I recently got a chance to read How to Build a Business and Sell It for Millions, by Jack Garson. Other than the title, which I hate, it is a really good book for small business owners.
Here is what this book is not. It is not a get rich quick guide. It doesn't include any hidden secrets for becoming an overnight millionaire. If you are looking to flip businesses, you should probably look elsewhere.
This book is for serious business owners who are ready to work hard and want to build a business right. A reward for putting years of hard work into a business should be having the option to sell it. This book does a great job covering the details of how to lay the foundation from the very beginning.
I like to tell people that they should build the business to one day sell it. It doesn't matter if that is anything more than a pipe-dream right now. The fact is, if you ever want a chance at selling it, you need to be doing things 5 years out, 10 years out, and even 20 years out to help you make the sale and get the best price.
Jack Garson is a lawyer who has a lot of experience working with businesses and moving them through the process of selling. From his vantage point, he has picked up a lot of information about what buyers are looking for, what effects sales price, and what mistakes businesses commonly make that cause problems when its time for an exit.
The book, How to Build a Business and Sell it For Millions, is really two books in one. The first half is all about building your business correctly, and it really is a great primer on the things you need to focus on now to build a business that is structurally sound and will outlast you. The second half of the book talks specifically about the process of selling your business, and Garson provides a lot of really good specific information and insight into the process.
This is the kind of book to buy if you are just starting your business, or if you are sick of being the only one who can run it. Read the first half now and figure out a few important keys to making a good business. Garson hits on key areas such as establishing competitive edge, building a business that can scale, hiring an executive team, focusing on culture, marketing, and more. There is plenty of good stuff on how to run and build a really great business.
After you work your way through the first part, you'll want to hang on to the book so you have it handy when you are ready to sell. Pull it out a couple of years in advance for a refresher, and then rely on it as a guide to get you through the often arduous process of selling a business.
Of course, if you are ready to sell right now, you'll want to focus on the second half of the book. Garson has fought the battles, so to speak, of selling businesses. You can benefit greatly from his experiences. Don't ignore the first half entirely, as there is a lot of great information on how to mold your business into one that will be highly attractive to buyers.
You really should think long term for your business. Thinking about it in terms of something that you want to sell one day is a helpful exercise. This book will give you are really good idea about how to do that.
This book is very readable, but also offers a wealth of information. I think you will be amazed at how much quality information Jack Garson was able to pack in here. This will become a resource book for your small business.