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This issue,
we start a new regular column in the newsletter – input
from Presidents/Owners of small and medium sized
businesses. Each issue will feature some key questions
answered by a business owner. This column is being
kicked off by Jeffrey Ross, former owner of Thayer
Pharmacies (sold to CVS), and former CEO of Pet Supply
Depot, now currently a Managing Partner at RossFialkow
Capital Partners.
Question 1:
What were the top 1 or 2 most important things you had
to think about when you were considering selling your
business?
Can I/we
successfully compete against the ever-growing
competition in my industry if I/we didn’t sell?
Would the
proceeds from the sale provide me and my family
with the lifestyle to which we had become accustomed?
Question 2:
What was the biggest surprise or the biggest learning
you had going through the sale of your own business?
Business
relationships do not necessarily translate into personal
relationships.
Question 3:
As a former Owner/CEO - what would you say to other
CEO's on the verge of making this kind of decision?
If you have
decided that it is time to sell your business, you must
make sure that you have good representation. Not
just a good lawyer and accountant, but a good Investment
Banker who, if you pick the correct one, will represent
you in finding the correct buyer who will pay you as
much as you expect.
The sale of
your business may be the single most important decision
you make in your professional life. Make sure you have
a “place to go” after the sale. Staying home is not a
choice! Get an office and have your mail sent there so
you will go in. Leverage your experience by getting
appointed to “boards of advisors” to help young
entrepreneurs.
Then again,
if you just want to play golf and relax – good luck –
it’s a great life out there!
© 2003
RossFialkow Capital Partners, LLC
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