Business Owner Testimonial: How Do I Sell My Business? With Scott Giles

Your hosts Jennifer and Eric welcome Scott Giles onto the show. Scott recently sold his business, ScoreBuilders, and worked directly with Jennifer and Eric during the selling process. In this episode, he shares some real-life examples of what the sale process was like, key learnings he experienced, and some unexpected challenges he experienced when it came to selling his business.

Key Points

[1:40] A little bit about Scott and why he decided to sell his business.

[3:55] Why did Scott pick Jennifer and Eric's firm?

[5:00] Formally, Scott interviewed three different business broker groups.

[8:40] How did Transworld go about finding a good buyer for Scott's business?

[10:20] Scott and his team at Transworld decided to set a formal date for the prospective buyers to bid on his company.

[12:15] Scott had to prepare for the buyer to completely deconstruct his business and do their due diligence. It's a stressful moment because they're looking at everything, including their finances.

[16:40] Scott shares his experience on why having a specialized attorney early in the process is critical.

[20:35] Scott did feel overwhelmed at times because the prospective buyer had a lot of questions and they wanted answers ASAP.

[22:00] The buyer was asking for procedures and policies that were intuitive to Scott and his wife Traci but didn't exactly have formal documentation for.

[26:25] Scott still has plans to be involved in the business despite selling it. Why was this arranged in that way?

[30:30] Scott wants to ensure there's a smooth transition and integration for the buyer.

[31:30] What would Scott do differently knowing what he knows now?

Tip of the Day:

You need to have a great business broker team on your side in order to make the sale of your business successful. Surround yourself with a great team because you will need it!

Mentioned in this Episode

Tworld.com/locations/boston

Riw.com

Transactiontalk.com

Scott Giles

Website

LinkedIn

Disclaimer:

The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.

Quotes

"After 34 years, it just came to the point where there was more regulation, more documentation, more HR, so randomly out of the blue, I said let's sell the business."

"Some of these companies we met 4 or 5 times on different Zoom meetings. We were having enough activity that we were feeling really good and we decided to [speed up the buying process]."

"The requests didn't stop [from the buyer]. Every time we thought we were done, it was can you produce this document, can you explain why your inventory has these levels, and why it was different pre-pandemic."