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reading path

Preparing to sell, years ahead

An owner two to five years from a sale, or simply wondering

The period when nearly all the value is created or lost, and the one most owners skip.

Why this order

These are ordered from the company outward to you. What makes a business sellable comes first, then what a sale actually feels like from the seller’s chair, then the market you will be selling into, and finally the evidence about the buyers most likely to be on the other side of the table.

The path

1
Built to Sell: Creating a Business That Can Thrive Without You
John Warrillow · 2011

The single idea that matters most: a business that depends on you is worth less, and that is fixable.

2
Finish Big: How Great Entrepreneurs Exit Their Companies on Top
Bo Burlingham · 2014

What exits actually feel like, including the ones that went well financially and badly personally.

3
Implications of intra-family and external ownership transfer of family firms: short-term and long-term performance differences
Karl Wennberg, Johan Wiklund, Karin Hellerstedt, and Mattias Nordqvist · 2011

The finding every family owner should see: outside buyers run them better, families keep them alive longer.

4
The Messy Marketplace: Selling Your Business in a World of Imperfect Buyers
Brent Beshore · 2018

An honest picture of the buyer landscape and how imperfect the market for your company really is.

5
The Seller’s Side of the Story: Acquisition as Courtship and Governance as Syndicate in Entrepreneurial Firms
Melissa E. Graebner and Kathleen M. Eisenhardt · Administrative Science Quarterly, 2004

The research on selling as courtship rather than auction, which reframes what you are negotiating.

6
Caveat Venditor: Trust Asymmetries in Acquisitions of Entrepreneurial Firms
Melissa E. Graebner · 2009

And the counterweight: choosing a buyer you trust makes you more vulnerable, not less.

7
Leveraged Buyouts and Private Equity
Steven N. Kaplan and Per Strömberg · Journal of Economic Perspectives, 2009

What private equity buyers are actually doing and what they need your company to be.

Where this leaves you

You will know which of your company’s weaknesses will be priced by a buyer, which are fixable in the time you have, and what you personally want the day after closing.

Acquisition Conciergeorientation · not legal, tax or valuation advice
Glad to help. Tell me roughly where you are and how much time you actually have, honestly rather than aspirationally, and I will pick the two or three works that will pay for their reading time fastest. If what you need is a program rather than a book, or an advisor rather than either, I will say so.