Manufacturing Today - September/October 2016 - 13

AARON WITALEC | COLUMN BY

* Prepare for a sale - During any
sale process, it is the responsibility of the business owners and their
advisors to gather the necessary
documentation required for the acquirer to complete due diligence.
Examples of these items include
various functional areas including
legal (e.g., stock records, shareholder agreements, loan agreements),
financial (audited financial statements, internal monthly financial
statements, fixed asset listings,
tax returns), and operational (customer/supply contracts, royalty

SEPTEMBER/OCTOBER 2016 manufacturing-today.com

13

M ANAGEMENT

S U P P LY C H A I N

E MPLOYEES

D IALOGUE

Many business owners spend most of their lives intricately
planning every detail of their business, from sales calls to
processing and manufacturing to post-sale support, all the
way to the finance and accounting function. Despite all of
the operational and financial planning, most business owners are left completely unprepared for the most important
sale of their life - the sale of their business. Although many
factors of an owner's business may be outside of their control, there are several steps that a business owner can take
to help ensure a successful exit.

C ONTENTS

///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////

T ECHNOLOGY

are you prepared to successfully
complete this task?

N EWS

P RO F I TA B I L I T Y

AH
S R EXPO 2016

M A N U FA C T U R I N G

C ANADA MANUFACTURING

L E A N

S U S TA I N A B I L I T Y

SERVICE

SPACE TECH EXPO

Selling a Business

* Create a management team - Any
buyer needs to clearly understand
the roles filled by each member of
the management team. The owner
should be able to plainly convey to
a buyer who is responsible for the
key functional areas of finance and
accounting, sales and marketing,
manufacturing, information technology and overall management of
the company. The critical question
any buyer asks is "Can the company survive if the owner is no longer active in the business?" If the
answer is yes, then the owner has
cleared one of the first major hurdles in buyer scrutiny. If not, then
the business owner should assess
the team and fill the appropriate
gaps. Oftentimes, owners are concerned that if key management
team members learn about a proposed sale, those individuals may
pursue other opportunities. While
guarantees can never be made that
some executives will not leave the
business, transaction bonuses or
stay bonuses are excellent tools to
mitigate this risk. The bottom line
is that a business that "runs itself "
without intense owner input helps
to maximize value.


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Table of Contents for the Digital Edition of Manufacturing Today - September/October 2016

Contents
Manufacturing Today - September/October 2016 - Cover1
Manufacturing Today - September/October 2016 - Cover2
Manufacturing Today - September/October 2016 - 1
Manufacturing Today - September/October 2016 - 2
Manufacturing Today - September/October 2016 - Contents
Manufacturing Today - September/October 2016 - 4
Manufacturing Today - September/October 2016 - 5
Manufacturing Today - September/October 2016 - 6
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Manufacturing Today - September/October 2016 - Cover3
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