Lessons From The Art of Selling Your Business

Key lessons from The Art of Selling Your Business: Winning Strategies & Secret Hacks for Exiting on Top by John Warrillow

1. Value is in the Eye of the Buyer

Imagine selling a blank white canvas for $20 million. Sounds insane, right? But that’s art — and selling your business is a lot like that. The secret sauce isn’t in what your business is, but what it could be in the right hands. Craft a story that transforms your ceiling tile into a masterpiece. If you can’t do that, you’re just selling drywall.

2. Push vs. Pull: Why Are You Selling, Really?

People sell their businesses for two reasons:

• Push factors: “I’m burnt out, and I hate my life.”
• Pull factors: “I want to buy a sailboat and live on the ocean.”

Selling because you’re running away (push) is a recipe for regret. But selling because you’re chasing a dream (pull)? That’s a sweet, sweet victory. Start with your pull factors — or risk selling your business and ending up as a sad couch potato staring at Zillow listings.

3. Timing the Market is a Fool’s Errand

Remember Rand Fishkin? He held out on a $25 million offer for Moz because he thought he could get $40 million. Spoiler: He didn’t. Market cycles are like the weather — they’re unpredictable. Instead, sell when your business is on an upswing, and you’ve got momentum. Waiting for “the perfect moment” is a lot like waiting for the perfect wave: you’re probably going to wipe out.

4. Build a Pre-Diligence Package

Selling your business without prep is like showing up for a date wearing sweatpants and a mustard-stained T-shirt. Buyers want confidence, not chaos. A polished pre-diligence package screams, “I’ve got my act together.” Bonus: It also scares off time-wasting buyers who can’t afford your asking price anyway.

5. The Danger of Proprietary Deals

Proprietary deals are like blind dates where you only have one match. Sure, it’s flattering to get an offer, but unless you’ve got other suitors lined up, you’re vulnerable to lowball offers and bad terms. Create competition. Let buyers know they’re not the only ones at the dance.

6. Know Your Acquirer: Individuals, PEGs, and Strategics

Not all buyers are created equal:

• Individual Buyers: Enthusiastic but often clueless. Get cash up front because their optimism won’t pay your bills.
• Private Equity Groups (PEGs): Smart and well-funded but may drown your business in debt.
• Strategic Buyers: They see your company as the missing piece of their puzzle, which means they’re willing to pay top dollar.

Each buyer comes with pros, cons, and quirks. Know who you’re dealing with — or you might end up playing poker with someone holding all the aces.

7. Sell the Dream, Not the Numbers

Buyers don’t just want your financials; they want a story. “We’re a growing solar energy company leading the green revolution” is a much sexier pitch than “We’re a small alternative energy business.” Positioning is everything. Put your business in the right “bucket,” and buyers will fight to get a piece of the action.

8. Never Reveal Too Much Too Soon

Selling your business is like a striptease (but, you know, less sleazy). If you lay it all out at once, buyers lose interest. Slowly reveal information to keep them intrigued — and in the process, drive up your value. Control the narrative, or risk becoming the business equivalent of a one-hit wonder.

9. Your BATNA: Always Have a Backup Plan

Knowing your Best Alternative to a Negotiated Agreement (BATNA) is your superpower. If a buyer tries to lowball you, having a BATNA gives you the strength to walk away. No BATNA? You’re negotiating without a parachute.

10. Get Comfortable with Letting Go

Selling your business can feel like selling your baby. It’s emotional, messy, and bittersweet. But here’s the thing: Freedom is the payoff. Whether it’s living on a yacht or starting your next adventure, focus on what’s next. That’s how you turn “letting go” into “moving on.”

This book is basically a blueprint for turning years of sweat and late nights into a lucrative (and satisfying) exit. Just remember: It’s not about what your business is, but what it could be. Sell the dream, not just the spreadsheets. If you want to support SIlverwave, pick up a copy here.

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