A smart seller (and smart intermediary) will first identify the traits of the logical buyer, and it’s not “anybody with the money to buy it.” The right buyer will maintain the culture, preserve the legacy, and grow the business to the next level.
The wrong buyer is anybody who can’t achieve the above but has the money and thinks the business is cool. Usually this is someone who thinks, “making something is sexy” but their background has nothing to do with manufacturing and they don’t know a CNC machine from a 1963 Chevy.
Running a business is not easy. Not everybody can do it, and does who can do it at one level often can’t do it at another (this goes both ways, some businesses outgrow the owner and some owners try to put Fortune 1000 processes into their small business and destroy what’s there).
When selling a business, find the right buyer, realize it’s not just about the price (if you need every last dollar at an overly ambitious price it may not be time to sell), and take pride in what you’ve done.
“Living an interesting life is a precondition to being an interesting person.” Ottessa MoshfeghÂ
