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Jim McManaman started his accounting firm in a small town of 3,000, so when he decided to sell, he had to figure out how to do it without tipping off his employees.
McManaman is well known in town, so he relied on secret, out-of-town meetings with buyers and Sunday sessions in his board room to keep things quiet. Jim was able sell his business for 1.25 times revenue, most of which was paid at closing. He was able to uphold his reputation in the community and exit his business in a town where gossip travels fast.
In this episode, you’ll learn:
McManaman was able to get a premium valuation for his accounting firm, in part because it ran without him. Find out how reliant your company is on you by completing your Value Builder questionnaire.
Jim McManaman is the founder of Peak Growth Business Coaching, a Certified Value Builder firm that helps clients increase their value, so they are ready to transition a year from now or 20 years from nowwhile enjoying more profits and less stress. In his past life, He’s owned several businesses (which he has sold) some successful (to him anyway) and others not so much, from three service companies, two Franchises and his most recent gig has been 15 years as the CEO of an Accounting/Tax/Financial Planning firm.