Check out this insightful installment of F12’s M&A Video Series: Finding Your Why.
Michael Contento, F12’s Managing Partner and Business Innovation Executive, sold his business MBU to F12 a few years ago. He says that it was a process that started with one simple step: finding his why.
“I want to spend the last 15 years of my life running a boutique vineyard in Italy with my wife,” says Michael. “That’s my reason. My motivation. My why.”
It’s crucial for an entrepreneur to know their “why” when it comes to selling their business. Whether it’s spending winters in a warm climate, or having more time for family, friends or hobbies—everybody has their why.
But knowing the “why” behind selling is more than just identifying your dreams or long-term goals. It will help you with the valuation of your business and discovering your ideal multiple for selling. That’s because a financial planner can help you bridge the gap between where you are and where you want to be by giving you the numbers. From there, you can focus on your business operations and pricing structures, as well as having a clear idea of what your business is worth.
Finding your why can help you not only plan for the future, but also get your company’s ducks in a row. That’s why it’s essential for an entrepreneur to take this step before beginning the M&A process. Learn more about this key first step to selling your business in Michael’s blog, Finding Your Why.