The relationships that don’t come with the business

Most owners are told to document their processes before a sale. The discount buyers actually apply is aimed at something else entirely.

By Steve 5 min read
Abstract bridge artwork for The relationships that don’t come with the business

An owner preparing to sell is usually advised to write things down. Procedures, checklists, a manual. It is not bad advice, but it addresses the wrong risk. The discount that shows up in an offer, whether as a lower multiple, a longer earn-out, or a two-year retention period nobody wanted, is rarely aimed at undocumented processes. It is aimed at a simpler question: when the owner is gone, who does the customer call? That question is worth taking seriously well before anyone contemplates an exit, because the same dependency that…

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