chapter 10: Due Diligence
- Due Diligence Is a Continuation of Negotiations
- The Due Diligence Process
- Document List
- Preparing an Asset List
  - Tangible Assets
  - Intangible Assets
- Preparing for the Due Diligence On-Site Assessment
- It’s a Good Time to Build the Relationship
- Post–On-Site Activity
- Jim’s Bakery Example
Chapter 11: Describing Your Business Model
- Prepare an Elevator Speech
- Prepare a Written Description of Your Business Model
- Beware—Business Models Change
- The Franchise Business Model
- Strategic Decisions Should Be Tested by the Business Model
- Business Models Affect Valuations
  - Make an aaS of Yourself
- Jim’s Bakery Example
- Jim’s Bakery Business Model
Chapter 12: Writing Your “Book”
- Your Book Is a Business Plan and a Marketing Proposal
- Using a Third Party to Write Your Book
- Generating Content for Your Book
- Your Book Provides the Pith of your Business
- How Long Should Your Book Be?
- Book Outline
- Protecting Your Work
- Create a Short Handout
- Jim’s Bakery Example
Chapter 13: Create a Virtual Model of Your Business
- Your Financial Reports Should Be Your Greatest Sales Tool
- Creating a Spreadsheet Model of Your Business
- Use Linked Spreadsheets for Greater Fidelity
- Monthly “Actual” Input
- Jim’s Bakery Example
Chapter 14: Valuation
- Financial Analysis and Certified Appraisers
- Value vs. Price
- Use Caution Applying Metrics
- Automation Can Help
- How Can a Professional Appraiser Help You?
- Valuation References
- Jim’s Bakery Example
Chapter 15: Partners, Vendors, and Other People Who Care
- Cleaning up the Ownership of Your Business
- Prior Investors
- Outstanding Debt
- Vendors and Critical Suppliers
- Remove Any Blurred Lines
Chapter 16: Who Are the Deal Makers?
- Finding Professional Help
- Business Brokers
- Investment Bankers
- Types of Buyers and Investors
- Beware of Sharks
Chapter 17: Loose Ends and New Beginnings
- Transition Planning
- Asset vs. Equity Sales
- Lock-outs
- Taking the High Road
- Become a Consultant
Appendix A: Example Marketing Handout
Appendix B: Example “Book”
Jim’s Bakery, Inc
- Jim’s Bakery, Inc
- Overview
- Market
- Competition
- Business Model
- Product Descriptions
- Sales and Marketing Projections
- Operational Description
- Financial Summary
Index

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Notes

“The Determined Entrepreneur” by James F Grebey: Published by Authorhouse

“Ball of Confusion (That’s What the World Is Today),” written by Norman Whitfield and Barrett Strong, side A, track 3, on The Temptations, Greatest Hits II, Motown, 1970, 33 1/3 rpm.

Jason Nazar, "16 Surprising Statistics About Small Businesses," Forbes, September 9, 2013. According to the Small Business Administration, “from 2007 to 2010, employer establishment births dropped 12 percent from 844,000 to 742,000. Of the total number of new businesses, about 85 percent are small business startups, while the remaining 15 percent tend to be new locations for existing businesses that are expanding their operations.” U.S. Small Business Administration, Office of Advocacy, “Startup Rates,” Small Business Facts, March 2012, https://www.sba.gov/sites/default/files/Startup%20Rates.pdf.

Jerry McGuire, directed by Cameron Crowe (Culver City, CA: Gracie Films, 1996), film.

The fictional “Vulcan mind meld” was a telepathic link between two individuals (e.g., “Dagger of the Mind,” Star Trek, season 1, episode 9, directed by Vincent McEveety, written by S. Bar-David, first aired November 3, 1966).

John A. Tracy, How to Read a Financial Report: Wringing Vital Signs out of Numbers, 6th ed.(Hoboken, NJ: John Wiley, 2004).

A “tail” is a term that extends beyond the contract’s close date.

For general information relating to Intellectual Property see the US Patent and Trademark Office’s website, https://www.uspto.gov/.

James F. Grebey, Operations Due Diligence: An M&A Guide for Investors and Business (New York: McGraw-Hill, 2012).

An elevator speech is a clear, brief statement about your business (or in some cases, about yourself). It is a commercial that communicates what your business does, how it does it, why clients select your business and how it creates value for the owners. It must be short in duration—about the time it takes someone to ride up in an elevator (hence its name). It is important to have your speech memorized and practiced.

US Copyright Office website, www.copyright.gov/.

I will post a template on www.diligentconsulting.com at some point.

United States v. Cartwright, 411 US 546 (1973).

Kelly Blue Book (www.kbb.com) is a pricing guide for new and used cars.

Acquivest Financial Group, www.acquivest.net/.

Tom Copeland, Tim Koller, Marc Goedhart, and David Wessels, Valuation: Measuring and Managing the Value of Companies, 4th ed. (New York: John Wiley, 2005).

“The People in Your Neighborhood,” written by Jeff Moss; performed on Sesame Street, produced by Children's Television Workshop (CTW), Curious Pictures, and Sesame Workshop.

In the United States, the Financial Industry Regulatory Authority, Inc. (FINRA) is a private corporation that acts as a self-regulatory organization (SRO). www.finra.org

US Small Business www.sba.gov.

Shark Tank (MGM Television, Mark Burnett Productions, Sony Pictures; broadcast by ABC).

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Table of Contents for
Moving On