buy

This is a page from my book, “How I Sold My Business: A Personal Diary”

Background: 2000 through 2002

So much happened in our business in the years 2000 through 2002, I could easily write a separate book about everything we did to survive. If the first few years of business were at the “easy” end of the spectrum, these years were way, way over at the “difficult” end. I’m glad to say we survived the dot-com bust, and then survived the bad business environment that followed the events of September 11, 2001. By mid-2002 I considered us fortunate to still have the same fifteen full-time employees. We didn't have to lay anyone off, and nobody left the company.

This is a page from my book, “How I Sold My Business: A Personal Diary”

Background: 2000: Converting to an LLC

Fast-forward from that time until just before the dot-com bust in 2000, and life was good. Our business had grown, and we now had fifteen full-time employees, a few part-time contractors, and sales over $2M for the last few years. Our biggest problem was still trying to retain our employees, and find the next good employee (or two) who could lead projects and help grow the business to over twenty people.

This is a page from my book, “How I Sold My Business: A Personal Diary”

Background: 1994

I read some books about the legal process of starting a company, talked to a few local accountants and business attorneys I found in the Yellow Pages, and started my new business from the basement of my house. I got a business phone line, had some business cards made, created some business stationery, learned how to use QuickBooks, learned a little more about accounting than I already knew (I started off as a business major in college), called some old contacts, and I was in business.

This is a page from my book, “How I Sold My Business: A Personal Diary”

Introduction: How I Sold My Business

After receiving a letter in the mail one day in the fall of 2002, I made a decision to investigate the selling of my company, a business I originally founded in 1994.

Once I made the decision to try to sell the company, I did what I normally do when it comes to big decisions -- a lot of research. While I normally like to talk to as many people as I can about important business decisions, in this case I couldn't talk to anyone, so I bought several books and searched online for all the information I could find related to the process of selling a business.