Chris Collinson Shares Three Considerations When Selling Your Company

ATLANTA, Jan. 22, 2020 /PRNewswire/ -- The number of companies expected to be bought and sold continues to be at historically high levels. However, when it comes to preparing to sell your business, many owners aren't ready for the meetings with potential buyers.  

At only age 38, Chris Collinson, the CEO of Connect, a leading provider of trade shows in the United States, serving the business travel and meetings sector, sold 80 percent of his company to London-based Tarsus Group in 2016. Since the sale, he has continued to helm and grow the company exponentially, propelled by its expansion into new markets and verticals, as well as several other additional acquisitions such as the purchase of industry icon BizBash in December 2019.

As someone who sold his business and continued to be involved in its leadership, Collinson is one of the leading experts on what selling a business involves.

Collinson shares three pieces of advice for those looking to sell in 2020:

1. Know Your Motivation. Are you ready to retire? In what way do you want to sta involved in the day-to-day management of the business, if at all? Is it important to receive long-term assets like stock to pass along to your family? All of these are incredibly important questions to answer before you get in a room with a potential buyer. Knowing the end goal for a sale can help you not only set terms, but also have a smart plan around post-acquisition life.
2. Know Your Value. Have a number in mind that you want out of the sale and don't be afraid to say it. Nothing is more frustrating to a buyer than when the seller isn't upfront and transparent about their "price." It's hard for a buyer to gauge if this is the right fit, if they feel they're wasting a lot of time and not gaining clarity. Many business leaders are afraid if they state, "their number," they'll go in too low and miss out on something bigger. Every time I've bought a business, I've been upfront about what it's worth, even if it's higher than what they're asking, because it makes for a better partnership.
3. Know What You Don't Know. There is a tremendous ecosystem of acquisition experts and it's worth investing in their expertise. Research legal teams, business valuation experts, and relevant attorneys that will bring complementary skillsets and capabilities to your internal leadership team.

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SOURCE Connect

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