Trout, Ebersole & Groff, LLP professionals attended the AM&AA Central PA Chapter Fall Meeting on Tuesday, October 10, 2017. During the event, Jim Gibson, former Chairman, President, and CEO of Integrity Bank, shared his experience and advice for selling a business.
Jim is no stranger when it comes to starting, growing, and selling a business. He served as Chairman, President, and CEO of Integrity Bank from its inception in June 2003 until it was acquired by S&T Bank in May 2015 at the second highest price of any U.S bank since 2008.
Below are TEG’s Top 3 Takeaways from Jim Gibson’s presentation.
1. "You don’t sell your business for where you are today, but where you will be in the future through perceived value.” - Jim Gibson
By showing the prospective buyer your consistent growth for at least three years, you can help to validate your business’s future growth.
2. "You go first, you lose!” - Jim Gibson
Just like dating, it is all about the chase! You want the buyer to have an emotional response to the sell, so it’s important to have the buyer make the first offer. Even if a buyer asks, "What will it take to buy your business?”, you should still have them make an offer in order to maximize your sale price.
3. Hire a Professional
Selling your business’s product or service is not the same as selling your business! Business valuation is a complex process requiring a broad knowledge of accounting, finance, economics, taxation, and business. Additionally, expert application of generally accepted valuation methodologies and diligent adherence to professional standards is imperative.
Is your company looking to sell, acquire or merge? Trout, Ebersole & Groff’s team of experienced Business Valuation and M&A Experts are here to help! For more information, please contact Brian Wassell at firstname.lastname@example.org or call 717-569-2900.
BNY Mellon Wealth Management, Trout, Ebersole & Groff, LLP- CPAs, Stellar Partners LLC, McNees, Wallace & Nurick LLC
Central Pennsylvania Business Journal
For more information about the AMAA Central PA Branch, click HERE.