Key Points from Book: Built to Sell

Don’t generalize, specialize. Focus on doing one thing well and hire specialist in that area

Relying too heavily on one client is riskya nd will turn off potential buyers

Owning a process makes it easier to pitch and outs you in control

Don’t become synonymous with your company. Your business should be running with your absence

Avoid the cash suck, charge up front

Don’t be afraid to say no to new projects

Take some time to figure how many pipeline prospects will likely lead to sales

Two sales reps are always better than one, they will be competitive which is good for you

Hire people who are good st selling products, not services

Ignore your profit and loss statement in the yesr you make the switch to a standardized offering even if it means you and your employees will have to forgo bonus that year

You need at least 2 yeas of financial statements reflecting your use of the standardized offering model before you sell your company

Build a management team and offer them a long term incentive plan that rewards their personal performance and loyalty

Find an adviser whim you will be neither their largest nor their smallest client. Make sure they know your industry

Avoid an adviser who offers to broker a discussion with a singke client

Think big, write a three year business plan that paints a picture of what is possible for your business

If you want to be a sellable, product oriented business, you need to use the languane of one. Change clients into customers, firm into business

Don’t issue stock option to reatin key employees after an acqusition

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About Kevin

Kevin is a research analyst at a macro research firm and a private fund manager since 2012. He holds a Master of Management in Finance degree from McGill University and has passed all levels of CFA and FRM exam. Kevin is an avid traveler and photographer, with a record of 33 countries visited in 2019. He is a freelance contributor at Getty Image and is running two website in his spare time, journeyman.live and putamencapital.com
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