| The 3 rules that can mean millions |
| | Good morning,
In 2018, when Jerry Jao’s A.I. marketing firm, Retention Science, made the Inc. 5000 for the first time, offers began rolling in to purchase the business. Jao, the company’s co-founder and CEO and an Inc.com columnist, wasn’t ready to sell, but he knew there would be more offers. In January 2020, a few months after Retention Science made the Inc. 5000 for a second time, the team started discussing an offer in earnest, from Constant Contact. Then the world closed down as the pandemic raged, complicating the sale and giving the buyer a temporary case of cold feet.
At the time, Jao writes, he often heard from bankers that companies aren't sold, they're bought. Meaning, when you sell your business, there's little you can control. The acquiring company determines the timeline, the price, and the terms, and it draws up the legal documents. That's all true, he writes, but there are rules any seller should observe to encourage a positive outcome. Read Jao’s column to learn the three things every founder should know about selling a business. |
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