Russ: This is the PKF Texas Entrepreneur’s Playbook. I’m Russ Capper, this week’s guest host, and I’m here with Matt Goldston, an Entrepreneurial Advisory Services Director and one of the faces of PKF Texas’s Transaction Advisory Services team. Matt, welcome to The Playbook.
Matt: Thank you, Russ.
Russ: You bet. Tell us how a seller should prepare to sell their company.
Matt: Certainly. In a couple of different ways. One would be mentally prepare. The sales process is very difficult, and mitigating and dealing with concerns and issues that might turn out in the process – it’s good to look at those things early on.
Russ: I’ve been involved in this space a little bit, and that’s great advice right there. I’ve probably been in instances where I wasn’t mentally prepared, but what else? Keep going.
Matt: Knowing value going into a process is key. Having a realistic idea of what your business is worth is of great value.
Russ: And that’s not an exact science either, is it?
Matt: You’re correct. It is not an exact science. Oftentimes a seller will inflate their value beyond what is reasonable for a reasonable buyer.
Russ: Ok. Is it a good idea to go in there, kind of, with a value range, maybe?