Selling a business can generate wealth for entrepreneurs – especially if the founder began planning for a successful exit while launching and growing the venture, according to entrepreneurship expert Lewis Schiff, who will speak April 21 at Montclair State University.
Schiff, author and executive director of the Inc. Business Owners Council, will speak and answer questions on the topic “What’s Your Number? How to Prepare to Sell Your Business,” at the 6 p.m. event at the Feliciano Center for Entrepreneurship at Montclair State University.
The council Schiff heads is made up of chief executives of companies with $2 million or more in revenue. His latest book is “Business Brilliant: Surprising Lessons from the Greatest Self-Made Business Icons.”
Schiff said entrepreneurs who build solid, profitable businesses don’t always make the right decisions to make their business attractive to a buyer. Creating a marketable business involves “building it with selling in mind or beginning with the end in mind,” he said.
He said entrepreneurs often resist delegating authority – but a potential buyer “wants to know this company can run without you.”
Entrepreneurs tend to be hands-on managers who haven’t cultivated an executive team. “But the buyer wants to see that there’s a seasoned senior management that will stay with the company after the owners have left.”
The free event is sponsored by the accounting and consulting firm Citrin Cooperman. To register online, click here.
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