The thesis
The decision to sell or to pass on the business has a window, and it is narrower than the controlling shareholder perceives. Each year of delay shrinks the universe of buyers and the value they will pay
What the study establishes
1
A founder-dependent company is worth less, and the dependence grows over time
2
The best-price window tends to open before the owner feels ready
3
Preparing succession and preparing a sale are the same work until almost the very end
Contents
- The succession problem
- Founder dependence
- The cost of delay
- The alternatives
- Preparation
- The timetable
- The mandate