581. Expert Interview: Helping Baby Boomers Sell Their Businesses
Emery Ellinger is the CEO of Aberdeen Advisors, a mergers and acquisitions firm he founded after having built and sold his own multi-million-dollar marketing company. Aberdeen Advisors specializes in representing companies with annual revenues in the 5-to-100-million-dollar range, with owners who wish to sell within one to two years. The company is unique in that every member of the team has owned, operated and sold a business, so each advisory brings personal perspective as well as business acumen to every client relationship.
Helping Baby Boomers Sell Their Businesses
Often business owners will reach a point in life where they realize their son or daughter does not want to take over the family business. Or, in many cases, they may simply decide they want to do something else. They’re faced with the decision: what do I want to do with my company? And where do I begin?
Why Is This Important?
When someone creates and builds a business, it becomes very personal, an extension of himself or herself. The decision to sell it demands personal clarity about motivation for selling and a clear idea about what will come next in life. In fact, many sellers experience the classic phases of grief. And the process of selling a company requires many specialized skills which the average person does not possess. It’s very difficult to view one’s own company and its value in the objective, detached way the market demands.
What Are the Key Lessons Learned Here?
Because the challenge of selling your own business is often beyond your experience, it is helpful to work with professionals who not only have the specialized “hard skills”—accurate valuation, analysis of strengths and weaknesses, sales potential—but who also understand the “soft side”, the human side, because they have personally experienced selling businesses of their own. Baby Boomers who sell their companies still have many years to live. Planning ahead to what comes after the sale can be just as important as the sale itself, yet this is often left unaddressed by the typical consulting firm. Emery tackles this and other challenges in his book, “Turn Your Blood, Sweat and Tears into Cash: A Guide to Sell Your Business”
Connecting With Emery Ellinger
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Careers: Business Owner, Mergers & Acquisitions
Topics: Selling Business