I run a small manufacturing biz doing about $2M rev. I want to sell in the next 3-5 years. Brokers seem to charge a fortune and I'd rather learn from someone who's been through it. Where do I even find a mentor? I'm not looking for a guru, just someone who sold a similar business and wouldn't mind sharing what they learned. Any ideas?
Mentorship
How to find trusted mentors as an alternative to brokers
SCORE is free. Retired execs. Hit or miss but costs nothing. Some are sharp, some are just lonely. Worth a shot.
Mentors are great but they aren't a replacement for a broker when it comes to the actual transaction. Who's going to market the biz, handle NDAs, qualify buyers? A mentor won't do that for free.
Yeah I get that. I'm not saying no broker ever, more like I want to be smarter before I talk to one. Or maybe skip it if I can sell to an employee or a competitor.
Local chamber of commerce. Seriously. I met a guy at a breakfast who sold his HVAC company. We grab coffee every few months now. He's saved me from at least two dumb mistakes.
lol @ 'lonely' but true. I tried SCORE once. The guy kept trying to sell me on his nephew's marketing services. Never went back.
Also consider industry associations. Manufacturing? There's probably a regional group. The old-timers there have seen it all. They'll tell you straight if they like you.
I sold my biz two years ago. No broker. Found a mentor througgh a peer group (Vistage, EO, etc.). Expensive but the advice was gold. DM me if you want the name of the guy I used for the legal side, he was reasonable.
Peer groups are basically paid friends though. Not saying they're bad, just know what you're buying.
Everything is paid friends if you think about it. At least these ones have exit experience.
Thanks all. I'll check out the local chamber and maybe hit up RustyNail. Still not ruling out a broker entirely but this gives me a starting point.