Earl Eddings business founder, chair, mentor and adviser shares his experiences from both sides of a business sale

Show Notes

@Earl Eddings  has started, sold and acquired multiple businesses. Along the way he's had high profile roles including as Chair of Cricket Australia, and served as Non Executive Director, Advisory Board member, Adviser and Mentor to other business owners and businesses. He's had wins. He's also learned a lot from experiences where things didn't go to plan. These experiences were however formative and continue to shape how he continues to approach his work,  the support he provides to other business leaders and business owners.   

In our discussion we cover;

• Earl's background and his journey as a business owner, including his first owned business and its sale
• Turning around businesses and the importance of planning for an exit
• The key factors to consider when selling a business, such as having a clean balance sheet and strong systems
• The significance of trust, open communication and integrity in mergers and acquisitions, as well as the importance of proper due diligence
• The importance of expert advice and representation
• Managing expectations to avoid unrealistic valuations
• Planning for an exit and the starting point, and the future vision
• Ways to increase the value of the business
• The importance of identifying potential buyers and scanning the market is highlighted
• Mitigating risks and ensuring sustainability 
• Working with the buyer and transitioning
• The use of non-binding indicative offers and deal negotiations
• Why to avoid lengthy exclusivity periods is emphasized
• The vital importance of personal aspirations and family considerations
• The role of  non-executive directors and advisory boards
• Why seeking guidance and building networks is encouraged as a way to navigate the complexities of selling a business

Some of the key takeaways;

1. When starting a business, it's important to have an exit plan in mind and be prepared for a potential sale.
2. #Culturalfit and alignment of strategic intent are crucial considerations in mergers and acquisitions.
3. Plan for an exit by starting with a clear vision of the future.
4. Identify potential buyers and scan the market to find the right fit.
5. Consider personal aspirations and family dynamics when planning for an exit.
6. Engage non-executive directors and #advisoryboards for guidance and support.
7. Build networks and seek guidance from experienced professionals.

@kerrcapital @michaelkerr

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michael.kerr@kerrcapital.com.au

www.smallbusinessbanter.com.au