The headline was, “Sam Adams Brews Succession Plan (WSJ, December 26, 2024). Founder Jim Koch wisecracked for years that his succession plan was, “Don’t die.” Now they have a plan, it’s his wife, who is younger, and has started and taken a company public.
Last week a prospective client wrote me about a section in our new book and how it resonated with him (shameless self-promotion, the book is, Exit With Style, Grace, and More Money).
We wrote in the section about how to sell to a better buyer and for more money:
- Stand out in the crowd – buyers have lots of options and sellers need to show what sets their company apart.
- Show them the money – not just the financial statements but how the business can keep growing (don’t just say, there’s a lot of potential).
- Keep it clean – most important is to have clean financial statements, meaning quit playing games like running personal expenses through the business or buying stuff to “save on taxes.” Also make your facility look good, show efficiency, and present pride in what you do.
The above is not that hard and the new year is a good time to implement these things.
“You will become way less concerned with what other people think of you when you realize how seldom they do.” David Foster Wallace