What I Learned During my First (Failed) Attempt to Sell my Business

As CEOs, many of you are undoubtedly considering the possibility of selling your business at some point in the future. 

In 2018, I attempted to sell my own business, though was unsuccessful in doing so. From start to finish, the sale process took upwards of 12 grueling months. Hundreds of potential suitors were narrowed down to a dozen or so, which in turn were narrowed down to a single acquiror with whom we completed the extensive financial, legal, technical, and commercial due diligence process. 

Just as we were beginning to draft the final purchase agreement, the transaction fell apart. At the time, this felt like a big personal failure. I felt as if I had spent a full calendar year pushing myself to the brink of exhaustion with nothing to show for my efforts. With the benefit of time however, I’ve come to realize how enormously valuable this experience was. Indeed, without the knowledge and experience that we had acquired, we almost certainly would not have successfully sold the business in 2020. 

In this Audio Blog, I share with you some of the major lessons that I learned during my first (unsuccessful) attempt at selling my company. I hope you’ll find them to be useful. 

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