2Bobs—with David C. Baker and Blair Enns Selling Your Professional Services Firm
10 snips
Dec 4, 2024 Blair interviews David about his new book on selling professional services firms. They dive into the complexities and trends in the market, including various exit strategies and the growing interest from private equity. The discussion covers valuing these firms, emphasizing buyer intentions and negotiation strategies. Listeners gain insights on navigating business negotiations and the challenges of due diligence, all while recognizing the importance of making informed decisions amidst potential distractions.
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Episode notes
Rarity of Firm Sales
- Only a small fraction of professional services firms get sold (1 in 400).
- Selling is rare but impactful, like winning the lottery.
Not a Get-Rich-Quick Scheme
- Selling professional service firms isn't a "get-rich-quick" scheme.
- These firms are often owner-operated and not passive investments.
Internal Sales Advice
- Internal sales can be successful, especially with a natural successor.
- Consider if the employee is entrepreneurial and funding options.
