If you don’t do your research before selling your business, at some stage you’ll get caught out – which could have consequences for your reputation and the integrity of your business. We’ve compiled this reading list for business owners that want to enter into the business sale and exit process armed with resources, knowledge and confidence.
Our best piece of advice is to start early. Read and listen to as many sources of information as possible. Ask other business owners what to expect, how to prepare and what life looks like for them now.
Of course, you can always speak to us for first-hand advice. Book a discovery call for guidance on planning your exit strategy and building value to achieve a profitable business sale.
Whatever your current mindset, we have a recommendation for you. Three of the reads are free to download right now, so you’ve no excuse not to get started!
Essential reading for owners planning their exit strategy
♥ Built To Sell, Creating a business that can thrive without you
By John Warrillow
Reason to read: You want to learn how to transform a successful business into a sellable one.
If we had to recommend one book for business owners to read it would be this one. Authored by the founder of The Value Builder System™, the book offers a wealth of practical tips and suggested actions for those considering the future of their business. It follows the fictional story of a man who wants to sell his advertising agency, but he’s too closely involved in its day-to-day operations to step away. The book shows how to build the foundations of a scalable businesses and differentiate it from the competition to make it attractive to buyers.
Prefer listening to reading? John also shares his wisdom on his Built to Sell radio podcast.
♥ The Long Goodbye – free resource
Reason to read: You’re thinking about stepping away from your business and ready to plan what your exit will look like.
Every business exit is different, and in reality the process from planning to sale usually takes longer than you think. Most business owners underestimate how time consuming and complex selling their business will be. Though we can’t promise there will be no curveballs, preparing yourself and your business as you head towards exit will put you in a favourable position to find the right buyer.
The Long Goodbye takes you through the involved process of selling your business. It walks you through three essential phases, guiding you through the important actions and considerations at each stage. It’s a marathon, not a sprint, so be prepared to make the most of your journey.
♥ The Automatic Customer
By John Warrillow
Reason to read: You’re fed up of starting from scratch each month and want to develop a more predictable, regular income stream.
Another great read by John that shows you how to develop a subscription model for any business, regardless of sector.
Developing recurring revenue models is the key to increasing cash flow, igniting business growth and boosting company value, all of which are attractive to potential buyers. In the book, John explains how your business can become more valuable and less stressful when you implement a subscription model. He shares nine different models and a helpful blueprint for building a subscription business.
As John says, “The lifeblood of your business is repeat customers.”
♥ Endgame – free resource
Reason to read: You’re determined to get the timing of your business sale just right.
Picturing your endgame before you engage in the business sale process can be transformative. This guide talks you through how setting an end goal gives you clarity, direction and builds resilience as you journey towards business exit. It highlights four key questions to ask yourself and weighs up the pros and cons of common endgame options.
The simple yet strategic action of picturing your endgame is more than just setting a goal; it’s about creating a clear roadmap for your journey to business exit.
♥ The Art of Selling your Business
By John Warrillow
Reason to read: You’re looking for practical advice on all the steps and processes involved in selling a business.
We make no apologies for including another of John’s books in the list. Whether your business is booming or stuck in a rut, there is so much to learn from him.
Based on interviews from his podcast, the book shares experiences from every stage of the selling process. From valuing your business and timing your exit, to marketing, finding a buyer, and holding your nerve in negotiations, this book is packed full of advice to help you achieve the most profitable outcome from your business sale.
♥ It’s About Time – free resource
Reason to read: You’re trying to work out how to time your business sale to optimise its sale price.
Most business owners have an idea to sell their business at the perfect time to coincide with a peak in the economy. In reality, it’s a bit like having a baby, there’s never a right time. Sometimes you have to trust that everything will work out alright.
This guide talks you through the peaks and troughs of timing a business sale and the dangers of getting it wrong. It outlines four alternative ways to decide when to sell, with some useful case studies to bring each one to life.
Inspired by our suggestions?
If our reading list inspires you to start planning your exit strategy, we’re here to help. Call us on 01606 535020. You can browse and download all our free resources here.
