Who does the selling inside your company?
If you’re involved, it’s going to be tricky to get anyone to buy your business. Nobody will pay 100% up front if you’re the rainmaker for your company.
To maximize your proceeds from an exit, you need to get other people doing the selling.
Easier said than done.
Most young recruits struggle to sell as well as the founder. You may be gifted at getting others to buy, but you may also have a built-in advantage over your young reps based on your job title.
Founders often sell by offering customers a great experience, which is believable coming from you. After all, you are the expert in your industry, control who works on each project, and can assign the best talent to your jobs, and if something goes wrong, a customer always knows they can call you to fix it.
When junior salespeople try to use your company’s reputation for customer service as a selling point, it often sounds like a hollow promise. That’s why Matt Dixon, the author of The Challenger Sale and this week’s guest on Built to Sell Radio, suggests you arm new salespeople with the answer to a simple question: “Why should your prospects buy from you?”
There’s just one catch. The answer can’t have anything to do with the customer service you provide.
To figure out your answer, keep in mind a great selling proposition includes three elements. It must be something that:
- customers care about;
- makes you different; and
- is believable.
The interview with Matt is a masterclass in getting others to step up and shoulder some of the selling in your organization, which is one cornerstone of a successful exit.
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Quote of the Week
“To the extent that we’re arming younger, less experienced people with less gravitas, they’re even more susceptible to being questioned. This is such an important insight for owners trying to delegate sales – ensuring that these individuals are well-prepared, and setting realistic expectations is crucial for their success.”
– Matt Dixon on how to teach your employees to sell.
Deals
- Timber Technologies, LLC, a Wisconsin-based manufacturer of engineered wood products, has been acquired by Star Equity Holdings, Inc., a diversified holding company, for a total of $23 million. The payment structure includes $16 million in upfront cash, $4 million in deferred cash, and a $3 million earn-out payable over two years. With Timber Technologies reporting $5.5 million in EBITDA for 2023, the acquisition price represents an implied valuation multiple of just over four times EBITDA.
