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Selling a Company:

The "Seller's Bingo" checklist requires a thorough self-assessment of the company - as if being reviewed by a highly qualified Due Diligence team.  The self-assessment will examine every element of the Company's Value Chain, and help the seller identify their keys to value... those few elements of the matrix that represent the company's competitive advantage.  Understand that the keys to value may vary depending on the potential buyer.  For example, a strategic buyer may place the highest value on geographic position, or perhaps the unique product development process in a specific field over the fact that the company is a complete, self-sustained operating business.  Why?  A strategic buyer will likely disassemble the common infrastructure elements in the support functions, since their company will already include those well-managed operations.

Review the "Seller's Bingo" checklist, and consider how a potential buyer will view your company.  Those areas that represent the competitive advantage - make sure that these areas function flawlessly.  

And as you prepare for sale, implement substantive changes well in advance of any offering for sale.  Remember, substantive changes will require time to be implemented, and proven effective.  Assume the role of a buyer when implementing changes.  If you completely reorganize a sales force 3 months before offering the company for sale, how will you demonstrate that the changes are fully implemented and effective?  Implement substantive changes at least one year in advance to capture the full benefit of change.

"Seller's Bingo" ™