• Why a Competitive Process is Key to Getting the Best Deal

  • Nov 6 2024
  • Length: 6 mins
  • Podcast

Why a Competitive Process is Key to Getting the Best Deal

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  • Summary

  • In the latest episode of the Growth & Exit Digest, Mike Levison discusses the significance and mechanics of a competitive sales process in the context of business sales. He stresses that a competitive sales process proactively engages multiple potential buyers to obtain the most favorable deal. The process should consist of engaging a range of buyers, performing a thorough due diligence on these buyers, fostering competition between them, and evaluating their commitment. Mike points out that higher demand, better transaction structures, and shorter timelines are key advantages of this process. He warns against buyers wanting exclusivity, advising sellers to minimize this risk by keeping exclusivity periods short and having backup buyers. He also shares insights on how to run a successful competitive sales process, including preparation and setting firm deadlines. Mike reminds listeners that while the process may be complex, it is crucial to avoid leaving money on the table and to find the true value of a business.
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